The Macerich Company (NYSE:MAC) CFO Purchases $96,360.00 in Stock

The Macerich Company (NYSE:MAC) CFO Scott W. Kingsmore purchased 6,000 shares of the stock in a transaction on Thursday, May 9th. The stock was bought at an average price of $16.06 per share, for a total transaction of $96,360.00. Following the completion of the transaction, the chief financial officer now directly owns 42,310 shares of the company’s stock, valued at $679,498.60. The acquisition was disclosed in a legal filing with the SEC, which is available at this hyperlink.

Macerich Stock Down 2.3 %

Shares of NYSE MAC traded down $0.36 during mid-day trading on Thursday, reaching $15.48. 3,457,154 shares of the company’s stock were exchanged, compared to its average volume of 2,054,998. The firm has a market capitalization of $3.34 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 current ratio of 1.03, a quick ratio of 0.95 and a debt-to-equity ratio of 1.85. The business has a fifty day simple moving average of $15.97 and a 200 day simple moving average of $14.76. The Macerich Company has a twelve month low of $9.05 and a twelve month high of $17.69.

Macerich (NYSE:MAC) last released its quarterly 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 business 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 company’s revenue for the quarter was up 4.6% compared to the same quarter last year. During the same period in the prior year, the business earned $0.53 EPS. As a group, equities analysts expect that The Macerich Company will post 1.77 EPS for the current fiscal year.

Macerich Announces Dividend

The company also recently disclosed 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 of this dividend is Friday, May 17th. This represents a $0.68 dividend on an annualized basis and a dividend yield of 4.39%. Macerich’s payout ratio is presently -43.59%.

Analysts Set New Price Targets

Several brokerages have recently commented on MAC. Mizuho decreased their target price on Macerich from $17.00 to $14.00 and set an “underperform” rating on the stock in a report on Wednesday, May 1st. The Goldman Sachs Group increased their target price on Macerich from $9.00 to $13.00 and gave the stock a “sell” rating in a report on Thursday, January 11th. Truist Financial restated a “hold” rating and set a $16.00 target price on shares of Macerich in a report on Monday, March 25th. Compass Point cut their price target on Macerich from $20.00 to $18.00 and set a “buy” rating on the stock in a research note on Wednesday, May 1st. Finally, StockNews.com lowered Macerich from a “hold” rating to a “sell” rating in a research note on Tuesday, April 30th. Four investment analysts have rated the stock with a sell rating, two have given a hold rating and one has issued a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $14.83.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the company. Signaturefd LLC increased its position in shares of Macerich by 152.4% during the 4th quarter. Signaturefd LLC now owns 2,166 shares of the real estate investment trust’s stock worth $33,000 after purchasing an additional 1,308 shares during the last quarter. Anchor Investment Management LLC acquired a new position in shares of Macerich during the 4th quarter worth approximately $40,000. Quest Partners LLC acquired a new position in shares of Macerich during the 4th quarter worth approximately $41,000. Fidelis Capital Partners LLC acquired a new position in shares of Macerich during the 1st quarter worth approximately $46,000. Finally, Harvest Fund Management Co. Ltd acquired a new position in shares of Macerich during the 3rd quarter worth approximately $36,000. 87.38% of the stock is currently 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.