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

The Macerich Company (NYSE:MAC) announced a quarterly dividend on Thursday, October 31st,Zacks Dividends reports. Shareholders of record on Tuesday, November 12th will be paid a dividend of 0.17 per share by the real estate investment trust on Monday, December 2nd. This represents a $0.68 dividend on an annualized basis and a yield of 3.48%. The ex-dividend date is Tuesday, November 12th.

Macerich has increased its dividend by an average of 139.8% per year over the last three years. Macerich has a payout ratio of -377.8% 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 $1.62 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 42.0%.

Macerich Stock Performance

NYSE MAC opened at $19.52 on Monday. The company has a market cap of $4.22 billion, a P/E ratio of 50.05, a P/E/G ratio of 0.65 and a beta of 2.50. The business’s 50 day moving average price is $17.62 and its 200-day moving average price is $16.05. Macerich has a fifty-two week low of $9.90 and a fifty-two week high of $20.27. The company has a debt-to-equity ratio of 1.68, a quick ratio of 0.86 and a current ratio of 0.92.

Macerich (NYSE:MAC) last released its earnings results on Wednesday, November 6th. The real estate investment trust reported ($0.50) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.40 by ($0.90). The firm had revenue of $220.20 million during the quarter, compared to the consensus estimate of $208.54 million. Macerich had a return on equity of 3.15% and a net margin of 8.98%. Macerich’s revenue was up .9% compared to the same quarter last year. During the same quarter last year, the business posted $0.44 EPS. Sell-side analysts predict that Macerich will post 1.61 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of research firms have recently commented on MAC. Bank of America upped their target price on Macerich from $17.00 to $19.00 and gave the company a “neutral” rating in a research note on Friday, October 11th. Compass Point upped their price objective on Macerich from $20.00 to $23.00 and gave the company a “buy” rating in a research report on Thursday. The Goldman Sachs Group lifted their target price on Macerich from $13.00 to $14.60 and gave the stock a “sell” rating in a research report on Thursday, September 19th. Evercore ISI upped their price target on shares of Macerich from $15.00 to $16.00 and gave the stock an “in-line” rating in a report on Wednesday, August 28th. Finally, StockNews.com lowered shares of Macerich from a “hold” rating to a “sell” rating in a report on Thursday. Five equities research analysts have rated the stock with a sell rating, four have given a hold rating and one has issued a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $16.40.

Macerich Company Profile

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.