Wells Fargo & Company MN Purchases 40,357 Shares of The Macerich Company (NYSE:MAC)

Wells Fargo & Company MN increased its stake in The Macerich Company (NYSE:MAC - Free Report) by 29.6% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 176,861 shares of the real estate investment trust's stock after buying an additional 40,357 shares during the period. Wells Fargo & Company MN owned 0.07% of Macerich worth $3,523,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. Friedenthal Financial bought a new position in Macerich in the fourth quarter worth about $771,000. Smartleaf Asset Management LLC raised its stake in Macerich by 314.2% in the fourth quarter. Smartleaf Asset Management LLC now owns 3,467 shares of the real estate investment trust's stock worth $69,000 after buying an additional 2,630 shares in the last quarter. Van ECK Associates Corp raised its stake in Macerich by 20.4% in the fourth quarter. Van ECK Associates Corp now owns 44,843 shares of the real estate investment trust's stock worth $893,000 after buying an additional 7,608 shares in the last quarter. New York State Teachers Retirement System raised its stake in Macerich by 2.2% in the fourth quarter. New York State Teachers Retirement System now owns 183,508 shares of the real estate investment trust's stock worth $3,655,000 after buying an additional 3,979 shares in the last quarter. Finally, Bank of New York Mellon Corp lifted its holdings in shares of Macerich by 7.1% during the fourth quarter. Bank of New York Mellon Corp now owns 2,162,987 shares of the real estate investment trust's stock valued at $43,087,000 after purchasing an additional 142,566 shares during the last quarter. 87.38% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on the stock. Jefferies Financial Group upgraded shares of Macerich from a "hold" rating to a "buy" rating and lifted their target price for the company from $19.00 to $23.00 in a report on Thursday, January 2nd. Scotiabank lowered their target price on shares of Macerich from $21.00 to $16.00 and set a "sector perform" rating for the company in a report on Wednesday, April 23rd. Truist Financial upgraded shares of Macerich from a "hold" rating to a "buy" rating and set a $19.00 target price for the company in a report on Thursday, April 10th. Morgan Stanley lowered their target price on shares of Macerich from $20.00 to $19.00 and set an "equal weight" rating for the company in a report on Tuesday, April 1st. Finally, Piper Sandler lowered their target price 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. Four investment analysts have rated the stock with a sell rating, six have issued a hold rating and three have assigned a buy rating to the company. According to MarketBeat.com, Macerich has a consensus rating of "Hold" and an average target price of $18.95.

Macerich Price Performance

Macerich stock traded up $0.24 during midday trading on Monday, reaching $15.07. 2,358,003 shares of the stock traded hands, compared to its average volume of 2,000,065. The stock's fifty day moving average is $16.40 and its 200-day moving average is $18.75. The Macerich Company has a 12 month low of $12.48 and a 12 month high of $22.27. The stock has a market cap of $3.81 billion, a P/E ratio of 38.64, a PEG ratio of 0.71 and a beta of 2.17. 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 company also recently declared a quarterly dividend, which will be paid on Tuesday, June 17th. Investors of record on Tuesday, June 3rd will be paid a dividend of $0.17 per share. This represents a $0.68 dividend on an annualized basis and a yield of 4.51%. Macerich's payout ratio is presently -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.