Robert D. Perlmutter Sells 1,500 Shares of The Macerich Co. (MAC) Stock
The Macerich Co. (NYSE:MAC) EVP Robert D. Perlmutter sold 1,500 shares of the stock in a transaction that occurred on Monday, October 3rd. The shares were sold at an average price of $79.45, for a total transaction of $119,175.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link.
Shares of The Macerich Co. (NYSE:MAC) opened at 76.04 on Friday. The company has a 50-day moving average of $81.16 and a 200-day moving average of $81.13. The Macerich Co. has a 1-year low of $71.82 and a 1-year high of $94.51. The firm has a market cap of $10.92 billion, a PE ratio of 12.77 and a beta of 0.90.
The Macerich (NYSE:MAC) last posted its earnings results on Monday, August 1st. The real estate investment trust reported $1.02 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.98 by $0.04. The Macerich had a return on equity of 17.91% and a net margin of 78.65%. The business earned $259.90 million during the quarter, compared to analyst estimates of $252.32 million. During the same quarter last year, the firm earned $0.90 earnings per share. The company’s revenue for the quarter was down 19.5% compared to the same quarter last year. Analysts predict that The Macerich Co. will post $4.12 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Thursday, September 8th. Shareholders of record on Friday, August 19th were paid a dividend of $0.68 per share. The ex-dividend date was Wednesday, August 17th. This represents a $2.72 dividend on an annualized basis and a yield of 3.58%. The Macerich’s dividend payout ratio (DPR) is presently 45.87%.
Large investors have recently modified their holdings of the stock. Checchi Capital Advisers LLC raised its stake in shares of The Macerich by 4.3% in the second quarter. Checchi Capital Advisers LLC now owns 1,973 shares of the real estate investment trust’s stock worth $168,000 after buying an additional 82 shares during the period. Advisors Asset Management Inc. raised its stake in shares of The Macerich by 46.7% in the second quarter. Advisors Asset Management Inc. now owns 2,129 shares of the real estate investment trust’s stock worth $182,000 after buying an additional 678 shares during the period. MU Investments Co. Ltd. acquired a new stake in shares of The Macerich during the second quarter worth $185,000. Ameritas Investment Partners Inc. acquired a new stake in shares of The Macerich during the second quarter worth $203,000. Finally, Eii Capital Management Inc. raised its stake in shares of The Macerich by 140.0% in the second quarter. Eii Capital Management Inc. now owns 2,400 shares of the real estate investment trust’s stock worth $205,000 after buying an additional 1,400 shares during the period. Hedge funds and other institutional investors own 94.66% of the company’s stock.
MAC has been the topic of several research reports. BTIG Research initiated coverage on shares of The Macerich in a report on Thursday, August 25th. They issued a “buy” rating and a $97.00 price target on the stock. Zacks Investment Research upgraded shares of The Macerich from a “hold” rating to a “buy” rating and set a $88.00 price target on the stock in a report on Wednesday. Deutsche Bank AG increased their price target on shares of The Macerich from $83.00 to $84.00 and gave the stock a “hold” rating in a report on Monday, July 18th. Jefferies Group increased their price target on shares of The Macerich from $86.00 to $88.00 and gave the stock a “hold” rating in a report on Wednesday, August 31st. Finally, Canaccord Genuity increased their price target on shares of The Macerich from $80.00 to $84.00 and gave the stock a “hold” rating in a report on Tuesday, August 16th. One research analyst has rated the stock with a sell rating, ten have given a hold rating and three have assigned a buy rating to the company. The company has a consensus rating of “Hold” and an average price target of $88.00.
About The Macerich
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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