Shares of Macerich Co (NYSE:MAC) traded up 9.9% on Wednesday following insider buying activity. The stock traded as high as $7.70 and last traded at $8.20, 367,722 shares changed hands during trading. A decline of 94% from the average session volume of 6,129,381 shares. The stock had previously closed at $7.46.
Specifically, President Edward C. Coppola purchased 19,948 shares of the stock in a transaction that occurred on Wednesday, March 18th. The stock was purchased at an average cost of $6.63 per share, for a total transaction of $132,255.24. Following the acquisition, the president now owns 325,226 shares in the company, valued at $2,156,248.38. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Kenneth Volk purchased 10,000 shares of the stock in a transaction that occurred on Friday, March 20th. The stock was bought at an average price of $7.99 per share, with a total value of $79,900.00. Following the completion of the acquisition, the executive vice president now owns 8,992 shares in the company, valued at approximately $71,846.08. The disclosure for this purchase can be found here. In the last three months, insiders bought 130,365 shares of company stock worth $1,749,180. Insiders own 1.73% of the company’s stock.
MAC has been the subject of a number of recent research reports. BMO Capital Markets reiterated a “sell” rating and issued a $24.00 target price on shares of Macerich in a research note on Tuesday, February 11th. Evercore ISI reissued a “buy” rating and set a $30.00 price target on shares of Macerich in a research report on Sunday, February 9th. JPMorgan Chase & Co. upgraded Macerich from an “underweight” rating to a “neutral” rating and decreased their price target for the stock from $40.00 to $34.00 in a report on Wednesday, December 18th. Mizuho cut Macerich from a “neutral” rating to an “underperform” rating and set a $24.00 price target for the company. in a report on Wednesday, January 15th. Finally, SunTrust Banks lowered their price objective on shares of Macerich from $30.00 to $27.00 and set a “hold” rating for the company in a research report on Thursday, December 12th. Six research analysts have rated the stock with a sell rating, seven have given a hold rating and one has assigned a buy rating to the company. Macerich has an average rating of “Hold” and an average price target of $26.42.
The company has a debt-to-equity ratio of 1.88, a current ratio of 0.84 and a quick ratio of 0.84. The stock has a 50-day moving average price of $18.03 and a 200-day moving average price of $25.20. The firm has a market capitalization of $1.09 billion, a PE ratio of 10.15 and a beta of 0.76.
Macerich (NYSE:MAC) last issued its quarterly earnings results on Thursday, February 6th. The real estate investment trust reported $0.19 EPS for the quarter, missing analysts’ consensus estimates of $0.98 by ($0.79). Macerich had a net margin of 10.44% and a return on equity of 3.28%. The business had revenue of $241.84 million during the quarter, compared to analysts’ expectations of $226.97 million. During the same period in the prior year, the company posted $1.09 EPS. The company’s revenue for the quarter was down 2.0% on a year-over-year basis. As a group, equities research analysts predict that Macerich Co will post 3.34 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, June 3rd. Stockholders of record on Wednesday, April 22nd will be paid a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a dividend yield of 28.99%. The ex-dividend date is Tuesday, April 21st. Macerich’s dividend payout ratio (DPR) is currently 84.75%.
Several institutional investors have recently added to or reduced their stakes in the company. IFP Advisors Inc raised its holdings in Macerich by 591.0% in the fourth quarter. IFP Advisors Inc now owns 1,223 shares of the real estate investment trust’s stock valued at $31,000 after acquiring an additional 1,046 shares in the last quarter. BerganKDV Wealth Management LLC bought a new stake in shares of Macerich in the 4th quarter worth about $35,000. West Bancorporation Inc. bought a new stake in shares of Macerich in the 4th quarter worth about $60,000. Ladenburg Thalmann Financial Services Inc. raised its stake in shares of Macerich by 69.8% in the 4th quarter. Ladenburg Thalmann Financial Services Inc. now owns 3,476 shares of the real estate investment trust’s stock valued at $94,000 after purchasing an additional 1,429 shares in the last quarter. Finally, Private Advisor Group LLC raised its stake in shares of Macerich by 7.2% in the 4th quarter. Private Advisor Group LLC now owns 7,450 shares of the real estate investment trust’s stock valued at $201,000 after purchasing an additional 500 shares in the last quarter.
About Macerich (NYSE:MAC)
Macerich, an S&P 500 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. Macerich currently owns 51 million square feet of real estate consisting primarily of interests in 47 regional shopping centers.
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