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

The Macerich Company (NYSE:MAC - Get Free Report) announced a quarterly dividend on Thursday, October 31st, Zacks reports. Investors of record on Tuesday, November 12th will be given 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 dividend yield of 3.71%. The ex-dividend date is Tuesday, November 12th.

Macerich has increased its dividend by an average of 139.8% annually over the last three years. Macerich has a dividend payout ratio of -377.8% 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 $1.63 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 41.7%.

Macerich Stock Down 2.0 %

MAC stock traded down $0.38 during mid-day trading on Friday, reaching $18.32. 1,583,042 shares of the company traded hands, compared to its average volume of 1,768,605. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 1.76. The firm's 50 day moving average price is $17.24 and its 200 day moving average price is $15.91. The stock has a market cap of $3.96 billion, a price-to-earnings ratio of -55.51, a P/E/G ratio of 0.63 and a beta of 2.50. Macerich has a fifty-two week low of $9.90 and a fifty-two week high of $19.09.

Analysts Set New Price Targets

MAC has been the topic of several recent analyst reports. StockNews.com upgraded Macerich from a "sell" rating to a "hold" rating in a research note on Friday, August 2nd. Bank of America raised their price target on shares of Macerich from $17.00 to $19.00 and gave the company a "neutral" rating in a research report on Friday, October 11th. The Goldman Sachs Group increased their price objective on shares of Macerich from $13.00 to $14.60 and gave the company a "sell" rating in a research note on Thursday, September 19th. Evercore ISI lifted their target price on shares of Macerich from $15.00 to $16.00 and gave the stock an "in-line" rating in a research report on Wednesday, August 28th. Finally, Piper Sandler upped their target price on Macerich from $11.00 to $14.00 and gave the company an "underweight" rating in a report on Tuesday, September 3rd. Four analysts have rated the stock with a sell rating, five have issued a hold rating and one has issued a buy rating to the company's stock. According to MarketBeat, Macerich currently has a consensus rating of "Hold" and a consensus target price of $15.84.

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.