Insider Selling: The Macerich Company (NYSE:MAC) Director Sells 20,000 Shares of Stock

The Macerich Company (NYSE:MACGet Free Report) Director Edward C. Coppola sold 20,000 shares of the firm’s stock in a transaction that occurred on Wednesday, March 27th. The stock was sold at an average price of $17.01, for a total transaction of $340,200.00. Following the completion of the transaction, the director now owns 635,667 shares in the company, valued at approximately $10,812,695.67. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink.

Macerich Stock Performance

Shares of Macerich stock opened at $17.23 on Friday. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 1.67. The firm has a market capitalization of $3.72 billion, a P/E ratio of -13.57, a P/E/G ratio of 1.93 and a beta of 2.33. The business has a fifty day simple moving average of $16.58 and a two-hundred day simple moving average of $13.90. The Macerich Company has a 12 month low of $9.05 and a 12 month high of $17.69.

Macerich (NYSE:MACGet Free Report) last issued its quarterly earnings results 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). Macerich had a negative net margin of 31.00% and a negative return on equity of 10.26%. The company had revenue of $238.70 million for the quarter, compared to the consensus estimate of $224.49 million. During the same quarter in the previous year, the business earned $0.53 earnings per share. Macerich’s revenue was up 4.6% compared to the same quarter last year. On average, equities analysts forecast that The Macerich Company will post 1.81 earnings per share for the current fiscal year.

Macerich Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, March 4th. Stockholders of record on Friday, February 16th were issued a dividend of $0.17 per share. The ex-dividend date of this dividend was Thursday, February 15th. This represents a $0.68 annualized dividend and a dividend yield of 3.95%. Macerich’s payout ratio is presently -53.54%.

Hedge Funds Weigh In On Macerich

Several institutional investors and hedge funds have recently modified their holdings of MAC. Goldman Sachs Group Inc. increased its holdings in shares of Macerich by 867.8% during the second quarter. Goldman Sachs Group Inc. now owns 8,732,108 shares of the real estate investment trust’s stock valued at $98,411,000 after acquiring an additional 7,829,876 shares in the last quarter. Prudential Financial Inc. increased its holdings in 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 worth $74,806,000 after buying an additional 4,490,809 shares in the last quarter. Norges Bank bought a new stake in Macerich in the 4th quarter worth about $22,702,000. State Street Corp increased its holdings in Macerich by 13.0% in the 1st quarter. State Street Corp now owns 12,904,044 shares of the real estate investment trust’s stock worth $201,819,000 after buying an additional 1,482,622 shares in the last quarter. Finally, Wellington Management Group LLP bought a new stake in Macerich in the 4th quarter worth about $18,938,000. 87.38% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on MAC shares. Truist Financial restated a “hold” rating and issued a $16.00 target price on shares of Macerich in a report on Monday, March 25th. The Goldman Sachs Group raised their price target on Macerich from $9.00 to $13.00 and gave the stock a “sell” rating in a research note on Thursday, January 11th. Citigroup raised Macerich from a “sell” rating to a “neutral” rating and raised their price target for the stock from $8.00 to $17.00 in a research note on Friday, March 22nd. Piper Sandler raised their price target on Macerich from $12.00 to $17.00 and gave the stock a “neutral” rating in a research note on Wednesday, December 20th. Finally, StockNews.com raised Macerich from a “sell” rating to a “hold” rating in a research report on Tuesday, March 12th. One research analyst has rated the stock with a sell rating and four have assigned a hold rating to the company. Based on data from MarketBeat, the company has an average rating of “Hold” and an average price target of $14.40.

Check Out Our Latest Report on Macerich

Macerich Company Profile

(Get Free Report)

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.

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