Key Points
- Chief Accounting Officer Christopher Zecchini sold 2,740 Macerich shares for $63,787.20 at an average price of $23.28, reducing his holdings by 76.39% to 847 shares.
- Macerich shares opened at $23.02 after declining 2.4%; the REIT recently reported an adjusted quarterly loss of $0.10 per share, missing analyst expectations of a $0.05 loss despite revenue exceeding estimates.
- The company declared a quarterly dividend of $0.17 per share, representing a $0.68 annualized payout and a 3.0% yield. Analysts maintain a consensus “Moderate Buy” rating with a $26.00 price target.
Macerich Company (The) (NYSE:MAC - Get Free Report) CAO Christopher Zecchini sold 2,740 shares of the company's stock in a transaction dated Wednesday, September 9th. The shares were sold at an average price of $23.28, for a total transaction of $63,787.20. Following the transaction, the chief accounting officer owned 847 shares in the company, valued at $19,718.16. This represents a 76.39% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this link.
Macerich Trading Down 2.4%
NYSE MAC opened at $23.02 on Thursday. The company has a market cap of $6.53 billion, a price-to-earnings ratio of -35.42, a P/E/G ratio of 1.70 and a beta of 2.06. Macerich Company has a 52 week low of $16.03 and a 52 week high of $26.67. The business has a 50 day moving average price of $24.77 and a 200-day moving average price of $22.68. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 1.67.
Macerich (NYSE:MAC - Get Free Report) last posted its earnings results on Tuesday, August 4th. The real estate investment trust reported ($0.10) earnings per share for the quarter, missing analysts' consensus estimates of ($0.05) by ($0.05). The business had revenue of $249.71 million during the quarter, compared to analyst estimates of $239.77 million. Macerich had a negative return on equity of 6.26% and a negative net margin of 16.85%.The company's revenue was up .0% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.33 EPS. As a group, equities analysts expect that Macerich Company will post 1.49 earnings per share for the current fiscal year.
Macerich Announces Dividend
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 28th. Shareholders of record on Monday, September 14th will be given a $0.17 dividend. The ex-dividend date of this dividend is Monday, September 14th. This represents a $0.68 annualized dividend and a yield of 3.0%. Macerich's payout ratio is currently -104.62%.
Analyst Upgrades and Downgrades
MAC has been the topic of a number of research analyst reports. Piper Sandler upgraded shares of Macerich from a "neutral" rating to an "overweight" rating and boosted their target price for the company from $28.00 to $30.00 in a research note on Thursday, August 27th. The Goldman Sachs Group reaffirmed a "sell" rating and issued a $21.00 price target on shares of Macerich in a report on Tuesday, September 1st. Wall Street Zen upgraded Macerich from a "sell" rating to a "hold" rating in a research note on Saturday, June 27th. Mizuho set a $28.00 price objective on Macerich in a report on Wednesday, August 5th. Finally, Griffin Securities set a $26.00 target price on Macerich in a research report on Tuesday, August 18th. One investment analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, five have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, Macerich presently has a consensus rating of "Moderate Buy" and a consensus price target of $26.00.
Read Our Latest Research Report on MAC
Institutional Trading of Macerich
A number of institutional investors have recently modified their holdings of the business. Global Retirement Partners LLC boosted its holdings in Macerich by 366.2% in the 4th quarter. Global Retirement Partners LLC now owns 1,394 shares of the real estate investment trust's stock worth $26,000 after buying an additional 1,095 shares during the period. Northwestern Mutual Wealth Management Co. bought a new stake in Macerich during the 2nd quarter valued at $36,000. Hantz Financial Services Inc. lifted its position in shares of Macerich by 80.4% during the fourth quarter. Hantz Financial Services Inc. now owns 1,535 shares of the real estate investment trust's stock worth $28,000 after acquiring an additional 684 shares in the last quarter. Triumph Capital Management bought a new position in shares of Macerich in the third quarter worth $33,000. Finally, Kestra Advisory Services LLC bought a new position in shares of Macerich in the fourth quarter worth $43,000. 87.38% of the stock is currently owned by hedge funds and other institutional investors.
Macerich Company Profile
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Get Free Report)
The Macerich Company (NYSE: MAC) is a real estate investment trust (REIT) that specializes in the acquisition, development, ownership and management of regional shopping centers in the United States. Headquartered in Santa Monica, California, the company focuses on high-quality retail properties, including enclosed malls, open-air centers and mixed-use lifestyle destinations. Since its establishment as a REIT in 1994, Macerich has pursued a disciplined strategy of investing in properties that serve strong consumer demographics and offer long-term growth potential.
Macerich's core activities encompass property and asset management, leasing, marketing and redevelopment services.
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