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

The Macerich Company (NYSE:MAC) CEO Jackson Hsieh bought 140,000 shares of the company’s stock in a transaction on Monday, May 6th. The stock was purchased at an average price of $14.26 per share, with a total value of $1,996,400.00. Following the completion of the transaction, the chief executive officer now directly owns 170,500 shares of the company’s stock, valued at approximately $2,431,330. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link.

Macerich Stock Performance

Shares of MAC opened at $15.24 on Wednesday. The stock has a market capitalization of $3.29 billion, a P/E ratio of -9.77, a price-to-earnings-growth ratio of 1.64 and a beta of 2.38. The company has a current ratio of 1.03, a quick ratio of 0.95 and a debt-to-equity ratio of 1.85. The firm’s fifty day simple moving average is $15.99 and its two-hundred day simple moving average is $14.75. The Macerich Company has a 12 month low of $9.05 and a 12 month high of $17.69.

Macerich (NYSE:MAC) last issued 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 business had revenue of $238.70 million during the quarter, compared to the consensus estimate of $224.49 million. Macerich had a negative return on equity of 13.42% and a negative net margin of 38.96%. The company’s revenue for the quarter was up 4.6% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.53 earnings per share. As a group, analysts predict that The Macerich Company will post 1.77 EPS for the current year.

Macerich Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 3rd. Stockholders of record on Monday, May 20th will be paid a $0.17 dividend. The ex-dividend date of this dividend is Friday, May 17th. This represents a $0.68 annualized dividend and a dividend yield of 4.46%. Macerich’s dividend payout ratio is currently -43.59%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of MAC. International Assets Investment Management LLC raised its holdings in shares of Macerich by 1,460.3% during the fourth quarter. International Assets Investment Management LLC now owns 324,502 shares of the real estate investment trust’s stock valued at $5,007,000 after purchasing an additional 303,704 shares during the period. Charles Schwab Investment Management Inc. grew its stake in Macerich by 0.7% in the third quarter. Charles Schwab Investment Management Inc. now owns 4,488,816 shares of the real estate investment trust’s stock valued at $48,973,000 after acquiring an additional 31,445 shares during the period. Barclays PLC increased its holdings in shares of Macerich by 91.0% during the third quarter. Barclays PLC now owns 221,834 shares of the real estate investment trust’s stock valued at $2,421,000 after acquiring an additional 105,663 shares in the last quarter. Invesco Ltd. raised its position in shares of Macerich by 15.3% during the third quarter. Invesco Ltd. now owns 579,573 shares of the real estate investment trust’s stock worth $6,323,000 after purchasing an additional 76,888 shares during the period. Finally, Teachers Retirement System of The State of Kentucky lifted its holdings in shares of Macerich by 13.2% in the 3rd quarter. Teachers Retirement System of The State of Kentucky now owns 69,900 shares of the real estate investment trust’s stock worth $763,000 after purchasing an additional 8,145 shares in the last quarter. 87.38% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on the stock. Truist Financial reiterated a “hold” rating and issued a $16.00 price objective on shares of Macerich in a report on Monday, March 25th. Piper Sandler lowered shares of Macerich from a “neutral” rating to an “underweight” rating and cut their price target for the stock from $17.00 to $11.00 in a report on Wednesday, May 1st. The Goldman Sachs Group increased their price objective on Macerich from $9.00 to $13.00 and gave the company a “sell” rating in a report on Thursday, January 11th. Mizuho cut their target price on Macerich from $17.00 to $14.00 and set an “underperform” rating on the stock in a report on Wednesday, May 1st. Finally, Compass Point decreased their price target on Macerich from $20.00 to $18.00 and set a “buy” rating for the company in a research note on Wednesday, May 1st. Four analysts have rated the stock with a sell rating, two have assigned a hold rating and one has issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $14.83.

Macerich Company Profile

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.