The Macerich Co. (NYSE:MAC) shares were down 3.1% on Wednesday following insider selling activity. The company traded as low as $75.63 and last traded at $75.84, with a volume of 680,092 shares traded. The stock had previously closed at $78.25.
Specifically, EVP Robert D. Perlmutter sold 1,500 shares of The Macerich stock in a transaction on Monday, October 3rd. The stock was sold at an average price of $79.45, for a total transaction of $119,175.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Randy L. Brant sold 24,250 shares of The Macerich stock in a transaction on Friday, September 23rd. The stock was sold at an average price of $83.10, for a total value of $2,015,175.00. The disclosure for this sale can be found here. Insiders own 3.54% of the company’s stock.
Several research analysts have recently issued reports on MAC shares. BTIG Research started coverage on The Macerich in a research note on Thursday, August 25th. They set a “buy” rating and a $97.00 price target for the company. Zacks Investment Research cut The Macerich from a “buy” rating to a “hold” rating in a research report on Friday, August 5th. Canaccord Genuity lifted their price objective on The Macerich from $80.00 to $84.00 and gave the stock a “hold” rating in a research report on Tuesday, August 16th. Deutsche Bank AG lifted their price objective on The Macerich from $84.00 to $87.00 and gave the stock a “hold” rating in a research report on Tuesday. Finally, Credit Suisse Group AG reiterated a “sell” rating and set a $78.00 price objective on shares of The Macerich in a research report on Tuesday, August 2nd. One analyst has rated the stock with a sell rating, ten have issued a hold rating and three have given a buy rating to the stock. The company has an average rating of “Hold” and a consensus price target of $88.00.
The stock has a market capitalization of $10.96 billion, a price-to-earnings ratio of 12.82 and a beta of 0.90. The stock has a 50 day moving average price of $81.36 and a 200 day moving average price of $81.17.
The Macerich (NYSE:MAC) last issued its quarterly earnings results on Monday, August 1st. The real estate investment trust reported $1.02 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.98 by $0.04. The firm had revenue of $259.90 million for the quarter, compared to analysts’ expectations of $252.32 million. The Macerich had a return on equity of 17.91% and a net margin of 78.65%. The Macerich’s revenue was down 19.5% on a year-over-year basis. During the same quarter last year, the business posted $0.90 EPS. On average, equities analysts expect that The Macerich Co. will post $4.11 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Thursday, September 8th. Investors of record on Friday, August 19th were paid a $0.68 dividend. The ex-dividend date of this dividend was Wednesday, August 17th. This represents a $2.72 dividend on an annualized basis and a yield of 3.56%. The Macerich’s dividend payout ratio is currently 45.87%.
A number of institutional investors have recently modified their holdings of the company. Checchi Capital Advisers LLC boosted its position in shares of The Macerich by 4.3% in the second quarter. Checchi Capital Advisers LLC now owns 1,973 shares of the real estate investment trust’s stock worth $168,000 after buying an additional 82 shares in the last quarter. Forum Securities Ltd raised its stake in shares of The Macerich by 0.3% in the second quarter. Forum Securities Ltd now owns 25,559 shares of the real estate investment trust’s stock worth $2,182,000 after buying an additional 82 shares during the last quarter. Presima Inc. raised its stake in shares of The Macerich by 1.4% in the second quarter. Presima Inc. now owns 7,000 shares of the real estate investment trust’s stock worth $598,000 after buying an additional 100 shares during the last quarter. Norinchukin Bank The raised its stake in shares of The Macerich by 4.3% in the second quarter. Norinchukin Bank The now owns 2,768 shares of the real estate investment trust’s stock worth $236,000 after buying an additional 113 shares during the last quarter. Finally, DNB Asset Management AS raised its stake in shares of 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 worth $905,000 after buying an additional 200 shares during the last quarter. 94.66% of the stock is currently owned by hedge funds and other institutional investors.
About The Macerich
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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