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

Macerich Company (The) (NYSE:MAC) declared a quarterly dividend on Monday, May 4th. Stockholders of record on Monday, June 15th will be paid a dividend of 0.17 per share by the real estate investment trust on Monday, June 29th. This represents a c) annualized dividend and a dividend yield of 3.2%. The ex-dividend date is Monday, June 15th.

Macerich has decreased its dividend by an average of 0.1%per year over the last three years. Macerich has a 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 $1.62 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 42.0%.

Macerich Trading Down 0.1%

Shares of Macerich stock opened at $21.48 on Tuesday. The stock has a market cap of $5.59 billion, a P/E ratio of -27.90, a P/E/G ratio of 1.49 and a beta of 2.12. The stock’s 50 day simple moving average is $20.10 and its 200-day simple moving average is $18.78. Macerich has a 1-year low of $14.62 and a 1-year high of $22.56. The company has a debt-to-equity ratio of 2.01, a current ratio of 1.02 and a quick ratio of 1.02.

Macerich (NYSE:MAC) last issued its earnings results on Wednesday, February 18th. The real estate investment trust reported ($0.07) earnings per share for the quarter, missing the consensus estimate of $0.43 by ($0.50). The company had revenue of $261.70 million for the quarter, compared to analyst estimates of $260.48 million. Macerich had a negative return on equity of 7.32% and a negative net margin of 19.44%.The company’s revenue for the quarter was down 4.4% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.47 earnings per share. Analysts predict that Macerich will post 1.46 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on MAC shares. Citigroup boosted their target price on Macerich from $19.00 to $21.00 and gave the stock a “neutral” rating in a report on Wednesday, February 25th. The Goldman Sachs Group upped their price objective on Macerich from $15.00 to $17.00 and gave the company a “sell” rating in a report on Monday, March 2nd. Scotiabank upgraded Macerich from a “sector perform” rating to a “sector outperform” rating and upped their price objective for the company from $19.00 to $22.00 in a report on Monday, March 30th. Weiss Ratings reiterated a “sell (d+)” rating on shares of Macerich in a report on Thursday, January 22nd. Finally, KeyCorp set a $25.00 price objective on Macerich and gave the company an “overweight” rating in a report on Monday, February 23rd. Seven research analysts have rated the stock with a Buy rating, three have issued a Hold rating and three have assigned a Sell rating to the company’s stock. According to data from MarketBeat, Macerich presently has an average rating of “Hold” and a consensus target price of $20.77.

Macerich Company Profile

The Macerich Company (NYSE: MAC) is a real estate investment trust (REIT) that specializes in the acquisition, development, ownership and management of regional shopping centers in the United States. Headquartered in Santa Monica, California, the company focuses on high-quality retail properties, including enclosed malls, open-air centers and mixed-use lifestyle destinations. Since its establishment as a REIT in 1994, Macerich has pursued a disciplined strategy of investing in properties that serve strong consumer demographics and offer long-term growth potential.

Macerich’s core activities encompass property and asset management, leasing, marketing and redevelopment services.