Director of Macerich Co (NYSE:MAC), Thomas E. O'Hern, has sold a total of 7,964 shares of the company's common stock for a total value exceeding $130,000. The transaction occurred on March 14, 2024, and was priced at $16.39 per share.
Macerich, a real estate investment trust (REIT) specializing in the ownership and operation of shopping centers, has seen its common stock transacted by one of its directors, leading to a noteworthy change in his holdings. O'Hern executed the sale through his 401(k) plan, which, following the transaction, no longer holds any shares of Macerich's common stock.
Despite this sale, it's important to note that O'Hern still has a significant stake in the company. Excluding the 2,390 shares held in trust for his children—which he disclaims beneficial ownership of—O'Hern's direct holdings amount to 197,900 shares of Macerich Co. This figure also includes 743 shares held jointly with one of his children.
Investors and market watchers often keep a close eye on insider transactions such as these, as they can provide insights into the perspectives of those with the most intimate knowledge of the company's operations and prospects. The sale by O'Hern represents a substantial divestment, but with his remaining holdings, he retains a vested interest in the company's performance.
The transaction was officially signed off by Ann C. Menard on behalf of Thomas E. O'Hern on March 18, 2024. Macerich Co's shares are publicly traded on the New York Stock Exchange under the ticker symbol NYSE:MAC.
InvestingPro Insights
The recent insider sale by Director Thomas E. O'Hern of Macerich Co (NYSE:MAC) stock has prompted a closer look at the company's financial health and market performance. As of the last twelve months ending Q4 2023, Macerich's market capitalization stands at $3.71 billion, reflecting the scale of the company within the real estate investment trust sector. Despite a challenging period, Macerich has maintained a dividend yield of 4.22%, with the ex-date of its last dividend being February 15, 2024. This consistency in dividend payments, lasting for 31 years, is a testament to the company's commitment to shareholder returns, as noted by InvestingPro Tips.
InvestingPro Data also reveals that Macerich has experienced a significant price total return of 82.13% over the last year, with a large price uptick of 39.88% in the past six months, trading near its 52-week high at 91.18% of the peak value. This performance is particularly notable given that the company's P/E ratio for the last twelve months is at -83.52, indicating that while earnings have been negative, investors may be optimistic about future growth prospects.
On the cautionary side, two analysts have revised their earnings estimates downwards for the upcoming period, and Macerich's stock price movements have been quite volatile, which are points of consideration highlighted by InvestingPro Tips. For investors seeking a more in-depth analysis, there are additional tips available on InvestingPro, which can be accessed for Macerich at https://www.investing.com/pro/MAC. To enhance your investing strategy, use coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription. With this information and further insights from InvestingPro, investors can make more informed decisions regarding their interest in Macerich Co.
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