Jackson Hsieh Purchases 140,000 Shares of The Macerich Company (NYSE:MAC) Stock

The Macerich Company (NYSE:MAC) CEO Jackson Hsieh purchased 140,000 shares of the stock in a transaction on Monday, May 6th. The shares were purchased at an average price of $14.26 per share, with a total value of $1,996,400.00. Following the acquisition, the chief executive officer now directly owns 170,500 shares in the company, valued at $2,431,330. The purchase was disclosed in a legal filing with the SEC, which is available at this link.

Macerich Price Performance

MAC stock traded up $0.39 on Monday, hitting $14.68. The company’s stock had a trading volume of 2,394,346 shares, compared to its average volume of 1,993,320. The firm has a 50 day moving average of $16.05 and a two-hundred day moving average of $14.69. The Macerich Company has a 1 year low of $9.05 and a 1 year high of $17.69. The company has a quick ratio of 0.95, a current ratio of 1.03 and a debt-to-equity ratio of 1.85.

Macerich (NYSE:MAC) last announced its quarterly earnings data on Wednesday, February 7th. The real estate investment trust reported $0.29 EPS for the quarter, missing analysts’ consensus estimates of $0.55 by ($0.26). The firm had revenue of $238.70 million for the quarter, compared to analysts’ expectations of $224.49 million. Macerich had a negative return on equity of 13.42% and a negative net margin of 38.96%. The firm’s quarterly revenue was up 4.6% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.53 EPS. Research analysts expect that The Macerich Company will post 1.77 earnings per share for the current fiscal year.

Macerich Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, June 3rd. Stockholders of record on Monday, May 20th will be paid a dividend of $0.17 per share. The ex-dividend date is Friday, May 17th. This represents a $0.68 dividend on an annualized basis and a dividend yield of 4.63%. Macerich’s dividend payout ratio (DPR) is presently -43.59%.

Analyst Ratings Changes

MAC has been the subject of several analyst reports. StockNews.com cut shares of Macerich from a “hold” rating to a “sell” rating in a report on Tuesday, April 30th. Compass Point lowered their target price on shares of Macerich from $20.00 to $18.00 and set a “buy” rating for the company in a report on Wednesday, May 1st. Citigroup upgraded shares of Macerich from a “sell” rating to a “neutral” rating and upped their target price for the company from $8.00 to $17.00 in a report on Friday, March 22nd. The Goldman Sachs Group upped their target price on shares of Macerich from $9.00 to $13.00 and gave the company a “sell” rating in a report on Thursday, January 11th. Finally, Truist Financial restated a “hold” rating and issued a $16.00 target price on shares of Macerich in a report on Monday, March 25th. Four equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and one has given a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $14.83.

Hedge Funds Weigh In On Macerich

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Raymond James & Associates grew its stake in Macerich by 36.5% in the 3rd quarter. Raymond James & Associates now owns 24,651 shares of the real estate investment trust’s stock valued at $269,000 after acquiring an additional 6,588 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in Macerich by 6.9% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 82,539 shares of the real estate investment trust’s stock valued at $900,000 after acquiring an additional 5,301 shares during the last quarter. Advisor Partners II LLC grew its stake in Macerich by 32.8% in the 3rd quarter. Advisor Partners II LLC now owns 13,547 shares of the real estate investment trust’s stock valued at $148,000 after acquiring an additional 3,346 shares during the last quarter. Inspire Investing LLC acquired a new stake in Macerich in the 3rd quarter valued at about $306,000. Finally, Assetmark Inc. acquired a new stake in Macerich in the 3rd quarter valued at about $342,000. 87.38% of the stock is owned by institutional investors and hedge funds.

About Macerich

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.