Christopher Zecchini Sells 2,740 Shares of Macerich (NYSE:MAC) Stock

Macerich Company (The) (NYSE:MAC) CAO Christopher Zecchini sold 2,740 shares of Macerich stock in a transaction dated Wednesday, September 9th. The shares were sold at an average price of $23.28, for a total value of $63,787.20. Following the sale, the chief accounting officer directly owned 847 shares in the company, valued at $19,718.16. The trade was a 76.39% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website.

Macerich Stock Performance

Macerich stock opened at $22.64 on Friday. The business has a 50 day moving average of $24.72 and a 200-day moving average of $22.70. Macerich Company has a 1 year low of $16.03 and a 1 year high of $26.67. The company has a debt-to-equity ratio of 1.67, a current ratio of 0.88 and a quick ratio of 0.88. The company has a market capitalization of $6.42 billion, a P/E ratio of -34.83, a P/E/G ratio of 1.66 and a beta of 2.06.

Macerich (NYSE:MAC) last posted its earnings results on Tuesday, August 4th. The real estate investment trust reported ($0.10) EPS for the quarter, missing the consensus estimate of ($0.05) by ($0.05). Macerich had a negative return on equity of 6.26% and a negative net margin of 16.85%.The business had revenue of $249.71 million for the quarter, compared to analyst estimates of $239.77 million. During the same quarter in the prior year, the business earned $0.33 earnings per share. The firm’s quarterly revenue was up .0% on a year-over-year basis. On average, equities research analysts predict that Macerich Company will post 1.49 earnings per share for the current year.

Macerich Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 28th. Investors of record on Monday, September 14th will be paid a $0.17 dividend. The ex-dividend date of this dividend is Monday, September 14th. This represents a $0.68 annualized dividend and a dividend yield of 3.0%. Macerich’s payout ratio is currently -104.62%.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the business. Quantbot Technologies LP acquired a new position in shares of Macerich during the 2nd quarter valued at $1,476,000. Quantinno Capital Management LP raised its holdings in shares of Macerich by 165.6% during the first quarter. Quantinno Capital Management LP now owns 140,543 shares of the real estate investment trust’s stock valued at $2,656,000 after purchasing an additional 87,626 shares during the period. Wealth Science Advisors LLC bought a new position in shares of Macerich during the 2nd quarter worth about $1,051,000. Centersquare Investment Management LLC grew its stake in shares of Macerich by 149.6% in the 4th quarter. Centersquare Investment Management LLC now owns 6,354,661 shares of the real estate investment trust’s stock valued at $117,307,000 after buying an additional 3,808,336 shares during the period. Finally, Bank of New York Mellon Corp bought a new stake in Macerich in the 2nd quarter valued at about $59,962,000. 87.38% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several brokerages have commented on MAC. KeyCorp lifted their target price on Macerich from $25.00 to $27.00 and gave the stock an “overweight” rating in a report on Wednesday, June 10th. Evercore set a $25.00 price target on Macerich in a research note on Thursday, August 6th. Deutsche Bank Aktiengesellschaft upgraded Macerich from a “hold” rating to a “buy” rating and raised their price objective for the stock from $20.00 to $27.00 in a research report on Tuesday, June 2nd. Piper Sandler raised Macerich from a “neutral” rating to an “overweight” rating and lifted their price objective for the stock from $28.00 to $30.00 in a research note on Thursday, August 27th. Finally, Weiss Ratings upgraded Macerich from a “hold (c-)” rating to a “hold (c)” rating in a report on Wednesday, August 12th. One research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $26.00.

Macerich Company Profile

Macerich (NYSE: MAC) is a self-managed real estate investment trust that owns, operates and develops retail real estate in the United States. The company focuses primarily on high-quality shopping centers and regional malls located in densely populated markets with strong consumer and tourism activity.

Macerich’s properties accommodate a range of retailers, restaurants, entertainment venues and service businesses. Its activities include leasing and managing retail space, operating shopping centers, and pursuing property redevelopment and expansion projects designed to enhance tenant offerings and the surrounding customer experience.

The company’s portfolio is concentrated in major metropolitan areas, particularly across the Western United States, while also including select properties in other prominent U.S.