Insider Buying: The Macerich Company (NYSE:MAC) EVP Acquires 7,500 Shares of Stock

The Macerich Company (NYSE:MAC) EVP Doug J. Healey acquired 7,500 shares of the firm’s stock in a transaction on Tuesday, May 7th. The stock was acquired at an average cost of $15.20 per share, with a total value of $114,000.00. Following the acquisition, the executive vice president now owns 78,487 shares of the company’s stock, valued at $1,193,002.40. The purchase was disclosed in a document filed with the SEC, which is available through this link.

Macerich Trading Up 3.9 %

NYSE:MAC opened at $15.84 on Thursday. The stock has a market cap of $3.42 billion, a price-to-earnings ratio of -10.15, a PEG ratio of 1.64 and a beta of 2.38. The company has a debt-to-equity ratio of 1.85, a quick ratio of 0.95 and a current ratio of 1.03. The Macerich Company has a 1 year low of $9.05 and a 1 year high of $17.69. The business has a fifty day moving average of $15.97 and a 200-day moving average of $14.76.

Macerich (NYSE:MAC) last announced its earnings results on Wednesday, February 7th. The real estate investment trust reported $0.29 earnings per share (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 the consensus estimate of $224.49 million. Macerich had a negative net margin of 38.96% and a negative return on equity of 13.42%. The business’s quarterly revenue was up 4.6% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.53 EPS. Equities analysts predict that The Macerich Company will post 1.77 earnings per share for the current year.

Macerich Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, June 3rd. Investors of record on Monday, May 20th will be issued a dividend of $0.17 per share. The ex-dividend date is Friday, May 17th. This represents a $0.68 annualized dividend and a yield of 4.29%. Macerich’s payout ratio is -43.59%.

Analyst Ratings Changes

Several research analysts have recently commented on MAC shares. Citigroup raised shares of Macerich from a “sell” rating to a “neutral” rating and lifted their price target for the company from $8.00 to $17.00 in a report on Friday, March 22nd. Compass Point lowered their target price on Macerich from $20.00 to $18.00 and set a “buy” rating for the company in a report on Wednesday, May 1st. The Goldman Sachs Group raised their price target on Macerich from $9.00 to $13.00 and gave the stock a “sell” rating in a report on Thursday, January 11th. Piper Sandler downgraded Macerich from a “neutral” rating to an “underweight” rating and lowered their price objective for the stock from $17.00 to $11.00 in a research note on Wednesday, May 1st. Finally, Truist Financial reaffirmed a “hold” rating and issued a $16.00 target price on shares of Macerich in a research report on Monday, March 25th. Four research analysts have rated the stock with a sell rating, two have assigned a hold rating and one has issued a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $14.83.

Hedge Funds Weigh In On Macerich

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Signaturefd LLC boosted its stake in Macerich by 152.4% during the fourth quarter. Signaturefd LLC now owns 2,166 shares of the real estate investment trust’s stock valued at $33,000 after buying an additional 1,308 shares in the last quarter. Harvest Fund Management Co. Ltd bought a new position in shares of Macerich during the 3rd quarter valued at about $36,000. Anchor Investment Management LLC acquired a new position in shares of Macerich in the 4th quarter worth approximately $40,000. Quest Partners LLC bought a new stake in shares of Macerich in the 4th quarter worth approximately $41,000. Finally, Fidelis Capital Partners LLC acquired a new stake in Macerich during the first quarter valued at approximately $46,000. 87.38% of the stock is owned by institutional investors.

About Macerich

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.