Macerich (NYSE:MAC) Shares Gap Down to $16.01

Shares of The Macerich Company (NYSE:MAC) gapped down before the market opened on Tuesday . The stock had previously closed at $16.01, but opened at $15.30. Macerich shares last traded at $15.04, with a volume of 1,279,144 shares traded.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on the company. StockNews.com cut Macerich from a “hold” rating to a “sell” rating in a research report on Tuesday. The Goldman Sachs Group increased their price target on Macerich from $9.00 to $13.00 and gave the company a “sell” rating in a research report on Thursday, January 11th. Truist Financial reissued a “hold” rating and set a $16.00 price target on shares of Macerich in a research report on Monday, March 25th. Finally, Citigroup raised Macerich from a “sell” rating to a “neutral” rating and increased their price target for the company from $8.00 to $17.00 in a research report on Friday, March 22nd. Two investment analysts have rated the stock with a sell rating and three have assigned a hold rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $14.40.

Macerich Price Performance

The stock has a market capitalization of $3.18 billion, a price-to-earnings ratio of -11.67, a PEG ratio of 1.76 and a beta of 2.33. The company has a debt-to-equity ratio of 1.67, a quick ratio of 0.95 and a current ratio of 0.95. The company has a fifty day simple moving average of $16.31 and a two-hundred day simple moving average of $14.61.

Macerich (NYSE:MAC) last announced its quarterly earnings data on Wednesday, February 7th. The real estate investment trust reported $0.29 earnings per share for the quarter, missing the consensus estimate of $0.55 by ($0.26). The company had revenue of $238.70 million during the quarter, compared to analyst estimates of $224.49 million. Macerich had a negative net margin of 31.00% and a negative return on equity of 10.26%. Macerich’s revenue was up 4.6% on a year-over-year basis. During the same period in the prior year, the firm earned $0.53 earnings per share. As a group, equities research analysts expect that The Macerich Company will post 1.8 earnings per share for the current fiscal year.

Macerich Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 3rd. Stockholders of record on Monday, May 20th will be issued a dividend of $0.17 per share. The ex-dividend date of this dividend is Friday, May 17th. This represents a $0.68 dividend on an annualized basis and a dividend yield of 4.62%. Macerich’s dividend payout ratio (DPR) is currently -53.54%.

Insider Transactions at Macerich

In other news, Director Edward C. Coppola sold 20,000 shares of the business’s stock in a transaction on Wednesday, March 27th. The stock was sold at an average price of $17.01, for a total transaction of $340,200.00. Following the completion of the transaction, the director now owns 635,667 shares of the company’s stock, valued at approximately $10,812,695.67. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In related news, Director Edward C. Coppola sold 20,000 shares of the business’s stock in a transaction on Wednesday, March 27th. The stock was sold at an average price of $17.01, for a total transaction of $340,200.00. Following the sale, the director now owns 635,667 shares in the company, valued at approximately $10,812,695.67. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Hern Thomas E. O sold 95,000 shares of the business’s stock in a transaction on Wednesday, March 20th. The stock was sold at an average price of $16.94, for a total value of $1,609,300.00. Following the sale, the director now owns 102,900 shares in the company, valued at approximately $1,743,126. The disclosure for this sale can be found here. In the last quarter, insiders sold 172,964 shares of company stock valued at $2,940,030. Corporate insiders own 0.53% of the company’s stock.

Institutional Investors Weigh In On Macerich

A number of institutional investors have recently made changes to their positions in the stock. Signaturefd LLC boosted its position in shares of Macerich by 152.4% during the 4th 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 in the last quarter. Harvest Fund Management Co. Ltd bought a new stake in shares of Macerich during the 3rd quarter valued at about $36,000. Anchor Investment Management LLC bought a new stake in shares of Macerich during the 4th quarter valued at about $40,000. Quest Partners LLC bought a new stake in shares of Macerich during the 4th quarter valued at about $41,000. Finally, CWM LLC boosted its position in shares of Macerich by 51.0% during the 3rd quarter. CWM LLC now owns 5,409 shares of the real estate investment trust’s stock valued at $59,000 after purchasing an additional 1,826 shares in the last quarter. Institutional investors 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.