Insider Buying: Macerich Co (NYSE:MAC) President Purchases 701 Shares of Stock

Macerich Co (NYSE:MAC) President Edward C. Coppola acquired 701 shares of the business’s stock in a transaction dated Monday, August 12th. The shares were bought at an average price of $30.10 per share, for a total transaction of $21,100.10. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

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

  • On Tuesday, June 25th, Edward C. Coppola acquired 5,000 shares of Macerich stock. The shares were bought at an average price of $32.88 per share, for a total transaction of $164,400.00.

MAC traded down $0.53 on Wednesday, reaching $29.91. 2,739,900 shares of the company’s stock were exchanged, compared to its average volume of 1,409,538. The company’s 50 day simple moving average is $32.55. The company has a market capitalization of $4.29 billion, a P/E ratio of 7.77, a price-to-earnings-growth ratio of 3.73 and a beta of 0.73. Macerich Co has a twelve month low of $28.87 and a twelve month high of $59.22. The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 1.87.

Macerich (NYSE:MAC) last posted its earnings results on Thursday, August 1st. The real estate investment trust reported $0.88 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.86 by $0.02. The firm had revenue of $227.97 million during the quarter, compared to the consensus estimate of $213.18 million. Macerich had a net margin of 11.59% and a return on equity of 3.49%. The company’s revenue was down 2.8% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.96 EPS. As a group, equities research analysts forecast that Macerich Co will post 3.56 earnings per share for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 6th. Investors of record on Monday, August 19th will be given a dividend of $0.75 per share. This represents a $3.00 dividend on an annualized basis and a yield of 10.03%. The ex-dividend date is Friday, August 16th. Macerich’s dividend payout ratio (DPR) is presently 77.92%.

A number of institutional investors and hedge funds have recently bought and sold shares of MAC. Cohen & Steers Inc. increased its position in Macerich by 105.1% during the 2nd quarter. Cohen & Steers Inc. now owns 13,228,878 shares of the real estate investment trust’s stock worth $443,035,000 after purchasing an additional 6,780,378 shares in the last quarter. Daiwa Securities Group Inc. grew its position in Macerich by 59.2% in the second quarter. Daiwa Securities Group Inc. now owns 3,953,948 shares of the real estate investment trust’s stock valued at $132,418,000 after acquiring an additional 1,470,315 shares in the last quarter. JPMorgan Chase & Co. grew its position in Macerich by 519.9% in the first quarter. JPMorgan Chase & Co. now owns 1,093,975 shares of the real estate investment trust’s stock valued at $47,424,000 after acquiring an additional 917,498 shares in the last quarter. Vanguard Group Inc. grew its position in Macerich by 3.6% in the second quarter. Vanguard Group Inc. now owns 20,554,457 shares of the real estate investment trust’s stock valued at $688,368,000 after acquiring an additional 711,878 shares in the last quarter. Finally, Presima Inc. grew its position in Macerich by 53.8% in the first quarter. Presima Inc. now owns 1,535,000 shares of the real estate investment trust’s stock valued at $66,542,000 after acquiring an additional 536,700 shares in the last quarter. 97.60% of the stock is owned by hedge funds and other institutional investors.

Several research analysts have recently weighed in on the stock. BMO Capital Markets reiterated a “buy” rating and set a $44.00 price objective on shares of Macerich in a report on Monday, August 5th. Barclays reiterated a “hold” rating and set a $36.00 price objective on shares of Macerich in a report on Thursday, July 18th. Morgan Stanley cut their price objective on shares of Macerich from $180.00 to $170.00 and set an “underweight” rating on the stock in a report on Thursday, June 20th. Finally, Citigroup cut their price objective on shares of Macerich from $46.00 to $34.00 and set a “neutral” rating on the stock in a report on Friday, June 28th. Three equities research analysts have rated the stock with a sell rating, ten have given a hold rating and three have given a buy rating to the stock. Macerich presently has a consensus rating of “Hold” and an average target price of $58.00.

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

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