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

The Macerich Company (NYSE:MAC - Get Free Report) announced a quarterly dividend on Friday, April 26th, Zacks reports. Shareholders of record on Monday, May 20th will be given a dividend of 0.17 per share by the real estate investment trust on Monday, June 3rd. This represents a $0.68 dividend on an annualized basis and a yield of 4.34%. The ex-dividend date is Friday, May 17th.

Macerich has decreased its dividend payment by an average of 24.0% annually over the last three years. Macerich has a payout ratio of -755.6% 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 $1.84 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 37.0%.

Macerich Stock Up 1.9 %

Macerich stock traded up $0.29 during midday trading on Friday, reaching $15.67. The company's stock had a trading volume of 1,111,402 shares, compared to its average volume of 1,413,158. Macerich has a fifty-two week low of $9.05 and a fifty-two week high of $17.69. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 1.67. The company has a market cap of $3.38 billion, a P/E ratio of -12.34, a P/E/G ratio of 1.73 and a beta of 2.33. The business has a 50-day simple moving average of $16.33 and a 200-day simple moving average of $14.53.

Macerich (NYSE:MAC - Get Free Report) last posted its quarterly earnings results on Wednesday, February 7th. The real estate investment trust reported $0.29 earnings per share for the quarter, missing analysts' consensus estimates of $0.55 by ($0.26). Macerich had a negative net margin of 31.00% and a negative return on equity of 10.26%. The business had revenue of $238.70 million during the quarter, compared to analyst estimates of $224.49 million. During the same quarter in the prior year, the business earned $0.53 earnings per share. The firm's quarterly revenue was up 4.6% on a year-over-year basis. On average, research analysts expect that Macerich will post 1.8 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Director Edward C. Coppola sold 20,000 shares of the firm's stock in a transaction dated Wednesday, March 27th. The stock was sold at an average price of $17.01, for a total transaction of $340,200.00. Following the transaction, the director now owns 635,667 shares of the company's stock, valued at $10,812,695.67. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In other news, Director Hern Thomas E. O sold 7,964 shares of the business's stock in a transaction that occurred on Thursday, March 14th. The stock was sold at an average price of $16.39, for a total transaction of $130,529.96. Following the sale, the director now owns 197,900 shares of the company's stock, valued at approximately $3,243,581. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Edward C. Coppola sold 20,000 shares of the business's stock in a transaction that occurred on Wednesday, March 27th. The stock was sold at an average price of $17.01, for a total value of $340,200.00. Following the sale, the director now directly owns 635,667 shares in the company, valued at approximately $10,812,695.67. The disclosure for this sale can be found here. Insiders have sold a total of 172,964 shares of company stock valued at $2,940,030 over the last quarter. 0.57% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

A number of analysts have recently commented on MAC shares. Citigroup upgraded Macerich from a "sell" rating to a "neutral" rating and lifted their target price for the stock from $8.00 to $17.00 in a research report on Friday, March 22nd. StockNews.com cut Macerich from a "hold" rating to a "sell" rating in a research report on Thursday, April 18th. The Goldman Sachs Group lifted their target price on Macerich from $9.00 to $13.00 and gave the stock a "sell" rating in a research report on Thursday, January 11th. Finally, Truist Financial reiterated a "hold" rating and set a $16.00 target price on shares of Macerich in a research report on Monday, March 25th. Two investment analysts have rated the stock with a sell rating and three have given a hold rating to the stock. According to MarketBeat, the company currently has an average rating of "Hold" and an average price target of $14.40.

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.