The Macerich Company (NYSE:MAC) Short Interest Update

Posted by on Jun 17th, 2022

The Macerich Company (NYSE:MAC – Get Rating) was the recipient of a significant drop in short interest in the month of May. As of May 31st, there was short interest totalling 18,760,000 shares, a drop of 16.3% from the May 15th total of 22,400,000 shares. Based on an average daily volume of 3,110,000 shares, the short-interest ratio is presently 6.0 days.

In other news, CEO Hern Thomas E. O bought 10,000 shares of the business’s stock in a transaction dated Thursday, March 24th. The stock was bought at an average price of $14.62 per share, for a total transaction of $146,200.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, President Edward C. Coppola bought 2,100 shares of the business’s stock in a transaction dated Thursday, March 31st. The stock was purchased at an average price of $15.90 per share, with a total value of $33,390.00. Following the purchase, the president now directly owns 475,739 shares of the company’s stock, valued at approximately $7,564,250.10. The disclosure for this purchase can be found here. In the last 90 days, insiders have acquired 87,100 shares of company stock valued at $977,840. Corporate insiders own 1.77% of the company’s stock.

Several hedge funds have recently made changes to their positions in MAC. Prudential Financial Inc. grew its holdings in shares of Macerich by 1,536.8% in the 1st quarter. Prudential Financial Inc. now owns 4,783,022 shares of the real estate investment trust’s stock valued at $74,806,000 after buying an additional 4,490,809 shares during the period. Epoch Investment Partners Inc. acquired a new position in shares of Macerich in the 4th quarter valued at $51,220,000. Norges Bank acquired a new position in shares of Macerich in the 4th quarter valued at $35,902,000. Morgan Stanley boosted its stake in Macerich by 417.1% in the 2nd quarter. Morgan Stanley now owns 2,400,938 shares of the real estate investment trust’s stock worth $43,819,000 after purchasing an additional 1,936,651 shares during the period. Finally, Bank of Montreal Can boosted its stake in Macerich by 2,715.9% in the 4th quarter. Bank of Montreal Can now owns 1,881,497 shares of the real estate investment trust’s stock worth $33,002,000 after purchasing an additional 1,814,679 shares during the period. 84.57% of the stock is owned by institutional investors.

MAC traded up $0.04 during trading on Friday, reaching $9.02. 87,714 shares of the company’s stock were exchanged, compared to its average volume of 2,758,882. The company’s fifty day moving average price is $12.40 and its 200-day moving average price is $14.97. The company has a debt-to-equity ratio of 1.44, a quick ratio of 1.27 and a current ratio of 1.27. Macerich has a fifty-two week low of $8.69 and a fifty-two week high of $22.88. The firm has a market capitalization of $1.94 billion, a PE ratio of 44.90, a P/E/G ratio of 1.13 and a beta of 1.88.

Macerich (NYSE:MAC – Get Rating) last released its earnings results on Monday, May 9th. The real estate investment trust reported ($0.17) EPS for the quarter, missing analysts’ consensus estimates of $0.46 by ($0.63). Macerich had a return on equity of 1.29% and a net margin of 4.66%. The business had revenue of $216.10 million for the quarter, compared to analyst estimates of $209.20 million. During the same period in the prior year, the firm posted $0.45 EPS. Macerich’s revenue was up 13.5% on a year-over-year basis. Research analysts forecast that Macerich will post 1.96 earnings per share for the current fiscal year.

The company also recently declared a quarterly dividend, which was paid on Friday, June 3rd. Stockholders of record on Friday, May 20th were issued a $0.15 dividend. This represents a $0.60 annualized dividend and a dividend yield of 6.65%. The ex-dividend date of this dividend was Thursday, May 19th. Macerich’s dividend payout ratio (DPR) is 300.00%.

MAC has been the subject of a number of research analyst reports. StockNews.com upgraded shares of Macerich from a “sell” rating to a “hold” rating in a research note on Thursday, May 12th. The Goldman Sachs Group dropped their price objective on shares of Macerich from $13.50 to $12.00 and set a “sell” rating for the company in a research report on Friday, May 20th. Morgan Stanley dropped their price objective on shares of Macerich from $14.75 to $14.00 and set an “underweight” rating for the company in a research report on Monday, March 7th. Wells Fargo & Company dropped their price objective on shares of Macerich from $17.00 to $15.00 and set an “underweight” rating for the company in a research report on Thursday, April 7th. Finally, Deutsche Bank Aktiengesellschaft dropped their price objective on shares of Macerich from $27.00 to $23.00 and set a “buy” rating for the company in a research report on Thursday, March 31st. Five investment analysts have rated the stock with a sell rating, four have assigned a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat, Macerich has an average rating of “Hold” and an average target price of $19.10.

Macerich Company Profile (Get Rating)

Macerich 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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