The Macerich Company (NYSE:MAC) Insider Buys $74,921.00 in Stock

The Macerich Company (NYSE:MAC) insider Ann C. Menard bought 4,865 shares of the company’s stock in a transaction dated Wednesday, May 8th. The shares were purchased at an average price of $15.40 per share, with a total value of $74,921.00. Following the transaction, the insider now owns 20,633 shares of the company’s stock, valued at $317,748.20. The acquisition was disclosed in a legal filing with the SEC, which is available through this link.

Macerich Stock Down 2.3 %

Shares of Macerich stock opened at $15.48 on Friday. The Macerich Company has a 1 year low of $9.05 and a 1 year high of $17.69. The business has a 50-day moving average of $15.96 and a two-hundred day moving average of $14.77. The company has a market capitalization of $3.34 billion, a P/E ratio of -9.92, a price-to-earnings-growth ratio of 1.64 and a beta of 2.38. The company has a debt-to-equity ratio of 1.85, a current ratio of 1.03 and a quick ratio of 0.95.

Macerich (NYSE:MAC) last posted its quarterly earnings data on Wednesday, February 7th. The real estate investment trust reported $0.29 earnings per share for the quarter, missing the consensus estimate of $0.55 by ($0.26). The firm had revenue of $238.70 million for the quarter, compared to analyst estimates of $224.49 million. Macerich had a negative return on equity of 13.42% and a negative net margin of 38.96%. The firm’s quarterly revenue was up 4.6% on a year-over-year basis. During the same period in the prior year, the company earned $0.53 earnings per share. As a group, equities analysts predict that The Macerich Company will post 1.77 EPS for the current year.

Macerich Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 3rd. Stockholders of record on Monday, May 20th will be given a dividend of $0.17 per share. The ex-dividend date of this dividend is Friday, May 17th. This represents a $0.68 annualized dividend and a dividend yield of 4.39%. Macerich’s dividend payout ratio is currently -43.59%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the company. First Eagle Investment Management LLC boosted its position in shares of Macerich by 38.5% during the first quarter. First Eagle Investment Management LLC now owns 291,161 shares of the real estate investment trust’s stock worth $5,017,000 after buying an additional 80,900 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. boosted its position in shares of Macerich by 4.5% during the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 131,809 shares of the real estate investment trust’s stock worth $2,271,000 after buying an additional 5,647 shares during the period. Entropy Technologies LP acquired a new position in Macerich during the first quarter valued at approximately $194,000. ProShare Advisors LLC boosted its position in Macerich by 7.4% during the first quarter. ProShare Advisors LLC now owns 43,585 shares of the real estate investment trust’s stock valued at $751,000 after purchasing an additional 3,011 shares during the last quarter. Finally, Russell Investments Group Ltd. boosted its position in Macerich by 1,845.1% during the first quarter. Russell Investments Group Ltd. now owns 1,168,864 shares of the real estate investment trust’s stock valued at $20,133,000 after purchasing an additional 1,108,770 shares during the last quarter. 87.38% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on the company. Truist Financial reiterated a “hold” rating and issued a $16.00 price objective on shares of Macerich in a report on Monday, March 25th. StockNews.com downgraded Macerich from a “hold” rating to a “sell” rating in a report on Tuesday, April 30th. Mizuho dropped their price objective on Macerich from $17.00 to $14.00 and set an “underperform” rating for the company in a report on Wednesday, May 1st. Citigroup upgraded Macerich from a “sell” rating to a “neutral” rating and upped their price objective for the company from $8.00 to $17.00 in a report on Friday, March 22nd. Finally, Compass Point dropped their price objective on Macerich from $20.00 to $18.00 and set a “buy” rating for the company in a report on Wednesday, May 1st. Four equities research analysts have rated the stock with a sell rating, two have issued a hold rating and one has assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $14.83.

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.