Insider Selling: The Macerich Co. (MAC) EVP Sells $105,000.00 in Stock
The Macerich Co. (NYSE:MAC) EVP Robert D. Perlmutter sold 1,500 shares of the company’s stock in a transaction dated Friday, November 11th. The shares were sold at an average price of $70.00, for a total value of $105,000.00. The sale was disclosed in a filing with the SEC, which is available at this hyperlink.
The Macerich Co. (NYSE:MAC) opened at 69.62 on Thursday. The stock has a market capitalization of $10.01 billion, a price-to-earnings ratio of 11.67 and a beta of 0.84. The Macerich Co. has a 12-month low of $66.00 and a 12-month high of $94.51. The company has a 50-day moving average price of $74.01 and a 200-day moving average price of $79.95.
The Macerich (NYSE:MAC) last posted its earnings results on Thursday, October 27th. The real estate investment trust reported $1.04 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $1.04. The Macerich had a return on equity of 18.73% and a net margin of 82.09%. The firm had revenue of $253.37 million for the quarter, compared to analyst estimates of $257.87 million. During the same quarter in the prior year, the company earned $1.01 EPS. The Macerich’s revenue was down 22.3% on a year-over-year basis. On average, equities research analysts forecast that The Macerich Co. will post $4.10 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, December 2nd. Shareholders of record on Friday, November 11th will be paid a dividend of $0.71 per share. This represents a $2.84 dividend on an annualized basis and a dividend yield of 4.08%. The ex-dividend date is Tuesday, November 8th. This is a positive change from The Macerich’s previous quarterly dividend of $0.68. The Macerich’s dividend payout ratio is currently 48.88%.
Several hedge funds and other institutional investors have recently modified their holdings of MAC. Tradition Capital Management LLC acquired a new position in shares of The Macerich during the second quarter worth $1,379,000. Advantus Capital Management Inc raised its position in shares of The Macerich by 5.8% in the second quarter. Advantus Capital Management Inc now owns 282,097 shares of the real estate investment trust’s stock worth $24,088,000 after buying an additional 15,454 shares in the last quarter. Capital Fund Management S.A. acquired a new position in shares of The Macerich during the second quarter worth $13,005,000. Legal & General Group Plc raised its position in shares of The Macerich by 3.1% in the first quarter. Legal & General Group Plc now owns 933,940 shares of the real estate investment trust’s stock worth $74,005,000 after buying an additional 27,969 shares in the last quarter. Finally, AMP Capital Investors Ltd raised its position in shares of The Macerich by 16.2% in the first quarter. AMP Capital Investors Ltd now owns 115,898 shares of the real estate investment trust’s stock worth $9,162,000 after buying an additional 16,177 shares in the last quarter. 94.87% of the stock is currently owned by institutional investors.
MAC has been the topic of several research analyst reports. Jefferies Group upped their price objective on shares of The Macerich from $86.00 to $88.00 and gave the stock a “hold” rating in a research report on Wednesday, August 31st. Mizuho upgraded shares of The Macerich from a “neutral” rating to a “buy” rating and set a $84.00 price objective on the stock in a research report on Monday, November 7th. JPMorgan Chase & Co. upped 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. Zacks Investment Research cut shares of The Macerich from a “buy” rating to a “hold” rating in a research report on Monday, October 24th. Finally, Credit Suisse Group AG restated a “sell” rating and issued 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 assigned a buy rating to the stock. The company has an average rating of “Hold” and an average price target of $86.62.
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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