Macerich Company (The) (MAC) to Issue $0.71 Quarterly Dividend
Macerich Company (The) (NYSE:MAC) declared a quarterly dividend on Friday, August 4th, RTT News reports. Investors of record on Friday, August 18th will be given a dividend of 0.71 per share by the real estate investment trust on Thursday, September 7th. This represents a $2.84 annualized dividend and a yield of 4.79%.
Macerich Company (The) has raised its dividend 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 Company (The) has a payout ratio of 71.9% indicating that its dividend is sufficiently covered by earnings. Analysts expect Macerich Company (The) to earn $0.81 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 350.6%.
Macerich Company (MAC) traded up 4.25% on Friday, reaching $59.34. 1,751,207 shares of the company traded hands. The company has a market capitalization of $8.41 billion, a P/E ratio of 52.05 and a beta of 0.77. The company has a 50-day moving average price of $58.27 and a 200-day moving average price of $62.59. Macerich Company has a 12 month low of $56.06 and a 12 month high of $88.02.
Macerich Company (The) (NYSE:MAC) last announced its quarterly earnings data on Wednesday, August 2nd. The real estate investment trust reported $0.98 earnings per share for the quarter, beating analysts’ consensus estimates of $0.94 by $0.04. The business had revenue of $247.20 million during the quarter, compared to the consensus estimate of $218.62 million. Macerich Company (The) had a net margin of 14.39% and a return on equity of 3.34%. The company’s revenue for the quarter was down 4.9% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.02 EPS. Equities research analysts expect that Macerich Company will post $1.03 EPS for the current year.
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A number of research analysts have issued reports on the stock. Boenning Scattergood reissued a “hold” rating on shares of Macerich Company (The) in a research note on Friday. BidaskClub raised shares of Macerich Company (The) from a “sell” rating to a “hold” rating in a research note on Wednesday, July 19th. Zacks Investment Research lowered shares of Macerich Company (The) from a “hold” rating to a “sell” rating in a research note on Monday, July 17th. Jefferies Group LLC reissued a “hold” rating and set a $57.00 target price on shares of Macerich Company (The) in a research note on Monday, July 17th. Finally, Barclays PLC reduced their target price on shares of Macerich Company (The) from $66.00 to $63.00 and set an “equal weight” rating for the company in a research note on Wednesday, April 19th. Two equities research analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and three have assigned a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus price target of $71.64.
In other Macerich Company (The) news, CEO Arthur M. Coppola sold 100,000 shares of the company’s stock in a transaction that occurred on Friday, June 30th. The shares were sold at an average price of $58.13, for a total value of $5,813,000.00. The transaction was disclosed in a document filed with the SEC, which is available at this link. 3.75% of the stock is currently owned by corporate insiders.
Macerich Company (The) Company Profile
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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