The Macerich Company (NYSE:MAC) Shares Sold by Vestcor Inc

Vestcor Inc decreased its holdings in The Macerich Company (NYSE:MAC) by 60.7% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 76,110 shares of the real estate investment trust’s stock after selling 117,667 shares during the period. Vestcor Inc’s holdings in Macerich were worth $1,516,000 at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of MAC. FMR LLC raised its holdings in Macerich by 12,475.9% in the 3rd quarter. FMR LLC now owns 11,772,891 shares of the real estate investment trust’s stock valued at $214,738,000 after acquiring an additional 11,679,276 shares during the last quarter. Bamco Inc. NY raised its holdings in Macerich by 742.3% in the 3rd quarter. Bamco Inc. NY now owns 1,695,420 shares of the real estate investment trust’s stock valued at $30,924,000 after acquiring an additional 1,494,145 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in Macerich by 399.8% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,546,373 shares of the real estate investment trust’s stock valued at $28,206,000 after acquiring an additional 1,236,983 shares during the last quarter. Burkehill Global Management LP acquired a new stake in Macerich in the 4th quarter valued at about $19,920,000. Finally, Smead Capital Management Inc. raised its holdings in Macerich by 3.5% in the 3rd quarter. Smead Capital Management Inc. now owns 20,433,449 shares of the real estate investment trust’s stock valued at $372,706,000 after acquiring an additional 688,790 shares during the last quarter. Institutional investors and hedge funds own 87.38% of the company’s stock.

Analysts Set New Price Targets

Several analysts have recently weighed in on the stock. Scotiabank dropped their price target on shares of Macerich from $22.00 to $21.00 and set a “sector perform” rating for the company in a research note on Thursday, March 6th. Piper Sandler cut their price target on shares of Macerich from $17.00 to $16.00 and set an “underweight” rating for the company in a report on Friday, February 28th. Jefferies Financial Group upgraded shares of Macerich from a “hold” rating to a “buy” rating and raised their price target for the stock from $19.00 to $23.00 in a report on Thursday, January 2nd. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Macerich in a report on Tuesday, December 17th. They set a “hold” rating and a $22.00 price target for the company. Finally, Morgan Stanley upgraded shares of 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. Four equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and two have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $19.03.

Macerich Stock Up 1.6 %

Macerich stock opened at $16.47 on Friday. The Macerich Company has a fifty-two week low of $12.99 and a fifty-two week high of $22.27. The company has a debt-to-equity ratio of 1.68, a quick ratio of 0.92 and a current ratio of 0.92. The firm has a 50 day moving average price of $19.62 and a 200 day moving average price of $19.03. The company has a market capitalization of $4.16 billion, a PE ratio of 42.22, a price-to-earnings-growth ratio of 0.71 and a beta of 2.62.

Macerich Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, March 18th. Shareholders of record on Tuesday, March 4th will be paid a $0.17 dividend. The ex-dividend date of this dividend is Tuesday, March 4th. This represents a $0.68 annualized dividend and a dividend yield of 4.13%. Macerich’s dividend payout ratio (DPR) is -86.08%.

Insiders Place Their Bets

In other Macerich news, Director Andrea M. Stephen sold 63,289 shares of the business’s stock in a transaction on Thursday, December 26th. The shares were sold at an average price of $20.59, for a total value of $1,303,120.51. Following the completion of the transaction, the director now owns 83,479 shares in the company, valued at $1,718,832.61. The trade was a 43.12 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Insiders own 0.53% of the company’s stock.

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.