Macerich Co (NYSE:MAC) declared a quarterly dividend on Thursday, July 25th, RTT News reports. Shareholders of record on Monday, August 19th will be given a dividend of 0.75 per share by the real estate investment trust on Friday, September 6th. This represents a $3.00 dividend on an annualized basis and a yield of 9.86%. The ex-dividend date is Friday, August 16th.
Macerich has increased its dividend payment by an average of 4.1% annually over the last three years and has increased its dividend annually for the last 8 consecutive years. Macerich has a dividend payout ratio of 76.7% meaning its dividend is currently covered by earnings, but may not be in the future if the company’s earnings tumble. Equities research analysts expect Macerich to earn $3.67 per share next year, which means the company should continue to be able to cover its $3.00 annual dividend with an expected future payout ratio of 81.7%.
MAC opened at $30.44 on Wednesday. The business has a fifty day moving average price of $32.61. The company has a debt-to-equity ratio of 1.87, a quick ratio of 0.93 and a current ratio of 0.93. The company has a market capitalization of $4.29 billion, a P/E ratio of 7.91, a price-to-earnings-growth ratio of 3.73 and a beta of 0.73. Macerich has a 12-month low of $30.10 and a 12-month high of $59.22.
A number of equities analysts have issued reports on MAC shares. Barclays reiterated a “hold” rating and issued a $36.00 price objective on shares of Macerich in a report on Thursday, July 18th. BMO Capital Markets restated a “buy” rating and set a $44.00 price target on shares of Macerich in a report on Monday, August 5th. Morgan Stanley reduced their price target on Macerich from $180.00 to $170.00 and set an “underweight” rating for the company in a report on Thursday, June 20th. Finally, Citigroup reduced their price target on Macerich from $46.00 to $34.00 and set a “neutral” rating for the company in a report on Friday, June 28th. Three equities research analysts have rated the stock with a sell rating, ten have issued a hold rating and three have issued a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus target price of $58.00.
In other news, EVP Kenneth Volk bought 3,000 shares of the company’s stock in a transaction on Friday, August 9th. The shares were acquired at an average cost of $30.43 per share, with a total value of $91,290.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Andrea M. Stephen bought 20,000 shares of the company’s stock in a transaction on Tuesday, June 11th. The stock was purchased at an average cost of $35.02 per share, for a total transaction of $700,400.00. Following the completion of the transaction, the director now directly owns 16,580 shares of the company’s stock, valued at approximately $580,631.60. The disclosure for this purchase can be found here. Insiders purchased a total of 92,723 shares of company stock valued at $3,117,379 over the last quarter. 1.73% of the stock is owned by corporate insiders.
Macerich, an S&P 500 company, is a fully integrated, self-managed and self-administered real estate investment trust, which focuses on the acquisition, leasing, management, development and redevelopment of regional malls throughout the United States. Macerich currently owns 51 million square feet of real estate consisting primarily of interests in 47 regional shopping centers.
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