The Macerich Company (NYSE:MAC) to Issue $0.17 Quarterly Dividend

The Macerich Company (NYSE:MAC - Get Free Report) announced a quarterly dividend on Monday, April 28th, RTT News reports. Investors of record on Tuesday, June 3rd will be paid a dividend of 0.17 per share by the real estate investment trust on Tuesday, June 17th. This represents a $0.68 annualized dividend and a yield of 4.51%.

Macerich has raised its dividend payment 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 Stock Up 1.6 %

Shares of MAC stock traded up $0.24 during trading hours on Monday, hitting $15.07. 2,358,003 shares of the company were exchanged, compared to its average volume of 2,000,065. Macerich has a 52 week low of $12.48 and a 52 week high of $22.27. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 1.68. The business has a 50 day moving average of $16.50 and a two-hundred day moving average of $18.78. The company has a market capitalization of $3.81 billion, a PE ratio of 38.64, a PEG ratio of 0.71 and a beta of 2.17.

Analysts Set New Price Targets

Several analysts have issued reports on MAC shares. Truist Financial raised Macerich from a "hold" rating to a "buy" rating and set a $19.00 price target on the stock in a research note on Thursday, April 10th. Scotiabank cut their target price on Macerich from $21.00 to $16.00 and set a "sector perform" rating on the stock in a research note on Wednesday, April 23rd. JPMorgan Chase & Co. reduced their price target on Macerich from $22.00 to $18.00 and set an "underweight" rating for the company in a research report on Monday, March 10th. Jefferies Financial Group upgraded shares of Macerich from a "hold" rating to a "buy" rating and lifted their price objective for the company from $19.00 to $23.00 in a report on Thursday, January 2nd. Finally, The Goldman Sachs Group reduced their target price on shares of Macerich from $16.70 to $14.40 and set a "sell" rating for the company in a report on Monday, March 10th. Four analysts have rated the stock with a sell rating, six have issued a hold rating and three have assigned a buy rating to the company's stock. Based on data from MarketBeat, Macerich presently has a consensus rating of "Hold" and an average price target of $18.95.

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.

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