Insider Buying: Macerich Co (NYSE:MAC) Director Buys 20,000 Shares of Stock
Macerich Co (NYSE:MAC) Director Andrea M. Stephen purchased 20,000 shares of the business’s stock in a transaction that occurred on Tuesday, June 11th. The stock was acquired at an average price of $35.02 per share, for a total transaction of $700,400.00. Following the acquisition, the director now directly owns 16,580 shares of the company’s stock, valued at approximately $580,631.60. The purchase was disclosed in a filing with the SEC, which is accessible through the SEC website.
NYSE:MAC traded up $0.02 during trading hours on Wednesday, hitting $34.76. The stock had a trading volume of 1,346,966 shares, compared to its average volume of 1,272,695. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 1.66. Macerich Co has a 1-year low of $34.39 and a 1-year high of $60.95. The company has a market capitalization of $5.00 billion, a price-to-earnings ratio of 9.03, a price-to-earnings-growth ratio of 5.50 and a beta of 0.84.
Macerich (NYSE:MAC) last issued its quarterly earnings data on Thursday, May 2nd. The real estate investment trust reported $0.05 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.81 by ($0.76). Macerich had a net margin of 10.67% and a return on equity of 3.75%. The firm had revenue of $216.34 million during the quarter, compared to analyst estimates of $206.88 million. During the same period last year, the business earned $0.82 EPS. The firm’s revenue was down 4.4% compared to the same quarter last year. On average, equities analysts anticipate that Macerich Co will post 3.56 earnings per share for the current year.
A number of large investors have recently modified their holdings of the business. BlackRock Inc. grew its position in shares of Macerich by 1.6% during the fourth quarter. BlackRock Inc. now owns 11,780,366 shares of the real estate investment trust’s stock worth $509,854,000 after buying an additional 187,685 shares in the last quarter. Morgan Stanley grew its position in shares of Macerich by 12.0% during the first quarter. Morgan Stanley now owns 7,764,085 shares of the real estate investment trust’s stock worth $336,573,000 after buying an additional 831,500 shares in the last quarter. FMR LLC grew its position in shares of Macerich by 9.0% during the fourth quarter. FMR LLC now owns 3,680,537 shares of the real estate investment trust’s stock worth $159,293,000 after buying an additional 302,366 shares in the last quarter. Cohen & Steers Inc. grew its position in shares of Macerich by 1,008.6% during the fourth quarter. Cohen & Steers Inc. now owns 2,907,664 shares of the real estate investment trust’s stock worth $125,844,000 after buying an additional 2,645,377 shares in the last quarter. Finally, Centersquare Investment Management LLC grew its position in shares of Macerich by 11.0% during the first quarter. Centersquare Investment Management LLC now owns 2,638,882 shares of the real estate investment trust’s stock worth $114,396,000 after buying an additional 260,675 shares in the last quarter. 97.60% of the stock is owned by institutional investors.
Several research analysts recently commented on MAC shares. Deutsche Bank cut their price target on shares of Macerich from $51.00 to $50.00 and set a “hold” rating on the stock in a report on Tuesday, February 12th. Royal Bank of Canada restated a “hold” rating and issued a $46.00 price target on shares of Macerich in a report on Tuesday, February 26th. Finally, Jefferies Financial Group restated a “hold” rating and issued a $46.00 price target on shares of Macerich in a report on Wednesday, February 13th. Three equities research analysts have rated the stock with a sell rating, eleven have issued a hold rating and three have assigned a buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus target price of $54.00.
Macerich, an S&P 500 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. Macerich currently owns 51 million square feet of real estate consisting primarily of interests in 47 regional shopping centers.
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