The Macerich Company (NYSE:MAC) CEO Purchases $1,996,400.00 in Stock

The Macerich Company (NYSE:MAC) CEO Jackson Hsieh purchased 140,000 shares of the firm’s stock in a transaction that occurred on Monday, May 6th. The stock was purchased at an average price of $14.26 per share, for a total transaction of $1,996,400.00. Following the acquisition, the chief executive officer now owns 170,500 shares of the company’s stock, valued at $2,431,330. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website.

Macerich Stock Performance

Shares of MAC opened at $15.84 on Thursday. The company has a market cap of $3.42 billion, a PE ratio of -10.15, a price-to-earnings-growth ratio of 1.64 and a beta of 2.38. The firm has a 50-day moving average of $15.97 and a 200-day moving average of $14.76. The Macerich Company has a one year low of $9.05 and a one year high of $17.69. The company has a debt-to-equity ratio of 1.85, a current ratio of 1.03 and a quick ratio of 0.95.

Macerich (NYSE:MAC) last announced its quarterly 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 return on equity of 13.42% and a negative net margin of 38.96%. The business had revenue of $238.70 million for the quarter, compared to analyst estimates of $224.49 million. During the same period last year, the firm earned $0.53 EPS. Macerich’s quarterly revenue was up 4.6% compared to the same quarter last year. As a group, equities analysts forecast that The Macerich Company will post 1.77 earnings per share for the current year.

Macerich Announces Dividend

The firm 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. This represents a $0.68 dividend on an annualized basis and a dividend yield of 4.29%. The ex-dividend date of this dividend is Friday, May 17th. Macerich’s payout ratio is presently -43.59%.

Wall Street Analyst Weigh In

Several research firms have weighed in on MAC. Truist Financial reissued a “hold” rating and issued a $16.00 target price on shares of Macerich in a research note on Monday, March 25th. Piper Sandler lowered shares of Macerich from a “neutral” rating to an “underweight” rating and reduced their target price for the stock from $17.00 to $11.00 in a research note on Wednesday, May 1st. Compass Point decreased their price target on shares of Macerich from $20.00 to $18.00 and set a “buy” rating for the company in a research note on Wednesday, May 1st. The Goldman Sachs Group raised 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, Citigroup raised Macerich from a “sell” rating to a “neutral” rating and lifted their target price for the company from $8.00 to $17.00 in a research report on Friday, March 22nd. Four analysts have rated the stock with a sell rating, two have issued a hold rating and one has issued a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $14.83.

Institutional Investors Weigh In On Macerich

Hedge funds have recently added to or reduced their stakes in the business. Signaturefd LLC increased its holdings in shares of Macerich by 152.4% in the fourth quarter. Signaturefd LLC now owns 2,166 shares of the real estate investment trust’s stock valued at $33,000 after purchasing an additional 1,308 shares during the last quarter. Anchor Investment Management LLC bought a new position in Macerich in the 4th quarter valued at about $40,000. Quest Partners LLC acquired a new stake in Macerich during the fourth quarter worth approximately $41,000. Fidelis Capital Partners LLC bought a new stake in shares of Macerich during the first quarter worth approximately $46,000. Finally, Harvest Fund Management Co. Ltd bought a new position in shares of Macerich during the third quarter worth approximately $36,000. Institutional investors and hedge funds own 87.38% of the company’s stock.

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.