The Macerich Co. (NYSE:MAC) EVP Robert D. Perlmutter sold 1,500 shares of the business’s stock in a transaction that occurred on Monday, October 3rd. The stock was sold at an average price of $79.45, for a total transaction of $119,175.00. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink.
Shares of The Macerich Co. (NYSE:MAC) opened at 78.25 on Wednesday. The Macerich Co. has a 52-week low of $71.82 and a 52-week high of $94.51. The stock has a market cap of $11.24 billion, a P/E ratio of 13.14 and a beta of 0.90. The company has a 50-day moving average of $81.55 and a 200 day moving average of $81.20.
The Macerich (NYSE:MAC) last posted its earnings results on Monday, August 1st. The real estate investment trust reported $1.02 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.98 by $0.04. The firm earned $259.90 million during the quarter, compared to the consensus estimate of $252.32 million. The Macerich had a net margin of 78.65% and a return on equity of 17.91%. The company’s revenue was down 19.5% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.90 EPS. Equities research analysts forecast that The Macerich Co. will post $4.11 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Thursday, September 8th. Investors of record on Friday, August 19th were given a dividend of $0.68 per share. This represents a $2.72 dividend on an annualized basis and a yield of 3.48%. The ex-dividend date of this dividend was Wednesday, August 17th. The Macerich’s dividend payout ratio (DPR) is presently 45.87%.
A number of hedge funds have recently bought and sold shares of MAC. Kentucky Retirement Systems Insurance Trust Fund purchased a new stake in shares of The Macerich during the second quarter valued at about $435,000. Kentucky Retirement Systems purchased a new stake in shares of The Macerich during the second quarter valued at about $916,000. Nomura Holdings Inc. increased its stake in shares of The Macerich by 6.9% in the second quarter. Nomura Holdings Inc. now owns 8,465 shares of the real estate investment trust’s stock valued at $720,000 after buying an additional 548 shares during the period. Mason Street Advisors LLC purchased a new stake in shares of The Macerich during the second quarter valued at about $1,452,000. Finally, Schwab Charles Investment Management Inc. increased its stake in shares of The Macerich by 9.9% in the second quarter. Schwab Charles Investment Management Inc. now owns 838,991 shares of the real estate investment trust’s stock valued at $71,642,000 after buying an additional 75,444 shares during the period. 94.66% of the stock is owned by hedge funds and other institutional investors.
Several analysts have recently weighed in on MAC shares. Deutsche Bank AG boosted their price objective on shares of The Macerich from $83.00 to $84.00 and gave the stock a “hold” rating in a research report on Monday, July 18th. Credit Suisse Group AG restated a “sell” rating and set a $78.00 price objective on shares of The Macerich in a research report on Tuesday, August 2nd. Zacks Investment Research downgraded shares of The Macerich from a “buy” rating to a “hold” rating in a research report on Friday, August 5th. JPMorgan Chase & Co. boosted their price objective on shares of The Macerich from $83.00 to $87.00 and gave the stock a “neutral” rating in a research report on Friday, August 5th. Finally, Canaccord Genuity boosted their price objective on shares of The Macerich from $80.00 to $84.00 and gave the stock a “hold” rating in a research report on Tuesday, August 16th. One research analyst has rated the stock with a sell rating, eleven have issued a hold rating and two have issued a buy rating to the company. The company currently has a consensus rating of “Hold” and an average target price of $87.93.
The Macerich Company Profile
The Macerich Company is a fully integrated self-managed and self-administered real estate investment trust, which focuses on the acquisition, leasing, management, development and redevelopment of regional malls throughout the United States. It owns 56 million square feet of real estate consisting primarily of interests in 51 regional shopping centers.
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