Macerich Company (The) (MAC) Raises Dividend to $0.74 Per Share
Macerich Company (The) (NYSE:MAC) announced a quarterly dividend on Tuesday, October 24th, RTT News reports. Investors of record on Friday, November 10th will be paid a dividend of 0.74 per share by the real estate investment trust on Friday, December 1st. This represents a $2.96 annualized dividend and a yield of 5.22%. This is a boost from Macerich Company (The)’s previous quarterly dividend of $0.71.
Macerich Company (The) has increased its dividend by an average of 5.2% per year over the last three years and has raised its dividend annually for the last 6 consecutive years. Macerich Company (The) has a payout ratio of 71.7% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Macerich Company (The) to earn $0.85 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 334.1%.
Shares of Macerich Company (NYSE MAC) traded down 1.53% during midday trading on Tuesday, reaching $56.70. 933,641 shares of the company traded hands. The firm has a market capitalization of $8.02 billion, a P/E ratio of 55.75 and a beta of 0.80. The company has a 50 day moving average of $55.58 and a 200 day moving average of $58.01. Macerich Company has a 12 month low of $52.12 and a 12 month high of $76.97.
Macerich Company (The) (NYSE:MAC) last posted its quarterly earnings results on Wednesday, August 2nd. The real estate investment trust reported $0.98 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.94 by $0.04. The firm had revenue of $247.20 million for the quarter, compared to analysts’ expectations of $218.62 million. Macerich Company (The) had a net margin of 14.39% and a return on equity of 3.38%. The firm’s quarterly revenue was down 4.9% on a year-over-year basis. During the same period in the prior year, the company posted $1.02 earnings per share. On average, equities research analysts predict that Macerich Company will post $1.07 earnings per share for the current fiscal year.
Several research firms recently issued reports on MAC. BidaskClub raised shares of Macerich Company (The) from a “hold” rating to a “buy” rating in a report on Wednesday, August 9th. Barclays PLC cut their price target on shares of Macerich Company (The) to $61.00 and set an “equal weight” rating on the stock in a report on Tuesday, July 18th. Boenning Scattergood raised shares of Macerich Company (The) from a “neutral” rating to an “outperform” rating in a report on Wednesday, August 23rd. J P Morgan Chase & Co raised shares of Macerich Company (The) from a “neutral” rating to an “overweight” rating and set a $68.00 price target on the stock in a report on Tuesday, September 26th. Finally, KeyCorp reaffirmed a “buy” rating and issued a $75.00 price target on shares of Macerich Company (The) in a report on Thursday, September 28th. One equities research analyst has rated the stock with a sell rating, thirteen have assigned a hold rating and five have given a buy rating to the company’s stock. Macerich Company (The) presently has an average rating of “Hold” and a consensus price target of $66.93.
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About Macerich Company (The)
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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