Burkehill Global Management LP Sells 500,000 Shares of Macerich Company (The) (NYSE:MAC)

Key Points

• Burkehill Global Management LP reduced its holdings in Macerich Company by 50%, selling 500,000 shares and bringing their total ownership to 500,000 shares, valued at about $8.6 million.
• Macerich reported a quarterly revenue of $249.22 million, exceeding analyst estimates of $221.61 million, and earnings per share of $0.33, surpassing expectations by $0.02.
• The company announced a quarterly dividend of $0.17 per share, with a yield of 4.1%, set to be paid on September 23rd to shareholders of record on September 9th.

Burkehill Global Management LP trimmed its stake in Macerich Company (The) (NYSE:MAC - Free Report) by 50.0% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 500,000 shares of the real estate investment trust's stock after selling 500,000 shares during the period. Burkehill Global Management LP owned about 0.20% of Macerich worth $8,585,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in MAC. Bamco Inc. NY lifted its holdings in shares of Macerich by 175.8% during the 4th quarter. Bamco Inc. NY now owns 4,675,471 shares of the real estate investment trust's stock worth $93,135,000 after acquiring an additional 2,980,051 shares during the period. Nuveen LLC bought a new position in Macerich during the 1st quarter valued at about $32,554,000. Northern Trust Corp lifted its holdings in Macerich by 56.7% during the 4th quarter. Northern Trust Corp now owns 4,205,890 shares of the real estate investment trust's stock valued at $83,781,000 after purchasing an additional 1,522,147 shares during the last quarter. GRS Advisors LLC bought a new position in Macerich during the 4th quarter valued at about $23,097,000. Finally, Woodline Partners LP bought a new position in Macerich during the 4th quarter valued at about $16,778,000. 87.38% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on MAC shares. Truist Financial boosted their target price on shares of Macerich from $19.00 to $21.00 and gave the stock a "buy" rating in a research note on Monday, June 9th. LADENBURG THALM/SH SH began coverage on shares of Macerich in a research note on Friday, July 18th. They issued a "buy" rating and a $25.00 price target on the stock. Scotiabank reduced 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. Mizuho raised shares of Macerich from a "neutral" rating to an "outperform" rating and dropped their price target for the stock from $22.00 to $18.00 in a research report on Tuesday, June 10th. Finally, Piper Sandler upgraded shares of Macerich from an "underweight" rating to a "neutral" rating and set a $16.00 price target on the stock in a research note on Thursday, May 22nd. Three analysts have rated the stock with a sell rating, six have given a hold rating and five have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average target price of $19.26.

Macerich Trading Up 4.6%

NYSE:MAC traded up $0.77 during mid-day trading on Tuesday, hitting $17.43. 2,398,023 shares of the company's stock were exchanged, compared to its average volume of 1,765,027. The company has a 50 day simple moving average of $16.48 and a 200-day simple moving average of $16.78. The company has a current ratio of 1.09, a quick ratio of 1.09 and a debt-to-equity ratio of 1.91. Macerich Company has a fifty-two week low of $12.48 and a fifty-two week high of $22.27. The firm has a market capitalization of $4.40 billion, a P/E ratio of -9.96, a PEG ratio of 3.22 and a beta of 2.22.

Macerich (NYSE:MAC - Get Free Report) last posted its quarterly earnings data on Monday, May 12th. The real estate investment trust reported $0.33 EPS for the quarter, beating analysts' consensus estimates of $0.31 by $0.02. The company had revenue of $249.22 million for the quarter, compared to analyst estimates of $221.61 million. Macerich had a negative net margin of 41.33% and a negative return on equity of 15.06%. The company's quarterly revenue was up 19.3% on a year-over-year basis. During the same period in the prior year, the firm posted $0.33 EPS. As a group, research analysts expect that Macerich Company will post 1.55 earnings per share for the current year.

Macerich Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 23rd. Investors of record on Tuesday, September 9th will be issued a $0.17 dividend. The ex-dividend date is Tuesday, September 9th. This represents a $0.68 annualized dividend and a yield of 3.9%. Macerich's payout ratio is presently -158.14%.

About Macerich

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.