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

The Macerich Company (NYSE:MAC) declared a quarterly dividend on Thursday, October 31st, Zacks reports. Investors of record on Tuesday, November 12th will be paid a dividend of 0.17 per share by the real estate investment trust on Monday, December 2nd. This represents a $0.68 dividend on an annualized basis and a yield of 3.71%. The ex-dividend date of this dividend is Tuesday, November 12th.

Macerich has increased its dividend payment by an average of 139.8% per year over the last three years. Macerich has a payout ratio of -377.8% meaning 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 $1.63 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 41.7%.

Macerich Stock Performance

NYSE MAC opened at $18.32 on Friday. The company’s fifty day moving average is $17.24 and its two-hundred day moving average is $15.91. Macerich has a 52-week low of $9.90 and a 52-week high of $19.09. The company has a debt-to-equity ratio of 1.76, a current ratio of 0.86 and a quick ratio of 0.86. The firm has a market capitalization of $3.96 billion, a price-to-earnings ratio of -55.51, a P/E/G ratio of 0.63 and a beta of 2.50.

Analysts Set New Price Targets

A number of analysts have commented on MAC shares. StockNews.com upgraded Macerich from a “sell” rating to a “hold” rating in a research report on Friday, August 2nd. The Goldman Sachs Group boosted their price target on shares of Macerich from $13.00 to $14.60 and gave the company a “sell” rating in a report on Thursday, September 19th. Evercore ISI raised their price objective on shares of Macerich from $15.00 to $16.00 and gave the stock an “in-line” rating in a report on Wednesday, August 28th. Bank of America lifted their price objective on Macerich from $17.00 to $19.00 and gave the company a “neutral” rating in a report on Friday, October 11th. Finally, Piper Sandler increased their target price on Macerich from $11.00 to $14.00 and gave the stock an “underweight” rating in a report on Tuesday, September 3rd. Four investment analysts have rated the stock with a sell rating, five have given a hold rating and one has assigned a buy rating to the company. According to data from MarketBeat.com, Macerich presently has a consensus rating of “Hold” and an average target price of $15.84.

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.