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

Key Points

• Macerich Company declared a quarterly dividend of $0.17, with a yield of 4.1%, payable on September 23rd to investors of record as of September 9th.
• The company has a dividend payout ratio of -2,266.7%, indicating it cannot cover its dividend solely through earnings and is dependent on its balance sheet.
• Analysts have mixed ratings on Macerich's stock, with a consensus rating of "Hold" and an average target price of $19.26 amidst various price target adjustments by different research firms.

Macerich Company (The) (NYSE:MAC - Get Free Report) announced a quarterly dividend on Thursday, July 31st, RTT News reports. Investors of record on Tuesday, September 9th will be given a dividend of 0.17 per share by the real estate investment trust on Tuesday, September 23rd. This represents a c) dividend on an annualized basis and a yield of 4.1%.

Macerich has a dividend payout ratio of -2,266.7% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. 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 Stock Performance

MAC traded up $0.15 during trading hours on Thursday, reaching $16.71. The company's stock had a trading volume of 3,232,528 shares, compared to its average volume of 2,012,583. The company has a debt-to-equity ratio of 1.91, a quick ratio of 1.09 and a current ratio of 1.09. The firm has a market cap of $4.22 billion, a PE ratio of -38.86, a price-to-earnings-growth ratio of 3.32 and a beta of 2.13. The company's 50-day moving average is $16.28 and its 200-day moving average is $16.99. Macerich has a 52 week low of $12.48 and a 52 week high of $22.27.

Macerich (NYSE:MAC - Get Free Report) last posted its quarterly earnings data on Monday, May 12th. The real estate investment trust reported $0.33 earnings per share for the quarter, topping the consensus estimate of $0.31 by $0.02. The firm had revenue of $249.22 million for the quarter, compared to analysts' expectations of $221.61 million. Macerich had a negative return on equity of 4.37% and a negative net margin of 12.26%. The company's quarterly revenue was up 19.3% compared to the same quarter last year. During the same quarter last year, the business earned $0.33 EPS. On average, equities analysts forecast that Macerich will post 1.55 EPS for the current year.

Wall Street Analyst Weigh In

Several research firms have weighed in on MAC. Mizuho upgraded Macerich from a "neutral" rating to an "outperform" rating and lowered their price objective for the stock from $22.00 to $18.00 in a research report on Tuesday, June 10th. Truist Financial raised their price target on Macerich from $19.00 to $21.00 and gave the stock a "buy" rating in a research report on Monday, June 9th. Scotiabank decreased their price target on Macerich from $21.00 to $16.00 and set a "sector perform" rating on the stock in a research report on Wednesday, April 23rd. Piper Sandler upgraded Macerich from an "underweight" rating to a "neutral" rating and set a $16.00 price target on the stock in a research report on Thursday, May 22nd. Finally, LADENBURG THALM/SH SH initiated coverage on Macerich in a research report on Friday, July 18th. They issued a "buy" rating and a $25.00 price target on the stock. Three equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and five have issued a buy rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and an average target price of $19.26.

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.

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