The Macerich Co. (NYSE:MAC) EVP Robert D. Perlmutter sold 1,500 shares of The Macerich stock in a transaction dated Friday, November 11th. The stock was sold at an average price of $70.00, for a total value of $105,000.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.
The Macerich Co. (NYSE:MAC) opened at 70.58 on Wednesday. The stock has a market capitalization of $10.14 billion, a price-to-earnings ratio of 11.83 and a beta of 0.84. The company’s 50-day moving average is $74.99 and its 200 day moving average is $80.06. The Macerich Co. has a one year low of $66.00 and a one year high of $94.51.
The Macerich (NYSE:MAC) last posted its quarterly earnings results on Thursday, October 27th. The real estate investment trust reported $1.04 earnings per share for the quarter, meeting the consensus estimate of $1.04. The Macerich had a net margin of 82.09% and a return on equity of 18.73%. The business earned $253.37 million during the quarter, compared to analysts’ expectations of $257.87 million. During the same quarter in the prior year, the company posted $1.01 EPS. The business’s revenue for the quarter was down 22.3% on a year-over-year basis. Equities analysts expect that The Macerich Co. will post $4.10 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Friday, December 2nd. Stockholders of record on Friday, November 11th will be paid a $0.71 dividend. This is a boost from The Macerich’s previous quarterly dividend of $0.68. The ex-dividend date of this dividend is Tuesday, November 8th. This represents a $2.84 annualized dividend and a dividend yield of 4.02%. The Macerich’s dividend payout ratio is 48.88%.
Several hedge funds have recently bought and sold shares of the stock. Chevy Chase Trust Holdings Inc. boosted its stake in The Macerich by 0.8% in the second quarter. Chevy Chase Trust Holdings Inc. now owns 107,823 shares of the real estate investment trust’s stock valued at $9,207,000 after buying an additional 851 shares during the period. Exxonmobil Investment Management Inc. TX boosted its stake in The Macerich by 5.8% in the second quarter. Exxonmobil Investment Management Inc. TX now owns 32,672 shares of the real estate investment trust’s stock valued at $2,790,000 after buying an additional 1,805 shares during the period. DNB Asset Management AS boosted its stake in The Macerich by 1.9% in the second quarter. DNB Asset Management AS now owns 10,595 shares of the real estate investment trust’s stock valued at $905,000 after buying an additional 200 shares during the period. Heitman Real Estate Securities LLC boosted its stake in The Macerich by 6.8% in the first quarter. Heitman Real Estate Securities LLC now owns 85,440 shares of the real estate investment trust’s stock valued at $6,770,000 after buying an additional 5,440 shares during the period. Finally, Squarepoint Ops LLC purchased a new stake in The Macerich during the first quarter valued at $3,414,000. 94.87% of the stock is owned by institutional investors and hedge funds.
Several analysts have issued reports on the stock. Credit Suisse Group AG reissued a “sell” rating and issued a $78.00 price objective on shares of The Macerich in a research note on Tuesday, August 2nd. Mizuho raised shares of The Macerich from a “neutral” rating to a “buy” rating and set a $84.00 price objective for the company in a research note on Monday, November 7th. Zacks Investment Research downgraded shares of The Macerich from a “buy” rating to a “hold” rating in a research note on Friday, August 5th. JPMorgan Chase & Co. raised their price objective on shares of The Macerich from $83.00 to $87.00 and gave the stock a “neutral” rating in a research note on Friday, August 5th. Finally, TheStreet downgraded shares of The Macerich from a “buy” rating to a “hold” rating in a research note on Tuesday, November 8th. One investment analyst has rated the stock with a sell rating, ten have given a hold rating and three have assigned a buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus price target of $86.62.
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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