The Macerich Co. (MAC) Shares Down 1.8%
The Macerich Co. (NYSE:MAC) dropped 1.8% on Thursday . The stock traded as low as $83.76 and last traded at $84.07, with a volume of 558,678 shares. The stock had previously closed at $85.58.
MAC has been the topic of several recent research reports. Zacks Investment Research cut The Macerich from a “buy” rating to a “hold” rating in a research note on Monday, April 25th. Deutsche Bank AG boosted their target price on The Macerich from $83.00 to $84.00 and gave the stock a “hold” rating in a report on Monday, July 18th. Credit Suisse Group AG reissued a “sell” rating and issued a $78.00 target price on shares of The Macerich in a report on Tuesday, August 2nd. JPMorgan Chase & Co. boosted their target price on The Macerich from $83.00 to $87.00 and gave the stock a “neutral” rating in a report on Friday, August 5th. Finally, Canaccord Genuity reissued a “hold” rating and issued a $80.00 target price on shares of The Macerich in a report on Wednesday, May 4th. One analyst has rated the stock with a sell rating, twelve have assigned a hold rating and one has assigned a buy rating to the company. The Macerich has a consensus rating of “Hold” and a consensus price target of $85.73.
The stock has a market cap of $12.13 billion and a P/E ratio of 14.19. The firm’s 50-day moving average price is $86.87 and its 200-day moving average price is $80.24.
The Macerich (NYSE:MAC) last released its quarterly earnings data on Monday, August 1st. The real estate investment trust reported $1.02 EPS for the quarter, topping the consensus estimate of $0.98 by $0.04. The firm had revenue of $259.90 million for the quarter, compared to analysts’ expectations of $252.32 million. During the same quarter in the previous year, the business earned $0.90 earnings per share. The company’s revenue for the quarter was down 19.5% compared to the same quarter last year. On average, analysts forecast that The Macerich Co. will post $4.11 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Thursday, September 8th. Stockholders of record on Friday, August 19th will be issued a $0.68 dividend. The ex-dividend date is Wednesday, August 17th. This represents a $2.72 dividend on an annualized basis and a dividend yield of 3.22%.
In other news, CFO Hern Thomas E. O sold 5,000 shares of The Macerich stock in a transaction on Monday, May 16th. The stock was 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 in the company, valued at approximately $4,211,925.67. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, COO Robert D. Perlmutter sold 1,500 shares of The Macerich stock in a transaction on Friday, July 1st. The shares were sold at an average price of $85.49, for a total value of $128,235.00. The disclosure for this sale can be found here.
Several hedge funds and institutional investors recently made changes to their positions in MAC. Mutual of America Capital Management LLC increased 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 worth $1,215,000 after buying an additional 71 shares in the last quarter. Summit Securities Group LLC bought a new position in shares of The Macerich during the fourth quarter worth about $1,380,000. Alpine Woods Capital Investors LLC increased 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 worth $2,584,000 after buying an additional 1,100 shares in the last quarter. Aberdeen Asset Management PLC UK increased its position in shares of The Macerich by 13.3% in the fourth quarter. Aberdeen Asset Management PLC UK now owns 33,097 shares of the real estate investment trust’s stock worth $2,781,000 after buying an additional 3,876 shares in the last quarter. Finally, KBC Group NV increased 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 worth $3,237,000 after buying an additional 983 shares in the last quarter.
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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