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

Vestcor Inc lowered its stake in The Macerich Company (NYSE:MAC - Free Report) by 60.7% in the fourth quarter, according to the company in its most recent Form 13F 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 and other institutional investors have also made changes to their positions in the stock. M&T Bank Corp raised its holdings in shares of Macerich by 2.8% in 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 during the last quarter. Dorsey & Whitney Trust CO LLC raised its holdings in shares of Macerich by 5.7% in 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. raised its holdings in shares of Macerich by 0.3% in the third quarter. Nomura Asset Management Co. Ltd. now owns 275,731 shares of the real estate investment trust's stock worth $5,029,000 after buying an additional 700 shares during the last quarter. Townsquare Capital LLC raised its holdings in shares of Macerich by 7.2% during the third quarter. Townsquare Capital LLC now owns 13,448 shares of the real estate investment trust's stock worth $245,000 after purchasing an additional 902 shares during the last quarter. Finally, Custom Index Systems LLC raised its holdings in shares of Macerich by 8.7% during the fourth quarter. Custom Index Systems LLC now owns 11,630 shares of the real estate investment trust's stock worth $232,000 after purchasing an additional 928 shares during the last quarter. Hedge funds and other institutional investors own 87.38% of the company's stock.

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Analysts Set New Price Targets

Several brokerages recently issued reports on MAC. Scotiabank reduced their target price on shares of Macerich from $22.00 to $21.00 and set a "sector perform" rating for the company in a report on Thursday, March 6th. Morgan Stanley raised shares of Macerich from an "underweight" rating to an "equal weight" rating and set a $20.00 target price for the company in a report on Wednesday, January 15th. JPMorgan Chase & Co. reduced their target price on shares of Macerich from $22.00 to $18.00 and set an "underweight" rating for the company in a report on Monday, March 10th. Jefferies Financial Group raised shares of Macerich from a "hold" rating to a "buy" rating and raised their target price for the stock from $19.00 to $23.00 in a report on Thursday, January 2nd. Finally, Deutsche Bank Aktiengesellschaft started coverage on shares of Macerich in a report on Tuesday, December 17th. They set a "hold" rating and a $22.00 target price for the company. Four equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and two have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus price target of $19.03.

Insider Activity

In other news, Director Andrea M. Stephen sold 63,289 shares of Macerich stock in a transaction dated 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 sale, the director now owns 83,479 shares in the company, valued at $1,718,832.61. This trade represents a 43.12 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Company insiders own 0.53% of the company's stock.

Macerich Price Performance

Shares of NYSE MAC traded up $0.22 during trading on Wednesday, hitting $17.39. The company had a trading volume of 1,896,150 shares, compared to its average volume of 1,822,216. The stock has a fifty day simple moving average of $19.41 and a two-hundred day simple moving average of $19.10. The Macerich Company has a fifty-two week low of $12.99 and a fifty-two week high of $22.27. The firm has a market capitalization of $4.39 billion, a price-to-earnings ratio of 44.59, a price-to-earnings-growth 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 business also recently announced a quarterly dividend, which was paid on Tuesday, March 18th. Stockholders of record on Tuesday, March 4th were given a $0.17 dividend. The ex-dividend date of this dividend was Tuesday, March 4th. This represents a $0.68 annualized dividend and a dividend yield of 3.91%. Macerich's dividend payout ratio (DPR) is -86.08%.

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.