Macerich Co (NYSE:MAC) announced a quarterly dividend on Thursday, April 20th. Stockholders of record on Friday, May 5th will be given a dividend of 0.71 per share by the real estate investment trust on Friday, June 2nd. This represents a $2.84 dividend on an annualized basis and a dividend yield of 4.88%. The ex-dividend date is Wednesday, May 3rd.
Macerich has raised its dividend payment by an average of 5.2% annually over the last three years and has raised its dividend every year for the last 6 years. Macerich has a dividend payout ratio of 71.9% indicating that its dividend is sufficiently covered by earnings. Analysts expect Macerich to earn $0.76 per share next year, which means the company may not be able to cover its $2.84 annual dividend with an expected future payout ratio of 373.7%.
Shares of Macerich (NYSE:MAC) opened at 59.35 on Friday. The stock has a 50 day moving average price of $62.72 and a 200-day moving average price of $66.72. The company has a market cap of $8.41 billion, a P/E ratio of 52.06 and a beta of 0.79. Macerich has a 1-year low of $56.42 and a 1-year high of $94.51.
Macerich (NYSE:MAC) last announced its quarterly earnings data on Thursday, April 27th. The real estate investment trust reported $0.87 EPS for the quarter, beating the Zacks’ consensus estimate of $0.84 by $0.03. The firm had revenue of $219.90 million for the quarter, compared to analyst estimates of $222.65 million. Macerich had a return on equity of 11.24% and a net margin of 49.65%. The business’s quarterly revenue was down 6.1% compared to the same quarter last year. During the same period last year, the company earned $0.87 EPS. Analysts predict that Macerich will post $0.78 earnings per share for the current fiscal year.
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A number of brokerages have commented on MAC. Citigroup Inc reiterated a “neutral” rating on shares of Macerich in a research report on Thursday, May 11th. Barclays PLC decreased their price objective on Macerich from $66.00 to $63.00 and set an “equal weight” rating on the stock in a research report on Wednesday, April 19th. Zacks Investment Research upgraded Macerich from a “sell” rating to a “hold” rating in a research report on Wednesday, April 19th. BTIG Research reiterated a “buy” rating and issued a $82.00 price objective on shares of Macerich in a research report on Monday, April 3rd. Finally, Canaccord Genuity cut their price target on Macerich from $77.00 to $71.00 and set a “hold” rating on the stock in a research note on Monday, March 27th. Two analysts have rated the stock with a sell rating, ten have given a hold rating and four have given a buy rating to the company’s stock. Macerich currently has an average rating of “Hold” and an average price target of $75.07.
The Macerich Company is a self-administered and self-managed real estate investment trust (REIT). The Company is involved in the acquisition, ownership, development, redevelopment, management and leasing of regional and community/power shopping centers located throughout the United States. The Company owns ownership interests in, The Macerich Partnership, L.P.
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