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Macerich Company (NYSE:MAC – Get Rating ) was the target of a significant drop in short interest in November. As of November 30th, short interest was 14,200,000 shares, a decrease of 16.0% from 16,900,000 shares as of November 15th. Based on an average trading volume of 2,700,000 shares, the short interest is currently 5.3 days.
Macerich Stock Performance
NYSE:MAC traded down $0.53 during trading hours on Friday, hitting $11.72. 3,630,855 shares of the company were traded, compared to its average volume of 2,775,431. The stock has a market capitalization of $2.52 billion, a price-to-earnings ratio of -30.05, a P/E/G ratio of 1.88 and a beta of 2.06. Macerich has a twelve month low of $7.40 and a twelve month high of $19.18. The firm has a 50 day moving average of $11.58 and a 200 day moving average of $10.34. The company has a current ratio of 0.90, a quick ratio of 0.90, and a debt equity ratio of 1.46.
McErich raises dividend
The firm also recently disclosed a quarterly dividend, which was paid on Friday, December 2nd. Stockholders of record on Wednesday, November 9th were given a $0.17 dividend. This is an increase from Macerich’s previous quarterly dividend of $0.15. The ex-dividend date for this dividend was Tuesday, November 8th. This represents a dividend of $0.68 annually and a dividend yield of 5.80%. Macerich’s dividend payout ratio is currently -174.36%.
Changes in analyst ratings
Several research firms have commented on MAC. StockNews.com began coverage on shares of Macerich in a research report on Wednesday, October 12th. They gave the company a “sell” rating. Truist Financial upped their target price on shares of Macerich from $13.00 to $15.00 in a research report on Friday. Mizuho upped their target price on shares of Macerich from $10.00 to $11.00 in a research report on Friday, December 2nd. TheStreet raised shares of Macerich from a “d+” rating to a “c-” rating in a research report on Thursday, November 17th. Finally, Piper Sandler boosted their price objective on shares of Macerich to $9.00 in a research note on Wednesday, November 16th. Six investment analysts have rated the stock with a sell rating, three have given a hold rating and two have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average target price of $12.65, according to MarketBeat.
Insider transactions at Macerich
In other news, CAO Christopher J. Zecchini sold 2,000 shares of Macerich stock in a transaction that occurred on Tuesday, November 29th. The shares were sold at an average price of $12.65, for a total value of $25,300.00. Following the transaction, the chief accounting officer now directly owns 7,458 shares of the company’s stock, valued at $94,343.70. The transaction was disclosed in a legal filing with the SEC, which is available via this hyperlink. In related news, insider Ann S. Menard acquired 2,797 shares of the stock in a transaction that occurred on Monday, September 19th. The shares were purchased at an average price of $8.94 per share, for a total value of $25,005.18. Following the completion of the transaction, the insider now owns 14,494 shares of the company’s stock, valued at approximately $129,576.36. The acquisition was disclosed in a legal filing with the Securities and Exchange Commission, available at this link. Also, CAO Christopher J. Zecchini sold 2,000 shares of the business’s stock in a transaction that occurred on Tuesday, November 29th. The shares were sold at an average price of $12.65, for a total transaction of $25,300.00. Following the transaction, the chief accounting officer now directly owns 7,458 shares of the company’s stock, valued at $94,343.70. Information about this sale can be found here. Insiders have purchased 93,517 shares of company stock valued at $754,342 over the last ninety days. Corporate insiders own 1.77% of the company’s shares.
Hedge funds weigh in on McKeerich
Several hedge funds have recently made changes to their positions in the business. Vanguard Group Inc. boosted its stake in shares of Macerich by 0.4% in the 3rd quarter. Vanguard Group Inc. now owns 30,989,432 shares of the real estate investment trust’s stock valued at $246,057,000 after buying an additional 136,337 shares in the last quarter. State Street Corp boosted its stake in shares of Macerich by 0.7% in the 3rd quarter. State Street Corp now owns 13,032,340 shares of the real estate investment trust’s stock valued at $103,477,000 after buying an additional 85,180 shares during the last quarter. JPMorgan Chase & Co. boosted its stake in shares of Macerich by 20.8% in the 1st quarter. JPMorgan Chase & Co. now owns 10,020,806 shares of the real estate investment trust’s stock valued at $156,724,000 after buying an additional 1,727,483 shares during the last quarter. Prudential Financial Inc. boosted its stake in shares of Macerich by 1,536.8% in the 1st quarter. Prudential Financial Inc. now owns 4,783,022 shares of the real estate investment trust’s stock valued at $74,806,000 after buying an additional 4,490,809 shares during the last quarter. Finally, Epoch Investment Partners Inc. boosted its holdings in shares of Macerich by 0.4% in the 3rd quarter. Epoch Investment Partners Inc. now owns 3,888,199 shares of the real estate investment trust’s stock worth $30,872,000 after buying an additional 13,793 shares in the last quarter. Institutional investors and hedge funds own 83.33% of the company’s shares.
About Makerich
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Macerich is a fully integrated, self-managed and self-managed real estate investment trust focused on the acquisition, lease, management, development and redevelopment of regional shopping centers in the United States. Macerich currently owns 51 million square feet of real estate, primarily comprising 47 regional shopping centers.
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