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

The Macerich Company (NYSE:MAC - Get Free Report) 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.

Analysts Set New Price Targets

MAC has been the topic of several research reports. Citigroup upgraded shares of Macerich from a "sell" rating to a "neutral" rating and upped their price objective for the company from $8.00 to $17.00 in a report on Friday, March 22nd. The Goldman Sachs Group upped their price target on shares of Macerich from $9.00 to $13.00 and gave the stock a "sell" rating in a report on Thursday, January 11th. StockNews.com lowered shares of Macerich from a "hold" rating to a "sell" rating in a research report on Tuesday. Finally, Truist Financial reissued a "hold" rating and issued a $16.00 target price on shares of Macerich in a research note on Monday, March 25th. Two investment analysts have rated the stock with a sell rating and three have given a hold rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Hold" and an average target price of $14.40.

Macerich Stock Performance

The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 1.67. The business has a fifty day moving average of $16.31 and a 200 day moving average of $14.61. The company has a market cap of $2.97 billion, a P/E ratio of -10.85, a P/E/G ratio of 1.76 and a beta of 2.33.

Macerich (NYSE:MAC - Get Free Report) last posted its earnings results on Wednesday, February 7th. The real estate investment trust reported $0.29 earnings per share 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 10.26% and a negative net margin of 31.00%. The firm's revenue was up 4.6% on a year-over-year basis. During the same quarter last year, the company posted $0.53 EPS. On average, equities analysts predict that The Macerich Company will post 1.8 EPS for the current 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 paid a dividend of $0.17 per share. This represents a $0.68 dividend on an annualized basis and a yield of 4.94%. The ex-dividend date is Friday, May 17th. Macerich's payout ratio is -53.54%.

Insider Buying and Selling at Macerich

In related news, President Edward C. Coppola sold 50,000 shares of Macerich stock in a transaction dated Tuesday, February 20th. The stock was sold at an average price of $17.20, for a total value of $860,000.00. Following the completion of the transaction, the president now owns 655,667 shares in the company, valued at $11,277,472.40. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In related news, President Edward C. Coppola sold 50,000 shares of the firm's stock in a transaction that occurred on Tuesday, February 20th. The stock was sold at an average price of $17.20, for a total transaction of $860,000.00. Following the completion of the sale, the president now directly owns 655,667 shares of the company's stock, valued at approximately $11,277,472.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Hern Thomas E. O sold 7,964 shares of Macerich stock in a transaction on Thursday, March 14th. The stock was sold at an average price of $16.39, for a total value of $130,529.96. Following the sale, the director now owns 197,900 shares of the company's stock, valued at $3,243,581. The disclosure for this sale can be found here. Insiders sold 172,964 shares of company stock worth $2,940,030 over the last 90 days. 0.53% of the stock is owned by insiders.

Institutional Investors Weigh In On Macerich

Several large investors have recently bought and sold shares of the company. Signaturefd LLC grew its holdings in shares of Macerich by 152.4% in the fourth 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. Anchor Investment Management LLC purchased a new position in Macerich in the 4th quarter valued at approximately $40,000. Quest Partners LLC purchased a new position in shares of Macerich in the fourth quarter valued at $41,000. Harvest Fund Management Co. Ltd purchased a new position in Macerich during the third quarter worth $36,000. Finally, CWM LLC boosted its stake in shares of Macerich by 51.0% during the third quarter. CWM LLC now owns 5,409 shares of the real estate investment trust's stock valued at $59,000 after acquiring an additional 1,826 shares during the last quarter. 87.38% of the stock is currently owned by hedge funds and other institutional investors.

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.