Insider Selling: The Macerich Company (NYSE:MAC) Director Sells 63,289 Shares of Stock

The Macerich Company (NYSE:MAC) Director Andrea M. Stephen sold 63,289 shares of the stock in a transaction dated Thursday, December 26th. The stock was sold at an average price of $20.59, for a total transaction of $1,303,120.51. Following the transaction, the director now directly owns 83,479 shares in the company, valued at $1,718,832.61. The trade was a 43.12 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link.

Macerich Stock Down 0.9 %

MAC stock traded down $0.18 during midday trading on Monday, reaching $19.96. The company had a trading volume of 734,611 shares, compared to its average volume of 1,882,782. The company has a market capitalization of $4.96 billion, a P/E ratio of 51.18, a PEG ratio of 0.75 and a beta of 2.51. The Macerich Company has a 1 year low of $12.99 and a 1 year high of $22.27. The company has a 50 day moving average of $19.96 and a two-hundred day moving average of $17.39. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 1.68.

Macerich (NYSE:MAC) last issued its quarterly earnings data on Wednesday, November 6th. The real estate investment trust reported ($0.50) earnings per share for the quarter, missing the consensus estimate of $0.40 by ($0.90). Macerich had a return on equity of 3.15% and a net margin of 8.98%. The firm had revenue of $220.20 million for the quarter, compared to the consensus estimate of $208.54 million. During the same period in the prior year, the company posted $0.44 earnings per share. Macerich’s quarterly revenue was up .9% compared to the same quarter last year. On average, equities research analysts expect that The Macerich Company will post 1.56 earnings per share for the current fiscal year.

Macerich Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, December 2nd. Stockholders of record on Tuesday, November 12th were given a $0.17 dividend. The ex-dividend date of this dividend was Tuesday, November 12th. This represents a $0.68 dividend on an annualized basis and a dividend yield of 3.41%. Macerich’s payout ratio is presently 174.36%.

Analysts Set New Price Targets

MAC has been the topic of a number of research analyst reports. Mizuho raised Macerich from an “underperform” rating to a “neutral” rating and increased their target price for the stock from $14.00 to $22.00 in a report on Wednesday, December 4th. StockNews.com cut Macerich from a “hold” rating to a “sell” rating in a research note on Thursday, November 7th. Piper Sandler lifted their price target on shares of Macerich from $14.00 to $17.00 and gave the company an “underweight” rating in a report on Wednesday, December 11th. Deutsche Bank Aktiengesellschaft initiated coverage on Macerich in a research note on Tuesday, December 17th. They set a “hold” rating and a $22.00 price objective for the company. Finally, Compass Point increased their price objective on shares of Macerich from $20.00 to $23.00 and gave the stock a “buy” rating in a report on Thursday, November 7th. Three analysts have rated the stock with a sell rating, seven have given a hold rating and one has issued a buy rating to the company. According to data from MarketBeat.com, Macerich has a consensus rating of “Hold” and an average target price of $18.86.

Hedge Funds Weigh In On Macerich

A number of institutional investors have recently modified their holdings of MAC. Blue Trust Inc. raised its stake in Macerich by 152.2% during the 3rd quarter. Blue Trust Inc. now owns 1,546 shares of the real estate investment trust’s stock worth $28,000 after buying an additional 933 shares during the period. Quest Partners LLC purchased a new stake in Macerich in the second quarter worth approximately $50,000. GAMMA Investing LLC increased its stake in shares of Macerich by 40.9% in the third quarter. GAMMA Investing LLC now owns 3,214 shares of the real estate investment trust’s stock worth $59,000 after buying an additional 933 shares during the period. Point72 Asia Singapore Pte. Ltd. purchased a new position in Macerich during the 2nd quarter valued at $129,000. Finally, Mirae Asset Global Investments Co. Ltd. raised its position in shares of Macerich by 34.8% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 8,374 shares of the real estate investment trust’s stock worth $150,000 after purchasing an additional 2,161 shares during the last quarter. Institutional investors and hedge funds 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.