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

The Macerich Company (NYSE:MAC) announced a quarterly dividend on Friday, July 26th, NASDAQ reports. Shareholders 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 annualized dividend and a yield of 4.19%. The ex-dividend date of this dividend is Monday, August 19th.

Macerich has raised its dividend by an average of 139.8% per year over the last three years. Macerich has a 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. Equities research 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 Up 3.7 %

Shares of MAC stock traded up $0.58 on Friday, reaching $16.22. 1,321,622 shares of the company’s stock traded hands, compared to its average volume of 1,916,630. Macerich has a 12-month low of $9.21 and a 12-month high of $17.69. The company has a debt-to-equity ratio of 1.81, a quick ratio of 1.03 and a current ratio of 1.03. The company has a market capitalization of $3.50 billion, a P/E ratio of -10.40, a price-to-earnings-growth ratio of 0.52 and a beta of 2.51. The business’s 50 day moving average price is $15.16 and its two-hundred day moving average price is $15.78.

Analyst Ratings Changes

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

Insider Activity at Macerich

In related news, CEO Jackson Hsieh purchased 140,000 shares of Macerich stock in a transaction on Monday, May 6th. The stock was bought at an average price of $14.26 per share, with a total value of $1,996,400.00. Following the completion of the transaction, the chief executive officer now directly owns 170,500 shares of the company’s stock, valued at $2,431,330. The acquisition was disclosed in a filing with the SEC, which can be accessed through this link. In related news, CEO Jackson Hsieh purchased 140,000 shares of Macerich stock in a transaction on Monday, May 6th. The stock was bought at an average price of $14.26 per share, with a total value of $1,996,400.00. Following the completion of the transaction, the chief executive officer now directly owns 170,500 shares of the company’s stock, valued at $2,431,330. The acquisition was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP Kenneth Volk acquired 5,000 shares of the business’s stock in a transaction that occurred on Friday, May 10th. The shares were acquired at an average cost of $15.40 per share, with a total value of $77,000.00. Following the transaction, the executive vice president now directly owns 51,924 shares in the company, valued at approximately $799,629.60. The disclosure for this purchase can be found here. Over the last 90 days, insiders bought 163,365 shares of company stock valued at $2,358,681. Insiders own 0.53% of the company’s stock.

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.