The Macerich Company (NYSE:MAC) CAO Sells $17,480.00 in Stock

The Macerich Company (NYSE:MACGet Rating) CAO Christopher J. Zecchini sold 2,000 shares of Macerich stock in a transaction on Tuesday, September 20th. The stock was sold at an average price of $8.74, for a total value of $17,480.00. Following the transaction, the chief accounting officer now directly owns 9,458 shares of the company’s stock, valued at approximately $82,662.92. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink.

Macerich Stock Performance

Macerich stock opened at $8.15 on Friday. The stock has a market cap of $1.75 billion, a P/E ratio of 45.28, a price-to-earnings-growth ratio of 1.56 and a beta of 1.96. The company has a current ratio of 1.21, a quick ratio of 1.21 and a debt-to-equity ratio of 1.45. The stock has a 50 day moving average of $10.04 and a 200-day moving average of $11.53. The Macerich Company has a 52 week low of $8.11 and a 52 week high of $22.88.

Macerich Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, September 8th. Investors of record on Friday, August 19th were given a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a dividend yield of 7.36%. The ex-dividend date of this dividend was Thursday, August 18th. Macerich’s dividend payout ratio is currently 333.33%.

Institutional Investors Weigh In On Macerich

Several institutional investors and hedge funds have recently made changes to their positions in the company. State Street Corp increased its position in Macerich by 0.3% in the second quarter. State Street Corp now owns 12,947,160 shares of the real estate investment trust’s stock worth $112,770,000 after buying an additional 43,116 shares during the period. JPMorgan Chase & Co. increased its position in Macerich by 20.8% in the first quarter. JPMorgan Chase & Co. now owns 10,020,806 shares of the real estate investment trust’s stock worth $156,724,000 after buying an additional 1,727,483 shares during the period. Smead Capital Management Inc. increased its position in Macerich by 19.1% in the fourth quarter. Smead Capital Management Inc. now owns 9,986,613 shares of the real estate investment trust’s stock worth $172,569,000 after buying an additional 1,603,435 shares during the period. Prudential Financial Inc. increased its position in Macerich by 1,536.8% in the first quarter. Prudential Financial Inc. now owns 4,783,022 shares of the real estate investment trust’s stock worth $74,806,000 after buying an additional 4,490,809 shares during the period. Finally, Geode Capital Management LLC increased its position in Macerich by 8.3% in the fourth quarter. Geode Capital Management LLC now owns 4,232,148 shares of the real estate investment trust’s stock worth $73,131,000 after buying an additional 322,708 shares during the period. 83.33% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research firms have recently issued reports on MAC. Deutsche Bank Aktiengesellschaft cut their price target on Macerich from $23.00 to $17.00 in a research note on Monday, July 18th. Morgan Stanley cut their price target on Macerich from $11.25 to $8.50 and set an “underweight” rating for the company in a research note on Thursday, July 7th. Piper Sandler cut their target price on shares of Macerich to $9.00 in a research note on Monday, July 4th. Mizuho cut their target price on shares of Macerich from $18.00 to $10.00 and set an “underperform” rating for the company in a research note on Wednesday, August 3rd. Finally, Compass Point cut their target price on shares of Macerich from $27.00 to $20.00 and set a “buy” rating for the company in a research note on Wednesday, June 22nd. Seven analysts have rated the stock with a sell rating, two have issued a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat.com, Macerich has a consensus rating of “Hold” and an average target price of $13.45.

About Macerich

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Macerich 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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Insider Buying and Selling by Quarter for Macerich (NYSE:MAC)

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