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

The Macerich Company (NYSE:MAC) declared a quarterly dividend on Friday, July 26th, NASDAQ reports. Stockholders of record on Monday, August 19th will be given a dividend of 0.17 per share by the real estate investment trust on Monday, September 9th. This represents a $0.68 annualized dividend and a dividend yield of 4.58%. The ex-dividend date of this dividend is Monday, August 19th.

Macerich has increased its dividend by an average of 139.8% annually over the last three years and has raised its dividend every year for the last 3 years. Macerich has a payout ratio of -485.7% 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 $1.69 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 Stock Performance

MAC opened at $14.86 on Friday. The stock has a market capitalization of $3.21 billion, a price-to-earnings ratio of -9.53, a PEG ratio of 0.51 and a beta of 2.51. Macerich has a fifty-two week low of $9.21 and a fifty-two week high of $17.69. The company has a debt-to-equity ratio of 1.76, a quick ratio of 1.03 and a current ratio of 0.86. The company has a fifty day moving average of $15.19 and a 200 day moving average of $15.70.

Analysts Set New Price Targets

Several brokerages have recently issued reports on MAC. Mizuho reduced their target price on Macerich from $17.00 to $14.00 and set an “underperform” rating on the stock in a report on Wednesday, May 1st. The Goldman Sachs Group reduced their price objective on Macerich from $14.00 to $12.50 and set a “sell” rating on the stock in a research note on Monday, June 17th. Compass Point lowered their target price on Macerich from $20.00 to $18.00 and set a “buy” rating for the company in a research report on Wednesday, May 1st. Piper Sandler cut shares of Macerich from a “neutral” rating to an “underweight” rating and reduced their price target for the stock from $17.00 to $11.00 in a research report on Wednesday, May 1st. Finally, Scotiabank lowered shares of Macerich from a “sector perform” rating to a “sector underperform” rating and lowered their price objective for the company from $16.00 to $14.00 in a research report on Friday, May 17th. Four equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and one has issued a buy rating to the company. According to MarketBeat.com, Macerich presently has an average rating of “Hold” and an average price target of $14.64.

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.