Insider Selling: Macerich (NYSE:MAC) CAO Sells 2,740 Shares of Stock

Key Points

• Macerich CAO Christopher Zecchini sold 2,740 shares for approximately $63,787, reducing his direct ownership by 76.39% to 847 shares.
• Macerich shares fell $0.56 to $23.02 during Wednesday trading. The REIT recently reported a quarterly EPS loss of $0.10, missing estimates, while revenue of $249.71 million exceeded expectations.
• The company declared a quarterly dividend of $0.17, equivalent to an annualized $0.68 payout and a 3.0% yield. Analysts maintain a “Moderate Buy” consensus with an average price target of $26.00.

Macerich Company (The) (NYSE:MAC - Get Free Report) CAO Christopher Zecchini sold 2,740 shares of the business's stock in a transaction dated Wednesday, September 9th. The stock was sold at an average price of $23.28, for a total transaction of $63,787.20. Following the sale, the chief accounting officer directly owned 847 shares of the company's stock, valued at $19,718.16. This represents a 76.39% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link.

Macerich Price Performance

Macerich stock traded down $0.56 during midday trading on Wednesday, reaching $23.02. The company had a trading volume of 7,308,959 shares, compared to its average volume of 2,423,273. The firm's fifty day simple moving average is $24.77 and its 200-day simple moving average is $22.68. Macerich Company has a 12-month low of $16.03 and a 12-month high of $26.67. The company has a market capitalization of $6.53 billion, a P/E ratio of -35.42, a P/E/G ratio of 1.70 and a beta of 2.06. The company has a debt-to-equity ratio of 1.67, a current ratio of 0.88 and a quick ratio of 0.88.

Macerich (NYSE:MAC - Get Free Report) last announced its earnings results on Tuesday, August 4th. The real estate investment trust reported ($0.10) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.05) by ($0.05). Macerich had a negative return on equity of 6.26% and a negative net margin of 16.85%.The business had revenue of $249.71 million for the quarter, compared to analyst estimates of $239.77 million. During the same period last year, the firm earned $0.33 EPS. The company's revenue for the quarter was up .0% compared to the same quarter last year. As a group, equities analysts anticipate that Macerich Company will post 1.49 EPS for the current year.

Macerich Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, September 28th. Investors of record on Monday, September 14th will be paid a $0.17 dividend. The ex-dividend date is Monday, September 14th. This represents a $0.68 dividend on an annualized basis and a yield of 3.0%. Macerich's payout ratio is currently -104.62%.

Analysts Set New Price Targets

Several equities analysts have issued reports on MAC shares. Morgan Stanley raised their price objective on Macerich from $20.00 to $25.00 and gave the stock an "equal weight" rating in a report on Thursday, June 18th. Deutsche Bank Aktiengesellschaft upgraded shares of Macerich from a "hold" rating to a "buy" rating and lifted their price objective for the company from $20.00 to $27.00 in a research report on Tuesday, June 2nd. Weiss Ratings upgraded shares of Macerich from a "hold (c-)" rating to a "hold (c)" rating in a research note on Wednesday, August 12th. LADENBURG THALM/SH SH boosted their target price on Macerich from $27.00 to $30.00 and gave the stock a "buy" rating in a research report on Tuesday, June 16th. Finally, Mizuho set a $28.00 price target on Macerich in a report on Wednesday, August 5th. One analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat, Macerich currently has an average rating of "Moderate Buy" and a consensus price target of $26.00.

Institutional Investors Weigh In On Macerich

A number of institutional investors have recently bought and sold shares of the stock. Royal Bank of Canada grew its stake in Macerich by 20.1% during the first quarter. Royal Bank of Canada now owns 77,872 shares of the real estate investment trust's stock worth $1,338,000 after buying an additional 13,018 shares during the period. AQR Capital Management LLC increased its stake in Macerich by 2.2% during the 1st quarter. AQR Capital Management LLC now owns 37,808 shares of the real estate investment trust's stock worth $640,000 after buying an additional 813 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in Macerich by 10.2% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 148,592 shares of the real estate investment trust's stock worth $2,551,000 after buying an additional 13,782 shares in the last quarter. Millennium Management LLC boosted its position in Macerich by 376.2% in the 1st quarter. Millennium Management LLC now owns 906,843 shares of the real estate investment trust's stock valued at $15,570,000 after buying an additional 716,394 shares during the last quarter. Finally, Empowered Funds LLC boosted its position in Macerich by 12.8% in the 1st quarter. Empowered Funds LLC now owns 26,361 shares of the real estate investment trust's stock valued at $453,000 after buying an additional 2,983 shares during the last quarter. 87.38% of the stock is currently owned by hedge funds and other institutional investors.

About Macerich

The Macerich Company NYSE: MAC is a real estate investment trust (REIT) that specializes in the acquisition, development, ownership and management of regional shopping centers in the United States. Headquartered in Santa Monica, California, the company focuses on high-quality retail properties, including enclosed malls, open-air centers and mixed-use lifestyle destinations. Since its establishment as a REIT in 1994, Macerich has pursued a disciplined strategy of investing in properties that serve strong consumer demographics and offer long-term growth potential.

Macerich's core activities encompass property and asset management, leasing, marketing and redevelopment services.

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