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

Key Points

• Macerich declared a quarterly dividend of $0.17 per share, payable December 28 to shareholders of record as of December 14. The annualized dividend is $0.68, representing a 2.7% yield.
• The dividend is currently not covered by earnings, with a reported payout ratio of -2,266.7%; however, analysts expect next year’s earnings to support a projected 41.0% payout ratio.
• Macerich shares rose 2.1% to $24.85, while analysts maintain a “Moderate Buy” consensus rating and an average price target of $26.19.

Macerich Company (The) (NYSE:MAC - Get Free Report) announced a quarterly dividend on Monday, November 2nd. Shareholders of record on Monday, December 14th will be given a dividend of $0.17 per share by the real estate investment trust on Monday, December 28th. This represents a $0.68 dividend on an annualized basis and a yield of 2.7%. The ex-dividend date is Monday, December 14th.

Macerich has decreased its dividend payment by an average of 0.1% annually over the last three years. Macerich has a dividend payout ratio of -2,266.7% indicating that 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 $1.66 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 41.0%.

Macerich Trading Up 2.1%

Shares of Macerich stock traded up $0.51 on Monday, hitting $24.85. 1,871,024 shares of the company's stock traded hands, compared to its average volume of 2,947,519. The firm's 50-day moving average price is $23.14 and its two-hundred day moving average price is $22.20. The company has a debt-to-equity ratio of 1.67, a current ratio of 0.88 and a quick ratio of 0.88. The stock has a market capitalization of $7.05 billion, a PE ratio of -38.23, a price-to-earnings-growth ratio of 1.75 and a beta of 2.11. Macerich has a one year low of $16.03 and a one year high of $26.67.

Macerich (NYSE:MAC - Get Free Report) last announced its quarterly earnings data on Tuesday, August 4th. The real estate investment trust reported ($0.10) EPS for the quarter, missing analysts' consensus estimates of ($0.05) by ($0.05). The company had revenue of $249.71 million for the quarter, compared to analyst estimates of $239.77 million. Macerich had a negative return on equity of 6.26% and a negative net margin of 16.85%. The firm's revenue for the quarter was up .0% on a year-over-year basis. During the same period last year, the firm earned $0.33 earnings per share. On average, research analysts expect that Macerich will post 1.49 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of analysts have recently commented on MAC shares. Citigroup upped their price target on Macerich from $28.00 to $29.00 and gave the company a "buy" rating in a research note on Tuesday, August 11th. Mizuho set a $28.00 price objective on shares of Macerich in a research note on Wednesday, August 5th. Piper Sandler decreased their price objective on shares of Macerich from $30.00 to $26.00 and set an "overweight" rating for the company in a report on Monday, October 12th. Truist Financial started coverage on shares of Macerich in a report on Friday, October 2nd. They set a "buy" rating and a $26.00 price objective for the company. Finally, JPMorgan Chase & Co. raised shares of Macerich from a "neutral" rating to an "overweight" rating and set a $26.00 target price for the company in a research note on Thursday, September 24th. One research analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat.com, Macerich currently has an average rating of "Moderate Buy" and an average price target of $26.19.

Macerich Company Profile

Macerich NYSE: MAC is a self-managed and self-administered real estate investment trust that owns, operates and develops retail and mixed-use properties in the United States. The company's portfolio primarily consists of regional shopping centers and high-quality malls located in major markets, with a concentration in the Western and Sun Belt regions.

Macerich generates revenue primarily through leasing retail, dining, entertainment and other commercial space to tenants. Its activities also include property management, marketing, redevelopment and the development of mixed-use projects designed to combine retail with residential, office, hotel and other uses.

The company traces its roots to the 1960s and has expanded through the acquisition, development and redevelopment of retail real estate.

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