Macerich (NYSE:MAC) Shares Gap Down to $16.01

The Macerich Company (NYSE:MAC) gapped down before the market opened on Tuesday . The stock had previously closed at $16.01, but opened at $15.30. Macerich shares last traded at $15.04, with a volume of 1,279,144 shares.

Wall Street Analyst Weigh In

Several analysts have recently commented on MAC shares. The Goldman Sachs Group raised their price objective on shares of Macerich from $9.00 to $13.00 and gave the company a “sell” rating in a research report on Thursday, January 11th. StockNews.com lowered Macerich from a “hold” rating to a “sell” rating in a research note on Tuesday. Compass Point cut their target price on Macerich from $20.00 to $18.00 and set a “buy” rating for the company in a research report on Wednesday. Piper Sandler cut Macerich from a “neutral” rating to an “underweight” rating and lowered their price target for the stock from $17.00 to $11.00 in a report on Wednesday. Finally, Citigroup upgraded Macerich from a “sell” rating to a “neutral” rating and upped their price target for the stock from $8.00 to $17.00 in a research note on Friday, March 22nd. Four research analysts have rated the stock with a sell rating, two have assigned a hold rating and one has assigned a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $14.83.

Macerich Stock Performance

The business’s fifty day moving average is $16.24 and its two-hundred day moving average is $14.63. The stock has a market capitalization of $2.90 billion, a PE ratio of -8.63, a price-to-earnings-growth ratio of 1.55 and a beta of 2.38. The company has a quick ratio of 0.95, a current ratio of 1.03 and a debt-to-equity ratio of 1.85.

Macerich (NYSE:MAC) last announced its earnings results on Wednesday, February 7th. The real estate investment trust reported $0.29 EPS for the quarter, missing analysts’ consensus estimates of $0.55 by ($0.26). The company had revenue of $238.70 million during the quarter, compared to analysts’ expectations of $224.49 million. Macerich had a negative return on equity of 13.42% and a negative net margin of 38.96%. Macerich’s revenue for the quarter was up 4.6% compared to the same quarter last year. During the same quarter last year, the firm posted $0.53 EPS. As a group, research analysts anticipate that The Macerich Company will post 1.8 EPS for the current fiscal year.

Macerich Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, June 3rd. Stockholders of record on Monday, May 20th will be issued a $0.17 dividend. The ex-dividend date is Friday, May 17th. This represents a $0.68 annualized dividend and a dividend yield of 5.05%. Macerich’s dividend payout ratio (DPR) is presently -43.59%.

Insider Buying and Selling

In related news, Director Edward C. Coppola sold 20,000 shares of the stock in a transaction dated Wednesday, March 27th. The shares were sold at an average price of $17.01, for a total value of $340,200.00. Following the sale, the director now directly owns 635,667 shares of the company’s stock, valued at approximately $10,812,695.67. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Macerich news, Director Hern Thomas E. O sold 95,000 shares of the company’s stock in a transaction on Wednesday, March 20th. The stock was sold at an average price of $16.94, for a total value of $1,609,300.00. Following the completion of the sale, the director now directly owns 102,900 shares in the company, valued at approximately $1,743,126. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Edward C. Coppola sold 20,000 shares of the stock in a transaction dated Wednesday, March 27th. The stock was sold at an average price of $17.01, for a total transaction of $340,200.00. Following the transaction, the director now owns 635,667 shares in the company, valued at $10,812,695.67. The disclosure for this sale can be found here. In the last ninety days, insiders sold 172,964 shares of company stock valued at $2,940,030. Company insiders own 0.53% of the company’s stock.

Hedge Funds Weigh In On Macerich

A number of large investors have recently bought and sold shares of the business. Norges Bank bought a new stake in Macerich during the 4th quarter valued at $22,210,000. Wellington Management Group LLP purchased a new stake in shares of Macerich during the fourth quarter worth about $18,938,000. Waterfront Capital Partners LLC acquired a new position in Macerich during the 4th quarter valued at approximately $14,609,000. Jessup Wealth Management Inc purchased a new position in shares of Macerich in the first quarter worth about $7,222,000. Finally, Commonwealth Equity Services LLC lifted its position in Macerich by 3,114.0% during the first quarter. Commonwealth Equity Services LLC now owns 428,936 shares of the real estate investment trust’s stock valued at $7,391,000 after purchasing an additional 415,590 shares during the period. Institutional investors own 87.38% of the company’s stock.

Macerich Company Profile

Macerich is a fully integrated, self-managed and self-administered real estate investment trust (REIT). As a leading owner, operator and developer of high-quality retail real estate in densely populated and attractive U.S. markets, Macerich's portfolio is concentrated in California, the Pacific Northwest, Phoenix/Scottsdale, and the Metro New York to Washington, DC corridor.