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

The Macerich Company (NYSE:MAC) announced a quarterly dividend on Friday, July 26th, NASDAQ reports. Stockholders of record on Monday, August 19th will be given a dividend of 0.17 per share by the real estate investment trust on Monday, September 9th. This represents a $0.68 annualized dividend and a dividend yield of 4.19%. The ex-dividend date is Monday, August 19th.

Macerich has increased its dividend by an average of 139.8% annually over the last three years. Macerich has a payout ratio of -850.0% meaning 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 $1.69 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 40.2%.

Macerich Price Performance

Macerich stock opened at $16.22 on Friday. The stock has a market cap of $3.50 billion, a price-to-earnings ratio of -10.40, a price-to-earnings-growth ratio of 0.51 and a beta of 2.51. The firm has a 50-day moving average of $15.16 and a two-hundred day moving average of $15.78. Macerich has a 1 year low of $9.21 and a 1 year high of $17.69. The company has a debt-to-equity ratio of 1.81, a current ratio of 1.03 and a quick ratio of 1.03.

Analysts Set New Price Targets

MAC has been the topic of several research reports. StockNews.com downgraded Macerich from a “hold” rating to a “sell” rating in a report on Tuesday, April 30th. Mizuho decreased their price objective on Macerich from $17.00 to $14.00 and set an “underperform” rating for the company in a report on Wednesday, May 1st. Compass Point cut their target price on shares of Macerich from $20.00 to $18.00 and set a “buy” rating on the stock in a research report on Wednesday, May 1st. The Goldman Sachs Group dropped their price objective on shares of Macerich from $14.00 to $12.50 and set a “sell” rating on the stock in a research note on Monday, June 17th. Finally, Piper Sandler lowered shares of Macerich from a “neutral” rating to an “underweight” rating and decreased their price target for the company from $17.00 to $11.00 in a research report on Wednesday, May 1st. Five equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and one has assigned a buy rating to the company. According to MarketBeat, the company has an average rating of “Hold” and an average target price of $14.64.

Insiders Place Their Bets

In other Macerich news, CEO Jackson Hsieh purchased 140,000 shares of the business’s stock in a transaction that occurred on Monday, May 6th. The stock was purchased at an average price of $14.26 per share, for a total transaction of $1,996,400.00. Following the purchase, the chief executive officer now directly owns 170,500 shares in the company, valued at $2,431,330. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, CEO Jackson Hsieh bought 140,000 shares of Macerich stock in a transaction on Monday, May 6th. The stock was acquired at an average price of $14.26 per share, with a total value of $1,996,400.00. Following the completion of the acquisition, the chief executive officer now directly owns 170,500 shares of the company’s stock, valued at $2,431,330. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, EVP Doug J. Healey purchased 7,500 shares of the company’s stock in a transaction that occurred on Tuesday, May 7th. The shares were purchased at an average price of $15.20 per share, with a total value of $114,000.00. Following the completion of the transaction, the executive vice president now directly owns 78,487 shares of the company’s stock, valued at approximately $1,193,002.40. The disclosure for this purchase can be found here. Over the last quarter, insiders bought 163,365 shares of company stock worth $2,358,681. Company insiders own 0.53% of the company’s stock.

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.