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

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

Macerich has increased its dividend by an average of 4.3% annually over the last three years. Macerich has a dividend 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. 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 Price Performance

MAC stock opened at $15.07 on Tuesday. The company has a debt-to-equity ratio of 1.68, a current ratio of 0.92 and a quick ratio of 0.92. The firm has a market capitalization of $3.81 billion, a P/E ratio of 38.64, a P/E/G ratio of 0.71 and a beta of 2.17. The business’s 50-day moving average is $16.40 and its two-hundred day moving average is $18.75. Macerich has a 1 year low of $12.48 and a 1 year high of $22.27.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on MAC shares. Piper Sandler reduced their price target on Macerich from $17.00 to $16.00 and set an “underweight” rating on the stock in a research report on Friday, February 28th. JPMorgan Chase & Co. cut their target price on Macerich from $22.00 to $18.00 and set an “underweight” rating on the stock in a research report on Monday, March 10th. Morgan Stanley cut their target price on Macerich from $20.00 to $19.00 and set an “equal weight” rating on the stock in a research report on Tuesday, April 1st. 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 report on Wednesday, April 23rd. Finally, Jefferies Financial Group raised Macerich from a “hold” rating to a “buy” rating and raised their target price for the stock from $19.00 to $23.00 in a research report on Thursday, January 2nd. Four investment analysts have rated the stock with a sell rating, six have assigned a hold rating and three have given a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $18.95.

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.