Balyasny Asset Management L.P. Cuts Stake in The Macerich Company (NYSE:MAC)

Balyasny Asset Management L.P. cut its holdings in shares of The Macerich Company (NYSE:MAC) by 84.7% in the 4th quarter, Holdings Channel reports. The fund owned 100,566 shares of the real estate investment trust’s stock after selling 555,415 shares during the period. Balyasny Asset Management L.P.’s holdings in Macerich were worth $2,003,000 as of its most recent SEC filing.

Several other large investors also recently modified their holdings of the business. Bamco Inc. NY grew its stake in shares of Macerich by 175.8% during the fourth quarter. Bamco Inc. NY now owns 4,675,471 shares of the real estate investment trust’s stock valued at $93,135,000 after acquiring an additional 2,980,051 shares in the last quarter. Ameriprise Financial Inc. grew its stake in shares of Macerich by 8.2% during the fourth quarter. Ameriprise Financial Inc. now owns 3,280,658 shares of the real estate investment trust’s stock valued at $65,351,000 after acquiring an additional 249,592 shares in the last quarter. Algert Global LLC grew its stake in shares of Macerich by 12.8% during the fourth quarter. Algert Global LLC now owns 189,154 shares of the real estate investment trust’s stock valued at $3,768,000 after acquiring an additional 21,533 shares in the last quarter. Mercer Global Advisors Inc. ADV acquired a new stake in shares of Macerich during the fourth quarter valued at about $304,000. Finally, Schonfeld Strategic Advisors LLC acquired a new stake in shares of Macerich during the fourth quarter valued at about $366,000. 87.38% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

MAC has been the subject of several recent analyst reports. Morgan Stanley lowered their target price on Macerich from $20.00 to $19.00 and set an “equal weight” rating for the company in a research note on Tuesday, April 1st. Piper Sandler lowered their price objective on Macerich from $17.00 to $16.00 and set an “underweight” rating for the company in a report on Friday, February 28th. Truist Financial raised Macerich from a “hold” rating to a “buy” rating and set a $19.00 target price on the stock in a report on Thursday, April 10th. The Goldman Sachs Group decreased their target price on Macerich from $16.70 to $14.40 and set a “sell” rating for the company in a research report on Monday, March 10th. Finally, JPMorgan Chase & Co. decreased their target price on Macerich from $22.00 to $18.00 and set an “underweight” rating for the company in a research report on Monday, March 10th. Four equities research analysts have rated the stock with a sell rating, six have given a hold rating and three have issued a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $18.95.

Macerich Stock Performance

Shares of NYSE MAC opened at $16.51 on Tuesday. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 1.68. The firm’s 50-day moving average price is $15.59 and its two-hundred day moving average price is $18.52. The Macerich Company has a 52-week low of $12.48 and a 52-week high of $22.27. The stock has a market capitalization of $4.17 billion, a P/E ratio of 42.32, a P/E/G ratio of 0.71 and a beta of 2.13.

Macerich (NYSE:MAC) last issued its earnings results on Monday, May 12th. The real estate investment trust reported $0.33 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.31 by $0.02. Macerich had a net margin of 8.98% and a return on equity of 3.15%. The firm had revenue of $249.22 million for the quarter, compared to analysts’ expectations of $221.61 million. During the same quarter last year, the company posted $0.33 earnings per share. Macerich’s revenue was up 19.3% on a year-over-year basis. As a group, sell-side analysts forecast that The Macerich Company will post 1.55 earnings per share for the current year.

Macerich Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, June 17th. Stockholders of record on Tuesday, June 3rd will be issued a dividend of $0.17 per share. The ex-dividend date is Tuesday, June 3rd. This represents a $0.68 dividend on an annualized basis and a dividend yield of 4.12%. Macerich’s dividend payout ratio (DPR) is presently -86.08%.

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.