The concept of companies returning more and more to their shareholders through various types of dividend-related events is always something that has intrigued me. With that said, I wanted to highlight one particular company that has recently announced a 4.8% increase in its regular quarterly payout.
The Macerich Company (MAC) – On Thursday, October 23, Macerich, which now possesses a forward yield of 3.81% ($2.60/share annualized), announced a 4.8% or $0.03/share increase, from its prior payout of $0.62/share, for the upcoming quarter.
Headquartered in Santa Monica, California, The Macerich Company is an independent real estate investment trust. The firm invests in the real estate markets of the United States. It primarily engages in acquisition, ownership, development, redevelopment, management and leasing of regional and community shopping centers located throughout the United States. Â
Based on Thursday’s closing price of $68.28/share, The Macerich Company now possesses a market capitalization of $9.61 billion and a forward yield of 3.81% ($2.60). Its trend behavior, although positive in both the near-term and the long-term (given the fact shares are trading 4.79% above their 20-DSMA, 4.75% above their 50-DSMA, and 8.35% above their 200-DSMA), should get a boost from its upcoming earnings which are due out on October 28. If the company can demonstrate a very solid quarter and surpass Wall Street’s expectations of $0.89/share in terms of FFO, I strongly believe we could see its shares reach a sustainable range of $70.00/share-to-$72.00/share by late-November.
Recent Joint Venture Aimed At Redeveloping The Gallery In Philadelphia
On July 29, Pennsylvania Real Estate Investment Trust (PREIT) (PEI) and Macerich Company announced a joint venture partnership to redevelop The Gallery in downtown Philadelphia. Through this partnership, the PREIT will capitalize on Macerich’s extensive expertise in developing and leasing vertical, multi-use projects in dense, urban environments and Macerich will benefit from PREIT’s Philadelphia-area relationships and retail dominance.
