The Macerich Company (MAC) To Go Ex-Dividend on November 12th

The Macerich Company (NYSE:MAC) announced 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 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% 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 $1.63 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

Shares of NYSE MAC opened at $18.32 on Friday. The stock’s fifty day simple moving average is $17.24 and its 200 day simple moving average is $15.91. The stock has a market capitalization of $3.96 billion, a price-to-earnings ratio of -55.51, a PEG ratio of 0.63 and a beta of 2.50. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 1.76. Macerich has a 52-week low of $9.90 and a 52-week high of $19.09.

Analysts Set New Price Targets

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

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.