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

The Macerich Company (NYSE:MAC) declared a quarterly dividend on Friday, April 26th, Zacks reports. Shareholders 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 yield of 4.34%. The ex-dividend date of this dividend is Friday, May 17th.

Macerich has decreased its dividend by an average of 24.0% annually 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. 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 Stock Performance

Shares of MAC opened at $15.67 on Friday. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 1.67. The stock has a market cap of $3.38 billion, a P/E ratio of -12.34, a PEG ratio of 1.76 and a beta of 2.33. The company has a 50-day moving average of $16.33 and a two-hundred day moving average of $14.53. Macerich has a 12-month low of $9.05 and a 12-month high of $17.69.

Macerich (NYSE:MAC) last announced its earnings results 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). The business had revenue of $238.70 million for the quarter, compared to analyst estimates of $224.49 million. Macerich had a negative return on equity of 10.26% and a negative net margin of 31.00%. The business’s revenue was up 4.6% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.53 EPS. As a group, research analysts predict that Macerich will post 1.8 EPS for the current fiscal year.

Insider Buying and Selling

In related news, President Edward C. Coppola sold 50,000 shares of the company’s stock in a transaction that occurred on Tuesday, February 20th. The shares were sold at an average price of $17.20, for a total transaction of $860,000.00. Following the completion of the transaction, the president now owns 655,667 shares of the company’s stock, valued at $11,277,472.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, Director Hern Thomas E. O sold 7,964 shares of the company’s stock in a transaction that occurred 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 document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, President Edward C. Coppola sold 50,000 shares of the company’s stock in a transaction that occurred 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. Over the last quarter, insiders sold 172,964 shares of company stock valued at $2,940,030. Insiders own 0.57% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have issued reports on MAC. Citigroup upgraded shares of Macerich from a “sell” rating to a “neutral” rating and lifted their target price for the stock from $8.00 to $17.00 in a research report on Friday, March 22nd. Truist Financial reissued a “hold” rating and issued a $16.00 price objective on shares of Macerich in a research report on Monday, March 25th. StockNews.com lowered shares of Macerich from a “hold” rating to a “sell” rating in a research report on Thursday, April 18th. Finally, The Goldman Sachs Group boosted their price objective on shares of Macerich from $9.00 to $13.00 and gave the company a “sell” rating in a research report on Thursday, January 11th. Two research analysts have rated the stock with a sell rating and three have assigned a hold rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $14.40.

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.