The Macerich Company (MAC) to Issue Quarterly Dividend of $0.17 on March 18th

The Macerich Company (NYSE:MAC) declared a quarterly dividend on Friday, February 14th, RTT News reports. Stockholders of record on Tuesday, March 4th will be paid 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 3.77%. The ex-dividend date is Tuesday, March 4th.

Macerich has a payout ratio of 6,800.0% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Equities research 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 Down 1.6 %

Shares of MAC stock opened at $18.04 on Friday. The business’s fifty day moving average is $20.17 and its 200-day moving average is $18.92. The stock has a market cap of $4.48 billion, a PE ratio of 46.24, a price-to-earnings-growth ratio of 0.71 and a beta of 2.50. Macerich has a 1 year low of $12.99 and a 1 year high of $22.27. The company has a debt-to-equity ratio of 1.68, a quick ratio of 0.92 and a current ratio of 0.92.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on MAC. Scotiabank raised 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 research note on Tuesday, December 17th. Compass Point lifted their price target on shares of Macerich from $20.00 to $23.00 and gave the stock a “buy” rating in a research report on Thursday, November 7th. Deutsche Bank Aktiengesellschaft initiated coverage on shares of Macerich in a research report on Tuesday, December 17th. They issued a “hold” rating and a $22.00 price target on the stock. Piper Sandler decreased their price target on shares of Macerich from $17.00 to $16.00 and set an “underweight” rating on the stock in a research report on Friday. Finally, Morgan Stanley upgraded Macerich from an “underweight” rating to an “equal weight” rating and set a $20.00 target price on the stock in a report on Wednesday, January 15th. Three analysts have rated the stock with a sell rating, eight have assigned a hold rating and two have issued a buy rating to the company. According to MarketBeat.com, Macerich presently has an average rating of “Hold” and a consensus price target of $19.22.

Insider Activity

In other Macerich news, Director Andrea M. Stephen sold 63,289 shares of Macerich stock in a transaction dated Thursday, December 26th. The stock was sold at an average price of $20.59, for a total transaction of $1,303,120.51. Following the transaction, the director now owns 83,479 shares of the company’s stock, valued at $1,718,832.61. The trade was a 43.12 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. 0.53% of the stock is currently owned by corporate insiders.

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.