Investors Buy Large Volume of Macerich Put Options (NYSE:MAC)

The Macerich Company (NYSE:MAC) saw unusually large options trading on Tuesday. Traders acquired 2,237 put options on the company. This represents an increase of approximately 263% compared to the average daily volume of 616 put options.

Analysts Set New Price Targets

A number of brokerages have issued reports on MAC. Jefferies Financial Group upgraded shares of Macerich from a “hold” rating to a “buy” rating and upped their price target for the company from $19.00 to $23.00 in a research note on Thursday, January 2nd. Scotiabank reduced their target price on Macerich from $22.00 to $21.00 and set a “sector perform” rating for the company in a research note on Thursday, March 6th. The Goldman Sachs Group dropped their price target on Macerich from $16.70 to $14.40 and set a “sell” rating on the stock in a research note on Monday, March 10th. JPMorgan Chase & Co. decreased their target price on Macerich from $22.00 to $18.00 and set an “underweight” rating for the company in a report on Monday, March 10th. Finally, Piper Sandler cut their price target on shares of Macerich from $17.00 to $16.00 and set an “underweight” rating on the stock in a report on Friday, February 28th. Four analysts have rated the stock with a sell rating, seven have assigned a hold rating and two have given a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $19.20.

Macerich Price Performance

NYSE MAC traded down $0.25 during mid-day trading on Tuesday, hitting $17.55. The stock had a trading volume of 265,688 shares, compared to its average volume of 1,842,220. Macerich has a twelve month low of $12.99 and a twelve month high of $22.27. The company has a debt-to-equity ratio of 1.68, a current ratio of 0.92 and a quick ratio of 0.92. The firm’s 50 day moving average is $19.22 and its 200 day moving average is $19.15. The stock has a market capitalization of $4.43 billion, a price-to-earnings ratio of 45.03, a PEG ratio of 0.71 and a beta of 2.62.

Macerich Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, March 18th. Stockholders of record on Tuesday, March 4th were paid a $0.17 dividend. This represents a $0.68 annualized dividend and a dividend yield of 3.87%. The ex-dividend date was Tuesday, March 4th. Macerich’s dividend payout ratio is currently -86.08%.

Insiders Place Their Bets

In other Macerich news, Director Andrea M. Stephen sold 63,289 shares of the firm’s stock in a transaction dated Thursday, December 26th. The stock was sold at an average price of $20.59, for a total value of $1,303,120.51. Following the completion of the sale, the director now owns 83,479 shares of the company’s stock, valued at approximately $1,718,832.61. This trade represents a 43.12 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.53% of the stock is owned by company insiders.

Hedge Funds Weigh In On Macerich

A number of institutional investors and hedge funds have recently bought and sold shares of MAC. CIBC Private Wealth Group LLC lifted its stake in Macerich by 9.7% in the 4th quarter. CIBC Private Wealth Group LLC now owns 5,787 shares of the real estate investment trust’s stock worth $118,000 after purchasing an additional 512 shares in the last quarter. M&T Bank Corp lifted its position in Macerich by 2.8% during the fourth quarter. M&T Bank Corp now owns 20,228 shares of the real estate investment trust’s stock worth $403,000 after buying an additional 543 shares in the last quarter. Dorsey & Whitney Trust CO LLC boosted its stake in Macerich by 5.7% during the fourth quarter. Dorsey & Whitney Trust CO LLC now owns 12,234 shares of the real estate investment trust’s stock worth $244,000 after buying an additional 665 shares during the last quarter. Nomura Asset Management Co. Ltd. grew its holdings in Macerich by 0.3% in the 3rd quarter. Nomura Asset Management Co. Ltd. now owns 275,731 shares of the real estate investment trust’s stock valued at $5,029,000 after buying an additional 700 shares in the last quarter. Finally, Townsquare Capital LLC increased its stake in shares of Macerich by 7.2% in the 3rd quarter. Townsquare Capital LLC now owns 13,448 shares of the real estate investment trust’s stock worth $245,000 after acquiring an additional 902 shares during the last quarter. 87.38% of the stock is currently owned by institutional investors and hedge funds.

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.