The Macerich Company (NYSE:MAC) to Issue $0.17 Quarterly Dividend

The Macerich Company (NYSE:MAC) announced a quarterly dividend on Friday, April 26th, Zacks reports. Shareholders of record on Monday, May 20th will be paid a dividend of 0.17 per share by the real estate investment trust on Monday, June 3rd. This represents a $0.68 annualized dividend and a yield of 4.34%. The ex-dividend date is Friday, May 17th.

Macerich has decreased its dividend by an average of 24.0% per year over the last three years. Macerich has a payout ratio of -755.6% 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 $1.84 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 37.0%.

Macerich Stock Up 1.9 %

Shares of NYSE MAC traded up $0.29 during mid-day trading on Friday, hitting $15.67. The company had a trading volume of 1,111,402 shares, compared to its average volume of 1,413,158. Macerich has a one year low of $9.05 and a one year high of $17.69. The company has a market capitalization of $3.38 billion, a PE ratio of -12.34, a price-to-earnings-growth ratio of 1.73 and a beta of 2.33. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 1.67. The firm has a 50-day simple moving average of $16.36 and a two-hundred day simple moving average of $14.49.

Macerich (NYSE:MAC) last posted its quarterly earnings results on Wednesday, February 7th. The real estate investment trust reported $0.29 earnings per share for the quarter, missing the consensus estimate of $0.55 by ($0.26). The company had revenue of $238.70 million for the quarter, compared to analyst estimates of $224.49 million. Macerich had a negative return on equity of 10.26% and a negative net margin of 31.00%. The firm’s revenue for the quarter was up 4.6% compared to the same quarter last year. During the same period last year, the firm earned $0.53 EPS. On average, equities analysts expect that Macerich will post 1.8 EPS for the current year.

Analysts Set New Price Targets

MAC has been the subject of a number of analyst reports. Truist Financial reissued a “hold” rating and issued a $16.00 price objective on shares of Macerich in a research report on Monday, March 25th. Citigroup upgraded Macerich from a “sell” rating to a “neutral” rating and lifted their price target for the stock from $8.00 to $17.00 in a report on Friday, March 22nd. StockNews.com lowered Macerich from a “hold” rating to a “sell” rating in a research note on Thursday, April 18th. Finally, The Goldman Sachs Group lifted their target price on Macerich from $9.00 to $13.00 and gave the stock a “sell” rating in a research note on Thursday, January 11th. Two equities research analysts have rated the stock with a sell rating and three have given a hold rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $14.40.

Insider Transactions at Macerich

In related news, Director Hern Thomas E. O sold 7,964 shares of the business’s stock in a transaction on Thursday, March 14th. The stock was sold at an average price of $16.39, for a total value of $130,529.96. Following the completion of the sale, the director now directly owns 197,900 shares in the company, valued at approximately $3,243,581. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, Director Hern Thomas E. O sold 95,000 shares of the stock in a transaction that occurred on Wednesday, March 20th. The stock was sold at an average price of $16.94, for a total transaction of $1,609,300.00. Following the sale, the director now owns 102,900 shares of the company’s stock, valued at $1,743,126. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Hern Thomas E. O sold 7,964 shares of Macerich stock in a transaction on Thursday, March 14th. The shares were sold at an average price of $16.39, for a total value of $130,529.96. Following the completion of the transaction, the director now directly owns 197,900 shares of the company’s stock, valued at $3,243,581. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 172,964 shares of company stock worth $2,940,030. Company insiders own 0.57% of the company’s stock.

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.