Insider Buying: The Macerich Company (NYSE:MAC) CEO Purchases $1,996,400.00 in Stock

The Macerich Company (NYSE:MAC) CEO Jackson Hsieh purchased 140,000 shares of Macerich stock in a transaction dated Monday, May 6th. The shares were purchased at an average cost of $14.26 per share, with a total value of $1,996,400.00. Following the acquisition, the chief executive officer now owns 170,500 shares of the company’s stock, valued at approximately $2,431,330. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website.

Macerich Price Performance

NYSE MAC opened at $15.84 on Thursday. The company has a debt-to-equity ratio of 1.85, a quick ratio of 0.95 and a current ratio of 1.03. The stock has a market capitalization of $3.42 billion, a P/E ratio of -10.15, a P/E/G ratio of 1.64 and a beta of 2.38. The business’s fifty day moving average is $15.97 and its two-hundred day moving average is $14.76. The Macerich Company has a 1 year low of $9.05 and a 1 year high of $17.69.

Macerich (NYSE:MAC) last issued its quarterly 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). Macerich had a negative return on equity of 13.42% and a negative net margin of 38.96%. The company had revenue of $238.70 million during the quarter, compared to analysts’ expectations of $224.49 million. During the same period in the prior year, the business posted $0.53 EPS. The company’s revenue for the quarter was up 4.6% compared to the same quarter last year. On average, research analysts forecast that The Macerich Company will post 1.77 earnings per share for the current fiscal year.

Macerich Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, June 3rd. Stockholders of record on Monday, May 20th will be given a $0.17 dividend. This represents a $0.68 annualized dividend and a dividend yield of 4.29%. The ex-dividend date of this dividend is Friday, May 17th. Macerich’s dividend payout ratio (DPR) is currently -43.59%.

Analyst Upgrades and Downgrades

Several research analysts have commented on the stock. Piper Sandler cut shares of Macerich from a “neutral” rating to an “underweight” rating and decreased their target price for the stock from $17.00 to $11.00 in a research report on Wednesday, May 1st. Mizuho reduced their price target on Macerich from $17.00 to $14.00 and set an “underperform” rating for the company in a research report on Wednesday, May 1st. Citigroup raised Macerich from a “sell” rating to a “neutral” rating and raised their price target for the company from $8.00 to $17.00 in a report on Friday, March 22nd. The Goldman Sachs Group increased their target price on shares of Macerich from $9.00 to $13.00 and gave the company a “sell” rating in a research report on Thursday, January 11th. Finally, Truist Financial restated a “hold” rating and set a $16.00 price target on shares of Macerich in a research 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 assigned a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $14.83.

Institutional Investors Weigh In On Macerich

Hedge funds have recently made changes to their positions in the company. Y.D. More Investments Ltd boosted its position in shares of Macerich by 0.9% in the fourth quarter. Y.D. More Investments Ltd now owns 81,330 shares of the real estate investment trust’s stock worth $1,255,000 after buying an additional 745 shares during the period. SeaCrest Wealth Management LLC increased its holdings in shares of Macerich by 1.6% in the 1st quarter. SeaCrest Wealth Management LLC now owns 60,937 shares of the real estate investment trust’s stock valued at $1,050,000 after purchasing an additional 978 shares during the period. Metis Global Partners LLC lifted its position in shares of Macerich by 8.2% in the fourth quarter. Metis Global Partners LLC now owns 13,666 shares of the real estate investment trust’s stock worth $211,000 after purchasing an additional 1,040 shares in the last quarter. Van ECK Associates Corp increased its stake in Macerich by 4.3% in the 3rd quarter. Van ECK Associates Corp now owns 25,312 shares of the real estate investment trust’s stock valued at $276,000 after buying an additional 1,049 shares during the period. Finally, Swiss National Bank lifted its position in Macerich by 0.3% in the 1st quarter. Swiss National Bank now owns 425,415 shares of the real estate investment trust’s stock worth $7,330,000 after buying an additional 1,200 shares in the last quarter. 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.