Scott W. Kingsmore Acquires 6,000 Shares of The Macerich Company (NYSE:MAC) Stock

The Macerich Company (NYSE:MAC) CFO Scott W. Kingsmore acquired 6,000 shares of the company’s stock in a transaction that occurred on Thursday, May 9th. The stock was acquired at an average price of $16.06 per share, with a total value of $96,360.00. Following the acquisition, the chief financial officer now directly owns 42,310 shares of the company’s stock, valued at approximately $679,498.60. The acquisition was disclosed in a document filed with the SEC, which is accessible through this hyperlink.

Macerich Stock Down 2.3 %

Shares of Macerich stock traded down $0.36 during trading hours on Thursday, hitting $15.48. The company had a trading volume of 3,457,154 shares, compared to its average volume of 2,054,998. The company’s 50-day moving average is $15.97 and its two-hundred day moving average is $14.76. The Macerich Company has a twelve month low of $9.05 and a twelve month 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. The company has a market cap of $3.34 billion, a P/E ratio of -10.15, a price-to-earnings-growth ratio of 1.64 and a beta of 2.38.

Macerich (NYSE:MAC) last released its quarterly earnings results on Wednesday, February 7th. The real estate investment trust reported $0.29 EPS for the quarter, missing the consensus estimate of $0.55 by ($0.26). Macerich had a negative net margin of 38.96% and a negative return on equity of 13.42%. The business had revenue of $238.70 million during the quarter, compared to analysts’ expectations of $224.49 million. During the same quarter last year, the company earned $0.53 EPS. The firm’s revenue for the quarter was up 4.6% compared to the same quarter last year. Analysts anticipate that The Macerich Company will post 1.77 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. Investors of record on Monday, May 20th will be given a $0.17 dividend. The ex-dividend date of this dividend is Friday, May 17th. This represents a $0.68 annualized dividend and a yield of 4.39%. Macerich’s dividend payout ratio (DPR) is -43.59%.

Wall Street Analyst Weigh In

MAC has been the subject of a number of research reports. The Goldman Sachs Group lifted their price objective on shares of Macerich from $9.00 to $13.00 and gave the company a “sell” rating in a report on Thursday, January 11th. Piper Sandler cut shares of Macerich from a “neutral” rating to an “underweight” rating and lowered their price target for the stock from $17.00 to $11.00 in a report on Wednesday, May 1st. Citigroup upgraded shares of Macerich from a “sell” rating to a “neutral” rating and boosted their price target for the stock from $8.00 to $17.00 in a report on Friday, March 22nd. Compass Point lowered their price target 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. Finally, Mizuho lowered their price target on shares of Macerich from $17.00 to $14.00 and set an “underperform” rating for the company in a report on Wednesday, May 1st. Four research analysts have rated the stock with a sell rating, two have issued a hold rating and one has assigned a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $14.83.

Institutional Trading of Macerich

Several institutional investors and hedge funds have recently bought and sold shares of MAC. Raymond James & Associates raised its position 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 purchasing an additional 6,588 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its position in Macerich by 6.9% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 82,539 shares of the real estate investment trust’s stock worth $900,000 after buying an additional 5,301 shares during the last quarter. Advisor Partners II LLC raised its position in Macerich by 32.8% during the 3rd quarter. Advisor Partners II LLC now owns 13,547 shares of the real estate investment trust’s stock worth $148,000 after buying an additional 3,346 shares during the last quarter. Inspire Investing LLC purchased a new position in Macerich during the 3rd quarter worth $306,000. Finally, Assetmark Inc. purchased a new position in Macerich during the 3rd quarter worth $342,000. Hedge funds and other institutional investors own 87.38% of the company’s stock.

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.