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

The Macerich Company (NYSE:MAC) declared a quarterly dividend on Friday, July 26th, NASDAQ reports. Investors of record on Monday, August 19th will be paid a dividend of 0.17 per share by the real estate investment trust on Monday, September 9th. This represents a $0.68 dividend on an annualized basis and a yield of 4.19%. The ex-dividend date is Monday, August 19th.

Macerich has increased its dividend by an average of 139.8% annually over the last three years. Macerich has a dividend payout ratio of -850.0% meaning 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 $1.69 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 40.2%.

Macerich Price Performance

MAC opened at $16.22 on Friday. The company has a debt-to-equity ratio of 1.81, a current ratio of 1.03 and a quick ratio of 1.03. Macerich has a 1 year low of $9.21 and a 1 year high of $17.69. The stock’s 50 day simple moving average is $15.16 and its 200 day simple moving average is $15.78. The firm has a market cap of $3.50 billion, a price-to-earnings ratio of -10.40, a PEG ratio of 0.51 and a beta of 2.51.

Insider Transactions at Macerich

In related news, insider Ann C. Menard bought 4,865 shares of the company’s stock in a transaction that occurred on Wednesday, May 8th. The shares were bought at an average price of $15.40 per share, for a total transaction of $74,921.00. Following the completion of the acquisition, the insider now owns 20,633 shares of the company’s stock, valued at approximately $317,748.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, insider Ann C. Menard purchased 4,865 shares of the company’s stock in a transaction dated Wednesday, May 8th. The shares were purchased at an average cost of $15.40 per share, for a total transaction of $74,921.00. Following the purchase, the insider now directly owns 20,633 shares in the company, valued at approximately $317,748.20. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Kenneth Volk acquired 5,000 shares of Macerich stock in a transaction that occurred on Friday, May 10th. The shares were purchased at an average price of $15.40 per share, with a total value of $77,000.00. Following the transaction, the executive vice president now owns 51,924 shares of the company’s stock, valued at approximately $799,629.60. The disclosure for this purchase can be found here. Insiders purchased 163,365 shares of company stock worth $2,358,681 over the last three months. 0.53% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on the stock. Compass Point lowered their price objective on shares of Macerich from $20.00 to $18.00 and set a “buy” rating for the company in a research note on Wednesday, May 1st. The Goldman Sachs Group dropped their price target on Macerich from $14.00 to $12.50 and set a “sell” rating for the company in a research note on Monday, June 17th. Scotiabank lowered shares of Macerich from a “sector perform” rating to a “sector underperform” rating and decreased their price objective for the stock from $16.00 to $14.00 in a report on Friday, May 17th. StockNews.com lowered shares of Macerich from a “hold” rating to a “sell” rating in a research note on Tuesday, April 30th. Finally, Piper Sandler downgraded shares of Macerich from a “neutral” rating to an “underweight” rating and decreased their price target for the stock from $17.00 to $11.00 in a research note on Wednesday, May 1st. Five equities research analysts have rated the stock with a sell rating, two have given a hold rating and one has assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $14.64.

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.