Macerich Company (The) (MAC) to Issue Quarterly Dividend of $0.17 on December 29th

Macerich Company (The) (NYSE:MAC) announced a quarterly dividend on Thursday, October 30th. Stockholders of record on Monday, December 15th will be paid a dividend of 0.17 per share by the real estate investment trust on Monday, December 29th. This represents a c) dividend on an annualized basis and a dividend yield of 3.6%. The ex-dividend date of this dividend is Monday, December 15th.

Macerich has decreased its dividend payment by an average of 0.3%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. Analysts expect Macerich to earn $1.55 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 43.9%.

Macerich Stock Up 0.8%

Shares of NYSE:MAC traded up $0.16 during trading on Friday, hitting $18.70. The company’s stock had a trading volume of 2,440,771 shares, compared to its average volume of 1,616,255. The company has a market capitalization of $4.79 billion, a PE ratio of -11.76, a PEG ratio of 3.65 and a beta of 2.06. Macerich has a fifty-two week low of $12.48 and a fifty-two week high of $21.80. The company has a debt-to-equity ratio of 1.97, a quick ratio of 1.03 and a current ratio of 1.03. The stock’s 50-day moving average price is $17.35 and its two-hundred day moving average price is $17.12.

Macerich (NYSE:MAC) last posted its quarterly earnings data on Tuesday, November 4th. The real estate investment trust reported $0.35 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.36 by ($0.01). Macerich had a negative return on equity of 14.21% and a negative net margin of 37.97%.The business had revenue of $253.26 million for the quarter, compared to analysts’ expectations of $246.77 million. During the same quarter in the prior year, the firm earned $0.38 earnings per share. Macerich’s revenue for the quarter was up 15.0% compared to the same quarter last year. As a group, sell-side analysts expect that Macerich will post 1.55 EPS for the current year.

Institutional Investors Weigh In On Macerich

A number of hedge funds have recently made changes to their positions in MAC. Bessemer Group Inc. increased its position in Macerich by 1.7% in the 3rd quarter. Bessemer Group Inc. now owns 37,217 shares of the real estate investment trust’s stock valued at $678,000 after acquiring an additional 627 shares during the period. GAMMA Investing LLC grew its stake in shares of Macerich by 14.8% in the third quarter. GAMMA Investing LLC now owns 5,371 shares of the real estate investment trust’s stock worth $98,000 after purchasing an additional 691 shares in the last quarter. Amalgamated Bank increased its holdings in shares of Macerich by 1.0% during the third quarter. Amalgamated Bank now owns 72,575 shares of the real estate investment trust’s stock valued at $1,321,000 after purchasing an additional 741 shares during the period. State of New Jersey Common Pension Fund D raised its stake in shares of Macerich by 0.6% during the third quarter. State of New Jersey Common Pension Fund D now owns 124,535 shares of the real estate investment trust’s stock valued at $2,267,000 after purchasing an additional 787 shares in the last quarter. Finally, AQR Capital Management LLC lifted its holdings in Macerich by 2.2% in the first quarter. AQR Capital Management LLC now owns 37,808 shares of the real estate investment trust’s stock worth $640,000 after purchasing an additional 813 shares during the period. Institutional investors own 87.38% of the company’s stock.

About Macerich

Macerich is a fully integrated, self-managed and self-administered real estate investment trust (REIT). As a leading owner, operator and developer of high-quality retail real estate in densely populated and attractive U.S. markets, Macerich’s portfolio is concentrated in California, the Pacific Northwest, Phoenix/Scottsdale, and the Metro New York to Washington, DC corridor.