Macerich (NYSE:MAC) CAO Sells $63,787.20 in Stock

Macerich Company (The) (NYSE:MAC) CAO Christopher Zecchini sold 2,740 shares of the business’s stock in a transaction dated Wednesday, September 9th. The stock was sold at an average price of $23.28, for a total transaction of $63,787.20. Following the completion of the sale, the chief accounting officer owned 847 shares in the company, valued at $19,718.16. This represents a 76.39% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website.

Macerich Stock Performance

NYSE:MAC opened at $22.64 on Friday. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 1.67. The firm has a 50-day moving average price of $24.66 and a two-hundred day moving average price of $22.70. Macerich Company has a twelve month low of $16.03 and a twelve month high of $26.67. The company has a market capitalization of $6.42 billion, a P/E ratio of -34.82, a price-to-earnings-growth ratio of 1.63 and a beta of 2.06.

Macerich (NYSE:MAC) last announced its quarterly earnings results on Tuesday, August 4th. The real estate investment trust reported ($0.10) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.05) by ($0.05). The business had revenue of $249.71 million during the quarter, compared to analysts’ expectations of $239.77 million. Macerich had a negative net margin of 16.85% and a negative return on equity of 6.26%. The firm’s revenue for the quarter was up .0% on a year-over-year basis. During the same period last year, the company earned $0.33 EPS. As a group, research analysts expect that Macerich Company will post 1.49 earnings per share for the current fiscal year.

Macerich Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 28th. Investors of record on Monday, September 14th will be given a dividend of $0.17 per share. This represents a $0.68 annualized dividend and a dividend yield of 3.0%. The ex-dividend date is Monday, September 14th. Macerich’s payout ratio is currently -104.62%.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on the company. LADENBURG THALM/SH SH raised their price target on Macerich from $27.00 to $30.00 and gave the stock a “buy” rating in a research report on Tuesday, June 16th. Truist Financial upped their price objective on Macerich from $20.00 to $26.00 and gave the company a “buy” rating in a research report on Tuesday, June 23rd. Weiss Ratings raised Macerich from a “hold (c-)” rating to a “hold (c)” rating in a research note on Wednesday, August 12th. Mizuho set a $28.00 price objective on Macerich in a research note on Wednesday, August 5th. Finally, Piper Sandler upgraded Macerich from a “neutral” rating to an “overweight” rating and lifted their price objective for the stock from $28.00 to $30.00 in a research report on Thursday, August 27th. One equities research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $26.00.

Institutional Trading of Macerich

Several hedge funds and other institutional investors have recently bought and sold shares of MAC. Global Retirement Partners LLC raised 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 valued at $26,000 after acquiring an additional 1,095 shares during the last quarter. Hantz Financial Services Inc. boosted its holdings 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 purchasing an additional 684 shares during the last quarter. Triumph Capital Management purchased a new stake in shares of Macerich in the third quarter valued at $33,000. Northwestern Mutual Wealth Management Co. purchased a new stake in shares of Macerich in the second quarter valued at $36,000. Finally, Kestra Advisory Services LLC acquired a new position in Macerich in the fourth quarter valued at $43,000. 87.38% of the stock is owned by hedge funds and other institutional investors.

Macerich Company Profile

Macerich (NYSE: MAC) is a self-managed real estate investment trust that owns, operates and develops retail real estate in the United States. The company focuses primarily on high-quality shopping centers and regional malls located in densely populated markets with strong consumer and tourism activity.

Macerich’s properties accommodate a range of retailers, restaurants, entertainment venues and service businesses. Its activities include leasing and managing retail space, operating shopping centers, and pursuing property redevelopment and expansion projects designed to enhance tenant offerings and the surrounding customer experience.

The company’s portfolio is concentrated in major metropolitan areas, particularly across the Western United States, while also including select properties in other prominent U.S.