The Macerich Company Plans 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 dividend yield of 3.27%.

Macerich has increased its dividend by an average of 4.3% per year 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. Equities 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 Up 1.5 %

Shares of Macerich stock opened at $20.79 on Friday. Macerich has a 52-week low of $12.99 and a 52-week high of $22.27. The firm’s 50 day moving average price is $20.44 and its 200-day moving average price is $18.53. 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 company has a market cap of $5.17 billion, a P/E ratio of 53.30, a PEG ratio of 0.72 and a beta of 2.50.

Wall Street Analyst Weigh In

MAC has been the topic of a number of recent analyst reports. Mizuho raised Macerich from an “underperform” rating to a “neutral” rating and upped their price target for the stock from $14.00 to $22.00 in a research report on Wednesday, December 4th. Deutsche Bank Aktiengesellschaft initiated coverage on Macerich in a research note on Tuesday, December 17th. They set a “hold” rating and a $22.00 target price on the stock. Jefferies Financial Group upgraded Macerich from a “hold” rating to a “buy” rating and increased their price target for the company from $19.00 to $23.00 in a research note on Thursday, January 2nd. Piper Sandler raised their price target on Macerich from $14.00 to $17.00 and gave the stock an “underweight” rating in a report on Wednesday, December 11th. Finally, Scotiabank upgraded shares of Macerich from a “sector underperform” rating to a “sector perform” rating and set a $22.00 price objective on the stock in a report on Tuesday, December 17th. Three analysts have rated the stock with a sell rating, eight have given a hold rating and two have given a buy rating to the stock. According to data from MarketBeat, Macerich has a consensus rating of “Hold” and an average price target of $19.30.

Insider Activity at Macerich

In related news, Director Andrea M. Stephen sold 63,289 shares of the firm’s stock in a transaction 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 of the company’s stock, valued at $1,718,832.61. This trade represents a 43.12 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.53% of the stock is 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.