Bank of New York Mellon Corp Increases Stock Holdings in The Macerich Company (NYSE:MAC)

Bank of New York Mellon Corp raised its stake in The Macerich Company (NYSE:MAC - Free Report) by 7.1% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 2,162,987 shares of the real estate investment trust's stock after buying an additional 142,566 shares during the period. Bank of New York Mellon Corp owned about 0.87% of Macerich worth $43,087,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently made changes to their positions in MAC. FMR LLC lifted its holdings in shares of Macerich by 12,475.9% during the third quarter. FMR LLC now owns 11,772,891 shares of the real estate investment trust's stock valued at $214,738,000 after purchasing an additional 11,679,276 shares during the last quarter. Bamco Inc. NY boosted its holdings in Macerich by 742.3% in the third quarter. Bamco Inc. NY now owns 1,695,420 shares of the real estate investment trust's stock worth $30,924,000 after purchasing an additional 1,494,145 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position 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 worth $28,206,000 after purchasing an additional 1,236,983 shares during the period. Smead Capital Management Inc. raised its stake in Macerich by 3.5% during 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 buying an additional 688,790 shares during the last quarter. Finally, Brookfield Corp ON bought a new position in shares of Macerich during the 3rd quarter valued at $9,217,000. Hedge funds and other institutional investors own 87.38% of the company's stock.

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Insider Transactions at Macerich

In other news, Director Andrea M. Stephen sold 63,289 shares of the 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 sale, 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 sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Company insiders own 0.53% of the company's stock.

Macerich Price Performance

Macerich stock traded down $0.97 during midday trading on Monday, reaching $15.91. 3,580,484 shares of the stock traded hands, compared to its average volume of 1,798,090. The stock's fifty day moving average is $19.92 and its 200-day moving average is $19.05. The Macerich Company has a 12 month low of $12.99 and a 12 month high of $22.27. The stock has a market cap of $4.02 billion, a P/E ratio of 40.79, a PEG ratio of 0.71 and a beta of 2.62. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 1.68.

Macerich Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, March 18th. Stockholders of record on Tuesday, March 4th will be given a dividend of $0.17 per share. This represents a $0.68 annualized dividend and a dividend yield of 4.28%. The ex-dividend date is Tuesday, March 4th. Macerich's dividend payout ratio is -86.08%.

Wall Street Analysts Forecast Growth

MAC has been the subject of a number of research reports. JPMorgan Chase & Co. reduced their price objective on Macerich from $22.00 to $18.00 and set an "underweight" rating for the company in a research report on Monday. Jefferies Financial Group raised shares of Macerich from a "hold" rating to a "buy" rating and raised their price objective for the stock from $19.00 to $23.00 in a report on Thursday, January 2nd. The Goldman Sachs Group decreased their price target on shares of Macerich from $16.70 to $14.40 and set a "sell" rating on the stock in a research report on Monday. Scotiabank cut their price objective on shares of Macerich from $22.00 to $21.00 and set a "sector perform" rating for the company in a research report on Thursday. Finally, Piper Sandler decreased their target price on 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, eight have given a hold rating and two have assigned a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus price target of $19.03.

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.