The Macerich Company (MAC) to Issue Quarterly Dividend of $0.17 on June 3rd

The Macerich Company (NYSE:MAC) declared a quarterly dividend on Friday, April 26th, Zacks reports. Stockholders of record on Monday, May 20th will be paid a dividend of 0.17 per share by the real estate investment trust on Monday, June 3rd. This represents a $0.68 dividend on an annualized basis and a dividend yield of 4.34%. The ex-dividend date of this dividend is Friday, May 17th.

Macerich has decreased its dividend payment by an average of 24.0% per year over the last three years. Macerich has a payout ratio of -755.6% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Research analysts expect Macerich to earn $1.84 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 37.0%.

Macerich Price Performance

NYSE MAC opened at $15.67 on Friday. The company has a debt-to-equity ratio of 1.67, a quick ratio of 0.95 and a current ratio of 0.95. The firm’s 50 day moving average price is $16.33 and its 200-day moving average price is $14.53. Macerich has a 52-week low of $9.05 and a 52-week high of $17.69. The company has a market cap of $3.38 billion, a PE ratio of -12.34, a P/E/G ratio of 1.76 and a beta of 2.33.

Macerich (NYSE:MAC) last released its quarterly earnings data on Wednesday, February 7th. The real estate investment trust reported $0.29 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.55 by ($0.26). Macerich had a negative net margin of 31.00% and a negative return on equity of 10.26%. The business had revenue of $238.70 million for the quarter, compared to the consensus estimate of $224.49 million. During the same quarter in the prior year, the business posted $0.53 earnings per share. Macerich’s revenue for the quarter was up 4.6% on a year-over-year basis. Sell-side analysts forecast that Macerich will post 1.8 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on the stock. Truist Financial reiterated a “hold” rating and set a $16.00 price objective on shares of Macerich in a research note on Monday, March 25th. The Goldman Sachs Group raised their target price on shares of Macerich from $9.00 to $13.00 and gave the company a “sell” rating in a research note on Thursday, January 11th. Citigroup upgraded shares of Macerich from a “sell” rating to a “neutral” rating and raised their target price for the company from $8.00 to $17.00 in a research note on Friday, March 22nd. Finally, StockNews.com downgraded shares of Macerich from a “hold” rating to a “sell” rating in a research note on Thursday, April 18th. Two investment analysts have rated the stock with a sell rating and three have issued a hold rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $14.40.

Insider Buying and Selling

In related news, Director Hern Thomas E. O sold 7,964 shares of the firm’s stock in a transaction on Thursday, March 14th. The shares were sold at an average price of $16.39, for a total transaction of $130,529.96. Following the completion of the transaction, the director now owns 197,900 shares of the company’s stock, valued at $3,243,581. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In related news, Director Hern Thomas E. O sold 7,964 shares of the firm’s stock in a transaction on Thursday, March 14th. The shares were sold at an average price of $16.39, for a total transaction of $130,529.96. Following the completion of the transaction, the director now owns 197,900 shares of the company’s stock, valued at $3,243,581. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, President Edward C. Coppola sold 50,000 shares of the firm’s stock in a transaction on Tuesday, February 20th. The stock was sold at an average price of $17.20, for a total transaction of $860,000.00. Following the transaction, the president now directly owns 655,667 shares of the company’s stock, valued at approximately $11,277,472.40. The disclosure for this sale can be found here. Insiders sold a total of 172,964 shares of company stock valued at $2,940,030 over the last 90 days. Insiders own 0.57% 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.