Macerich Co (NYSE:MAC)’s stock price was up 9.9% on Wednesday following insider buying activity. The stock traded as high as $7.70 and last traded at $8.20, approximately 367,722 shares changed hands during trading. A decline of 94% from the average daily volume of 6,129,381 shares. The stock had previously closed at $7.46.
Specifically, President Edward C. Coppola acquired 19,948 shares of the firm’s stock in a transaction on Wednesday, March 18th. The stock was bought at an average price of $6.63 per share, for a total transaction of $132,255.24. Following the completion of the purchase, the president now directly owns 325,226 shares of the company’s stock, valued at approximately $2,156,248.38. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director John H. Alschuler, Jr. acquired 8,417 shares of the firm’s stock in a transaction on Wednesday, February 12th. The stock was bought at an average price of $23.68 per share, with a total value of $199,314.56. Following the purchase, the director now directly owns 18,924 shares of the company’s stock, valued at $448,120.32. The disclosure for this purchase can be found here. Insiders purchased 130,365 shares of company stock worth $1,749,180 in the last three months. 1.73% of the stock is currently owned by corporate insiders.
Several equities analysts have issued reports on the stock. BMO Capital Markets restated a “sell” rating and issued a $24.00 price objective on shares of Macerich in a research note on Tuesday, February 11th. SunTrust Banks decreased their price objective on shares of Macerich from $30.00 to $27.00 and set a “hold” rating for the company in a research note on Thursday, December 12th. JPMorgan Chase & Co. upgraded shares of Macerich from an “underweight” rating to a “neutral” rating and decreased their price objective for the company from $40.00 to $34.00 in a research note on Wednesday, December 18th. ValuEngine downgraded shares of Macerich from a “sell” rating to a “strong sell” rating in a research note on Friday, March 20th. Finally, Mizuho downgraded shares of Macerich from a “neutral” rating to an “underperform” rating and set a $24.00 price objective for the company. in a research note on Wednesday, January 15th. Six investment analysts have rated the stock with a sell rating, seven have given a hold rating and one has issued a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus target price of $26.42.
The company has a 50 day simple moving average of $18.03 and a 200 day simple moving average of $25.20. The company has a current ratio of 0.84, a quick ratio of 0.84 and a debt-to-equity ratio of 1.88. The stock has a market capitalization of $1.09 billion, a PE ratio of 10.15 and a beta of 0.76.
Macerich (NYSE:MAC) last released its earnings results on Thursday, February 6th. The real estate investment trust reported $0.19 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.98 by ($0.79). Macerich had a net margin of 10.44% and a return on equity of 3.28%. The company had revenue of $241.84 million during the quarter, compared to analyst estimates of $226.97 million. During the same period in the previous year, the firm posted $1.09 EPS. The company’s revenue for the quarter was down 2.0% on a year-over-year basis. On average, equities research analysts predict that Macerich Co will post 3.34 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Wednesday, June 3rd. Stockholders of record on Wednesday, April 22nd will be paid a $0.50 dividend. This represents a $2.00 annualized dividend and a dividend yield of 28.99%. The ex-dividend date is Tuesday, April 21st. Macerich’s dividend payout ratio (DPR) is presently 84.75%.
Several large investors have recently modified their holdings of the company. Arrow Investment Advisors LLC increased its position in Macerich by 3.8% during the 4th quarter. Arrow Investment Advisors LLC now owns 11,590 shares of the real estate investment trust’s stock worth $312,000 after purchasing an additional 427 shares during the period. Metropolitan Life Insurance Co NY increased its stake in Macerich by 2.1% in the 3rd quarter. Metropolitan Life Insurance Co NY now owns 22,720 shares of the real estate investment trust’s stock valued at $718,000 after purchasing an additional 464 shares in the last quarter. Edmonds Duncan Registered Investment Advisors LLC raised its holdings in Macerich by 4.6% during the fourth quarter. Edmonds Duncan Registered Investment Advisors LLC now owns 11,301 shares of the real estate investment trust’s stock worth $304,000 after purchasing an additional 500 shares during the last quarter. Private Advisor Group LLC raised its holdings in Macerich by 7.2% during the fourth quarter. Private Advisor Group LLC now owns 7,450 shares of the real estate investment trust’s stock worth $201,000 after purchasing an additional 500 shares during the last quarter. Finally, DekaBank Deutsche Girozentrale boosted its position in Macerich by 4.7% during the fourth quarter. DekaBank Deutsche Girozentrale now owns 12,365 shares of the real estate investment trust’s stock worth $324,000 after purchasing an additional 559 shares in the last quarter.
About Macerich (NYSE:MAC)
Macerich, an S&P 500 company, 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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