Macerich Sees Unusually High Options Volume (NYSE:MAC)

The Macerich Company (NYSE:MAC) was the target of some unusual options trading activity on Tuesday. Traders acquired 2,237 put options on the stock. This is an increase of approximately 263% compared to the typical volume of 616 put options.

Analysts Set New Price Targets

Several equities analysts have recently commented on the company. Morgan Stanley upgraded Macerich from an “underweight” rating to an “equal weight” rating and set a $20.00 price target for the company in a report on Wednesday, January 15th. Jefferies Financial Group raised shares of Macerich from a “hold” rating to a “buy” rating and increased their target price for the stock from $19.00 to $23.00 in a research note on Thursday, January 2nd. Piper Sandler reduced their price target on shares of Macerich from $17.00 to $16.00 and set an “underweight” rating on the stock in a research note on Friday, February 28th. The Goldman Sachs Group lowered their price objective on shares of Macerich from $16.70 to $14.40 and set a “sell” rating for the company in a research report on Monday, March 10th. Finally, JPMorgan Chase & Co. cut their target price on Macerich from $22.00 to $18.00 and set an “underweight” rating on the stock in a research report on Monday, March 10th. Four equities research analysts have rated the stock with a sell rating, seven have given a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $19.20.

Insider Activity

In related news, Director Andrea M. Stephen sold 63,289 shares of the company’s stock in a transaction that occurred on 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 transaction, the director now directly owns 83,479 shares in the company, valued at approximately $1,718,832.61. This represents a 43.12 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 0.53% of the company’s stock.

Hedge Funds Weigh In On Macerich

A number of institutional investors have recently modified their holdings of the business. Quantbot Technologies LP purchased a new position in Macerich during the 4th quarter worth $30,000. Lazard Asset Management LLC purchased a new position in shares of Macerich during the fourth quarter worth about $45,000. Blue Trust Inc. increased its position in Macerich by 68.8% in the 4th quarter. Blue Trust Inc. now owns 2,610 shares of the real estate investment trust’s stock valued at $48,000 after acquiring an additional 1,064 shares during the period. State of Wyoming purchased a new stake in Macerich during the 4th quarter valued at approximately $55,000. Finally, Smartleaf Asset Management LLC lifted its position in Macerich by 314.2% during the 4th quarter. Smartleaf Asset Management LLC now owns 3,467 shares of the real estate investment trust’s stock worth $69,000 after acquiring an additional 2,630 shares during the period. 87.38% of the stock is owned by institutional investors and hedge funds.

Macerich Stock Down 1.4 %

Shares of MAC traded down $0.25 during midday trading on Tuesday, reaching $17.55. The stock had a trading volume of 265,688 shares, compared to its average volume of 1,842,220. The company has a market cap of $4.43 billion, a price-to-earnings ratio of 45.03, a PEG ratio of 0.71 and a beta of 2.62. The company’s fifty day simple moving average is $19.22 and its two-hundred day simple moving average is $19.15. Macerich has a 1-year low of $12.99 and a 1-year 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.

Macerich Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, March 18th. Shareholders of record on Tuesday, March 4th were issued a dividend of $0.17 per share. The ex-dividend date of this dividend was Tuesday, March 4th. This represents a $0.68 dividend on an annualized basis and a yield of 3.87%. Macerich’s payout ratio is currently -86.08%.

About Macerich

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.