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

Vestcor Inc grew its position in shares of The Macerich Company (NYSE:MAC) by 91.4% during the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 193,777 shares of the real estate investment trust’s stock after purchasing an additional 92,551 shares during the period. Vestcor Inc owned approximately 0.09% of Macerich worth $3,534,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of MAC. FMR LLC raised its stake in shares of Macerich by 12,475.9% in 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 acquiring an additional 11,679,276 shares in the last quarter. Bamco Inc. NY raised its stake in shares of 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 valued at $30,924,000 after acquiring an additional 1,494,145 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in shares of Macerich by 399.8% in the third 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 in the last quarter. Smead Capital Management Inc. raised its stake in shares of Macerich by 3.5% in the third 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 in the last quarter. Finally, Sei Investments Co. acquired a new stake in shares of Macerich in the second quarter valued at $10,625,000. 87.38% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several analysts have recently issued reports on the company. StockNews.com cut Macerich from a “hold” rating to a “sell” rating in a research note on Thursday, November 7th. The Goldman Sachs Group increased their price objective on Macerich from $13.00 to $14.60 and gave the company a “sell” rating in a research note on Thursday, September 19th. Bank of America increased their target price on Macerich from $17.00 to $19.00 and gave the company a “neutral” rating in a report on Friday, October 11th. Mizuho raised Macerich from an “underperform” rating to a “neutral” rating and increased their target price for the company from $14.00 to $22.00 in a report on Wednesday, December 4th. Finally, Piper Sandler increased their target price on Macerich from $11.00 to $14.00 and gave the company an “underweight” rating in a report on Tuesday, September 3rd. Four research analysts have rated the stock with a sell rating, five have given a hold rating and one has issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $17.29.

Macerich Stock Performance

Shares of MAC stock opened at $21.33 on Wednesday. The stock’s 50-day moving average is $19.31 and its two-hundred day moving average is $16.87. The firm has a market cap of $5.30 billion, a price-to-earnings ratio of 54.68, a PEG ratio of 0.77 and a beta of 2.51. The Macerich Company 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 quick ratio of 0.92 and a current ratio of 0.92.

Macerich (NYSE:MAC) last issued its quarterly earnings data on Wednesday, November 6th. The real estate investment trust reported ($0.50) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.40 by ($0.90). The firm had revenue of $220.20 million for the quarter, compared to analysts’ expectations of $208.54 million. Macerich had a return on equity of 3.15% and a net margin of 8.98%. The business’s revenue for the quarter was up .9% compared to the same quarter last year. During the same period in the previous year, the business posted $0.44 EPS. Analysts predict that The Macerich Company will post 1.56 earnings per share for the current year.

Macerich Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, December 2nd. Shareholders of record on Tuesday, November 12th were issued a dividend of $0.17 per share. This represents a $0.68 annualized dividend and a dividend yield of 3.19%. The ex-dividend date of this dividend was Tuesday, November 12th. Macerich’s payout ratio is 174.36%.

Macerich 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.