Insider Buying: The Macerich Company (NYSE:MAC) CEO Buys 140,000 Shares of Stock

The Macerich Company (NYSE:MAC) CEO Jackson Hsieh acquired 140,000 shares of the stock in a transaction that occurred on Monday, May 6th. The stock was purchased at an average price of $14.26 per share, with a total value of $1,996,400.00. Following the completion of the transaction, the chief executive officer now owns 170,500 shares of the company’s stock, valued at $2,431,330. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website.

Macerich Price Performance

Shares of MAC opened at $14.68 on Tuesday. The company has a quick ratio of 0.95, a current ratio of 1.03 and a debt-to-equity ratio of 1.85. The Macerich Company has a twelve month low of $9.05 and a twelve month high of $17.69. The stock has a market capitalization of $3.17 billion, a P/E ratio of -9.41, a P/E/G ratio of 1.64 and a beta of 2.38. The company has a 50 day moving average of $16.01 and a 200-day moving average of $14.72.

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

Macerich Dividend Announcement

The business also recently announced 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 is Friday, May 17th. This represents a $0.68 annualized dividend and a yield of 4.63%. Macerich’s payout ratio is presently -43.59%.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the stock. Y.D. More Investments Ltd boosted its holdings in shares of Macerich by 0.9% in the 4th quarter. Y.D. More Investments Ltd now owns 81,330 shares of the real estate investment trust’s stock valued at $1,255,000 after buying an additional 745 shares during the last quarter. SeaCrest Wealth Management LLC grew its position in shares of Macerich by 1.6% in the 1st quarter. SeaCrest Wealth Management LLC now owns 60,937 shares of the real estate investment trust’s stock valued at $1,050,000 after acquiring an additional 978 shares during the period. Metis Global Partners LLC increased its stake in shares of Macerich by 8.2% during the 4th quarter. Metis Global Partners LLC now owns 13,666 shares of the real estate investment trust’s stock worth $211,000 after purchasing an additional 1,040 shares during the last quarter. Van ECK Associates Corp raised its holdings in shares of Macerich by 4.3% in the 3rd quarter. Van ECK Associates Corp now owns 25,312 shares of the real estate investment trust’s stock valued at $276,000 after purchasing an additional 1,049 shares during the period. Finally, CIBC Asset Management Inc lifted its stake in Macerich by 5.8% in the 4th quarter. CIBC Asset Management Inc now owns 23,313 shares of the real estate investment trust’s stock valued at $360,000 after purchasing an additional 1,275 shares during the last quarter. 87.38% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on MAC shares. Truist Financial reiterated a “hold” rating and set a $16.00 price target on shares of Macerich in a research report on Monday, March 25th. Piper Sandler cut shares of Macerich from a “neutral” rating to an “underweight” rating and dropped their target price for the company from $17.00 to $11.00 in a research report on Wednesday, May 1st. StockNews.com lowered Macerich from a “hold” rating to a “sell” rating in a research report on Tuesday, April 30th. The Goldman Sachs Group upped their price objective on Macerich from $9.00 to $13.00 and gave the company a “sell” rating in a report on Thursday, January 11th. Finally, Compass Point cut their target price on Macerich from $20.00 to $18.00 and set a “buy” rating on the stock in a research note on Wednesday, May 1st. Four 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 currently has an average rating of “Hold” and an average 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.