Macerich Co (NYSE:MAC) President Edward C. Coppola Purchases 18,223 Shares

Macerich Co (NYSE:MAC) President Edward C. Coppola purchased 18,223 shares of Macerich stock in a transaction dated Friday, August 9th. The stock was bought at an average cost of $30.78 per share, with a total value of $560,903.94. Following the completion of the transaction, the president now owns 284,095 shares in the company, valued at approximately $8,744,444.10. The purchase was disclosed in a legal filing with the SEC, which is accessible through this link.

Edward C. Coppola also recently made the following trade(s):

  • On Tuesday, June 25th, Edward C. Coppola purchased 5,000 shares of Macerich stock. The stock was bought at an average cost of $32.88 per share, with a total value of $164,400.00.

NYSE:MAC traded down $0.48 during mid-day trading on Friday, hitting $30.50. 1,857,539 shares of the company’s stock traded hands, compared to its average volume of 1,403,474. The stock has a fifty day moving average of $32.93. Macerich Co has a twelve month low of $30.17 and a twelve month high of $59.33. The company has a market cap of $4.37 billion, a P/E ratio of 7.92, a P/E/G ratio of 3.78 and a beta of 0.73. The company has a quick ratio of 0.90, a current ratio of 0.93 and a debt-to-equity ratio of 1.87.

Macerich (NYSE:MAC) last announced its earnings results on Thursday, August 1st. The real estate investment trust reported $0.88 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.86 by $0.02. Macerich had a return on equity of 3.49% and a net margin of 11.59%. The company had revenue of $227.97 million for the quarter, compared to analyst estimates of $213.18 million. During the same period in the prior year, the company posted $0.96 EPS. The firm’s quarterly revenue was down 2.8% compared to the same quarter last year. Analysts expect that Macerich Co will post 3.56 earnings per share for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 6th. Stockholders of record on Monday, August 19th will be issued a $0.75 dividend. This represents a $3.00 dividend on an annualized basis and a dividend yield of 9.84%. The ex-dividend date of this dividend is Friday, August 16th. Macerich’s dividend payout ratio is presently 77.92%.

Several brokerages recently issued reports on MAC. Morgan Stanley reduced their target price on Macerich from $180.00 to $170.00 and set an “underweight” rating on the stock in a research report on Thursday, June 20th. BMO Capital Markets reaffirmed a “buy” rating and set a $44.00 target price on shares of Macerich in a research report on Monday. Barclays reaffirmed a “hold” rating and set a $36.00 target price on shares of Macerich in a research report on Thursday, July 18th. Finally, Citigroup reduced their target price on Macerich from $46.00 to $34.00 and set a “neutral” rating on the stock in a research report on Friday, June 28th. Three equities research analysts have rated the stock with a sell rating, eleven have given a hold rating and three have issued a buy rating to the stock. Macerich presently has an average rating of “Hold” and a consensus target price of $58.33.

Hedge funds have recently made changes to their positions in the company. Presima Inc. boosted its stake in shares of Macerich by 53.8% in the first quarter. Presima Inc. now owns 1,535,000 shares of the real estate investment trust’s stock worth $66,542,000 after buying an additional 536,700 shares during the last quarter. JPMorgan Chase & Co. boosted its position in Macerich by 519.9% during the first quarter. JPMorgan Chase & Co. now owns 1,093,975 shares of the real estate investment trust’s stock worth $47,424,000 after purchasing an additional 917,498 shares in the last quarter. Toronto Dominion Bank boosted its position in Macerich by 47.6% during the first quarter. Toronto Dominion Bank now owns 99,911 shares of the real estate investment trust’s stock worth $4,330,000 after purchasing an additional 32,215 shares in the last quarter. State of New Jersey Common Pension Fund D purchased a new position in Macerich during the first quarter worth approximately $954,000. Finally, Daiwa Securities Group Inc. boosted its position in Macerich by 31.2% during the first quarter. Daiwa Securities Group Inc. now owns 2,483,633 shares of the real estate investment trust’s stock worth $107,665,000 after purchasing an additional 590,435 shares in the last quarter. 97.60% of the stock is currently owned by institutional investors and hedge funds.

About Macerich

Macerich, an S&P 500 company, is a fully integrated, self-managed and self-administered real estate investment trust, which focuses on the acquisition, leasing, management, development and redevelopment of regional malls throughout the United States. Macerich currently owns 51 million square feet of real estate consisting primarily of interests in 47 regional shopping centers.

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