The Macerich Company Announces Quarterly Dividend of $0.17 (NYSE:MAC)

The Macerich Company (NYSE:MAC) announced a quarterly dividend on Friday, February 14th,RTT News reports. Shareholders of record on Tuesday, March 4th will be given a dividend of 0.17 per share by the real estate investment trust on Tuesday, March 18th. This represents a $0.68 annualized dividend and a yield of 3.32%.

Macerich has increased its dividend by an average of 4.3% annually over the last three years. Macerich has a payout ratio of 6,800.0% indicating that the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Analysts expect Macerich to earn $1.55 per share next year, which means the company should continue to be able to cover its $0.68 annual dividend with an expected future payout ratio of 43.9%.

Macerich Stock Performance

Shares of MAC opened at $20.51 on Friday. Macerich has a 1 year low of $12.99 and a 1 year high of $22.27. The company has a market cap of $5.10 billion, a price-to-earnings ratio of 52.58, a price-to-earnings-growth ratio of 0.72 and a beta of 2.50. The company has a debt-to-equity ratio of 1.68, a quick ratio of 0.92 and a current ratio of 0.92. The firm has a fifty day moving average of $20.41 and a 200-day moving average of $18.56.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on MAC. Morgan Stanley raised shares of Macerich from an “underweight” rating to an “equal weight” rating and set a $20.00 price objective for the company in a report on Wednesday, January 15th. Compass Point upped their price objective on shares of Macerich from $20.00 to $23.00 and gave the stock a “buy” rating in a report on Thursday, November 7th. Mizuho raised shares of Macerich from an “underperform” rating to a “neutral” rating and upped their price objective for the stock from $14.00 to $22.00 in a report on Wednesday, December 4th. Scotiabank raised shares of Macerich from a “sector underperform” rating to a “sector perform” rating and set a $22.00 price objective for the company in a report on Tuesday, December 17th. Finally, Piper Sandler upped their price objective on shares of Macerich from $14.00 to $17.00 and gave the stock an “underweight” rating in a report on Wednesday, December 11th. Three equities research analysts have rated the stock with a sell rating, eight have given a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $19.30.

Insider Activity

In other news, Director Andrea M. Stephen sold 63,289 shares of the company’s stock in a transaction dated Thursday, December 26th. The stock was sold at an average price of $20.59, for a total value of $1,303,120.51. Following the transaction, the director now owns 83,479 shares in the company, valued at $1,718,832.61. This represents a 43.12 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.53% of the stock is owned by corporate insiders.

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.