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

The Macerich Company (NYSE:MAC - Get Free Report) declared a quarterly dividend on Friday, February 14th,RTT News reports. Investors of record on Tuesday, March 4th will be given a dividend of 0.17 per share by the real estate investment trust on Tuesday, March 18th. This represents a $0.68 annualized dividend and a dividend yield of 3.27%. The ex-dividend date of this dividend is Tuesday, March 4th.

Macerich has raised its dividend by an average of 4.3% annually over the last three years. Macerich has a payout ratio of 6,800.0% 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 $1.55 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 43.9%.

Macerich Price Performance

Shares of Macerich stock traded up $0.32 during midday trading on Tuesday, hitting $20.82. 1,432,277 shares of the company were exchanged, compared to its average volume of 1,569,764. The firm has a 50 day simple moving average of $20.37 and a 200-day simple moving average of $18.67. The company has a debt-to-equity ratio of 1.68, a current ratio of 0.92 and a quick ratio of 0.92. Macerich has a 52 week low of $12.99 and a 52 week high of $22.27. The firm has a market cap of $5.17 billion, a P/E ratio of 53.37, a PEG ratio of 0.72 and a beta of 2.50.

Insider Activity

In other news, Director Andrea M. Stephen sold 63,289 shares of Macerich stock in a transaction on Thursday, December 26th. The stock was sold at an average price of $20.59, for a total value of $1,303,120.51. Following the completion of the sale, the director now directly owns 83,479 shares of the company's stock, valued at approximately $1,718,832.61. This trade represents a 43.12 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.53% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on MAC shares. Morgan Stanley upgraded Macerich from an "underweight" rating to an "equal weight" rating and set a $20.00 price objective for the company in a research report on Wednesday, January 15th. Piper Sandler lifted their price objective on Macerich from $14.00 to $17.00 and gave the company an "underweight" rating in a research report on Wednesday, December 11th. StockNews.com downgraded Macerich from a "hold" rating to a "sell" rating in a research report on Thursday, November 7th. Deutsche Bank Aktiengesellschaft started coverage on Macerich in a research report on Tuesday, December 17th. They issued a "hold" rating and a $22.00 price objective for the company. Finally, Scotiabank upgraded Macerich from a "sector underperform" rating to a "sector perform" rating and set a $22.00 price objective for the company in a research report on Tuesday, December 17th. Three investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and two have issued a buy rating to the company. According to MarketBeat.com, the stock has an average rating of "Hold" and an average price target of $19.30.

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.