Bank of New York Mellon Corp Has $43.09 Million Stake in The Macerich Company (NYSE:MAC)

Bank of New York Mellon Corp grew its stake in The Macerich Company (NYSE:MAC) by 7.1% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,162,987 shares of the real estate investment trust’s stock after purchasing an additional 142,566 shares during the period. Bank of New York Mellon Corp’s holdings in Macerich were worth $43,087,000 as of its most recent SEC filing.

Several other institutional investors have also made changes to their positions in MAC. FMR LLC boosted its position in shares of Macerich by 12,475.9% during 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 in the last quarter. Bamco Inc. NY boosted its position in shares of Macerich by 742.3% during 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 in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in shares of Macerich by 399.8% during 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 in the last quarter. Smead Capital Management Inc. boosted its position in shares of 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 acquiring an additional 688,790 shares in the last quarter. Finally, Brookfield Corp ON bought a new position in Macerich during the 3rd quarter valued at about $9,217,000. 87.38% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

MAC has been the subject of several analyst reports. Jefferies Financial Group raised shares of Macerich from a “hold” rating to a “buy” rating and lifted their price target for the company from $19.00 to $23.00 in a report on Thursday, January 2nd. Compass Point lifted their price target on shares of Macerich from $20.00 to $23.00 and gave the company a “buy” rating in a report on Thursday, November 7th. 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. Mizuho raised shares of Macerich from an “underperform” rating to a “neutral” rating and lifted their price target for the company from $14.00 to $22.00 in a report on Wednesday, December 4th. Finally, Scotiabank cut their price target on shares of Macerich from $22.00 to $21.00 and set a “sector perform” rating for the company in a report on Thursday. Three 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. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $19.13.

Macerich Trading Down 3.3 %

MAC opened at $17.58 on Friday. The company has a debt-to-equity ratio of 1.68, a current ratio of 0.92 and a quick ratio of 0.92. The company has a market cap of $4.44 billion, a price-to-earnings ratio of 45.07, a price-to-earnings-growth ratio of 0.71 and a beta of 2.62. The firm has a 50 day simple moving average of $20.04 and a 200 day simple moving average of $18.99. The Macerich Company has a fifty-two week low of $12.99 and a fifty-two week high of $22.27.

Macerich Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, March 18th. Investors of record on Tuesday, March 4th will be paid a dividend of $0.17 per share. This represents a $0.68 dividend on an annualized basis and a dividend yield of 3.87%. The ex-dividend date is Tuesday, March 4th. Macerich’s dividend payout ratio (DPR) is -86.08%.

Insider Buying and Selling

In related news, Director Andrea M. Stephen sold 63,289 shares of the business’s stock in a transaction that occurred on Thursday, December 26th. The shares were sold at an average price of $20.59, for a total transaction of $1,303,120.51. Following the completion of the transaction, the director now owns 83,479 shares in the company, valued at approximately $1,718,832.61. The trade was a 43.12 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.53% of the stock is currently owned by insiders.

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.