The Macerich Co. (MAC) Trading Down 1.8%
The Macerich Co. (NYSE:MAC) shares dropped 1.8% on Thursday . The company traded as low as $83.76 and last traded at $84.07, with a volume of 558,678 shares trading hands. The stock had previously closed at $85.58.
MAC has been the subject of a number of analyst reports. Mizuho initiated coverage on The Macerich in a research note on Wednesday, April 13th. They issued a “neutral” rating and a $88.00 price target for the company. Zacks Investment Research raised The Macerich from a “hold” rating to a “buy” rating and set a $87.00 price objective for the company in a research report on Thursday, April 21st. Royal Bank Of Canada raised The Macerich from a “sector perform” rating to an “outperform” rating and raised their price objective for the company from $82.00 to $87.00 in a research report on Friday, May 6th. They noted that the move was a valuation call. JPMorgan Chase & Co. raised their price objective on The Macerich from $83.00 to $87.00 and gave the company a “neutral” rating in a research report on Friday, August 5th. Finally, Jefferies Group reaffirmed a “hold” rating and issued a $78.00 price objective on shares of The Macerich in a research report on Thursday, May 5th. One research analyst has rated the stock with a sell rating, twelve have given a hold rating and one has given a buy rating to the company. The stock presently has an average rating of “Hold” and an average price target of $85.73.
The stock’s 50-day moving average is $86.80 and its 200 day moving average is $80.19. The firm has a market cap of $12.10 billion and a P/E ratio of 14.15.
The Macerich (NYSE:MAC) last released its earnings results on Monday, August 1st. The real estate investment trust reported $1.02 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.98 by $0.04. During the same period in the prior year, the company earned $0.90 earnings per share. The business earned $259.90 million during the quarter, compared to the consensus estimate of $252.32 million. The business’s revenue was down 19.5% on a year-over-year basis. Equities research analysts expect that The Macerich Co. will post $4.11 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 8th. Shareholders of record on Friday, August 19th will be issued a dividend of $0.68 per share. This represents a $2.72 annualized dividend and a yield of 3.23%. The ex-dividend date of this dividend is Wednesday, August 17th.
In other The Macerich news, COO Robert D. Perlmutter sold 1,500 shares of the stock in a transaction on Friday, July 1st. The stock was sold at an average price of $85.49, for a total transaction of $128,235.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Hern Thomas E. O sold 5,000 shares of the stock in a transaction on Monday, May 16th. The shares were sold at an average price of $74.71, for a total value of $373,550.00. Following the transaction, the chief financial officer now directly owns 56,377 shares of the company’s stock, valued at $4,211,925.67. The disclosure for this sale can be found here.
A number of institutional investors have recently made changes to their positions in MAC. Mutual of America Capital Management LLC raised its position in shares of The Macerich by 0.5% in the fourth quarter. Mutual of America Capital Management LLC now owns 15,059 shares of the real estate investment trust’s stock valued at $1,215,000 after buying an additional 71 shares during the period. Wells Fargo & Company MN raised its position in shares of The Macerich by 0.7% in the fourth quarter. Wells Fargo & Company MN now owns 125,207 shares of the real estate investment trust’s stock valued at $10,102,000 after buying an additional 835 shares during the period. KBC Group NV raised its position in shares of The Macerich by 2.5% in the fourth quarter. KBC Group NV now owns 40,113 shares of the real estate investment trust’s stock valued at $3,237,000 after buying an additional 983 shares during the period. Alpine Woods Capital Investors LLC raised its position in shares of The Macerich by 3.6% in the fourth quarter. Alpine Woods Capital Investors LLC now owns 32,028 shares of the real estate investment trust’s stock valued at $2,584,000 after buying an additional 1,100 shares during the period. Finally, American International Group Inc. raised its position in shares of The Macerich by 4.4% in the fourth quarter. American International Group Inc. now owns 54,509 shares of the real estate investment trust’s stock valued at $4,398,000 after buying an additional 2,297 shares during the period.
The Macerich 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. It owns 56 million square feet of real estate consisting primarily of interests in 51 regional shopping centers.
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