Macy’s, Inc. (NYSE:M) Announces Quarterly Dividend of $0.18

Macy’s, Inc. (NYSE:M) announced a quarterly dividend on Friday, May 16th, RTT News reports. Shareholders of record on Friday, June 13th will be paid a dividend of 0.1824 per share on Tuesday, July 1st. This represents a $0.73 dividend on an annualized basis and a yield of 5.90%. The ex-dividend date is Friday, June 13th.

Macy’s has a dividend payout ratio of 38.8% meaning its dividend is sufficiently covered by earnings. Equities analysts expect Macy’s to earn $2.44 per share next year, which means the company should continue to be able to cover its $0.73 annual dividend with an expected future payout ratio of 29.9%.

Macy’s Stock Performance

M opened at $12.38 on Wednesday. Macy’s has a 1-year low of $9.76 and a 1-year high of $20.47. The company has a market cap of $3.45 billion, a price-to-earnings ratio of 20.97 and a beta of 1.74. The company’s fifty day moving average price is $11.57 and its two-hundred day moving average price is $13.86. The company has a current ratio of 1.26, a quick ratio of 0.17 and a debt-to-equity ratio of 0.67.

Macy’s (NYSE:M) last posted its earnings results on Wednesday, May 28th. The company reported $0.16 earnings per share for the quarter, topping analysts’ consensus estimates of $0.15 by $0.01. Macy’s had a net margin of 0.73% and a return on equity of 21.99%. The company had revenue of $4.60 billion for the quarter, compared to analyst estimates of $4.38 billion. During the same quarter in the prior year, the business posted $0.27 EPS. The firm’s revenue was down 5.1% compared to the same quarter last year. On average, analysts expect that Macy’s will post 2.39 EPS for the current fiscal year.

Insider Transactions at Macy’s

In related news, EVP Tracy M. Preston sold 2,780 shares of the firm’s stock in a transaction that occurred on Monday, March 31st. The shares were sold at an average price of $12.68, for a total value of $35,250.40. Following the sale, the executive vice president now directly owns 4,723 shares of the company’s stock, valued at $59,887.64. This trade represents a 37.05% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP Adrian V. Mitchell sold 3,489 shares of Macy’s stock in a transaction on Tuesday, March 25th. The stock was sold at an average price of $13.74, for a total transaction of $47,938.86. Following the sale, the executive vice president now directly owns 116,165 shares of the company’s stock, valued at $1,596,107.10. This represents a 2.92% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 41,751 shares of company stock worth $537,790 over the last quarter. Corporate insiders own 1.09% of the company’s stock.

Institutional Investors Weigh In On Macy’s

Several hedge funds have recently added to or reduced their stakes in the company. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its holdings in shares of Macy’s by 5.3% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,116,170 shares of the company’s stock valued at $14,019,000 after purchasing an additional 55,821 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in Macy’s by 38.3% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 162,989 shares of the company’s stock valued at $2,047,000 after buying an additional 45,149 shares during the period. Finally, Focus Partners Wealth grew its stake in shares of Macy’s by 33.1% during the first quarter. Focus Partners Wealth now owns 58,197 shares of the company’s stock valued at $731,000 after buying an additional 14,489 shares during the last quarter. Institutional investors own 87.36% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on the company. UBS Group dropped their target price on Macy’s from $9.00 to $8.00 and set a “sell” rating on the stock in a report on Friday, March 7th. Morgan Stanley restated a “negative” rating on shares of Macy’s in a research note on Tuesday, May 6th. Wall Street Zen upgraded shares of Macy’s from a “hold” rating to a “buy” rating in a research note on Friday, February 14th. Gordon Haskett lowered shares of Macy’s from an “accumulate” rating to a “hold” rating in a research report on Thursday, March 6th. Finally, Cowen reiterated a “hold” rating on shares of Macy’s in a research note on Friday, March 7th. Two equities research analysts have rated the stock with a sell rating, ten have given a hold rating, one has assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $13.20.

About Macy’s

Macy’s, Inc engages in the retail of apparel, accessories, cosmetics, home furnishings, and other consumer goods. The firm’s brands include Macy’s, Bloomingdale’s, and Bluemercury. It offers men’s, women’s, and children’s apparel, women’s accessories, intimate apparel, shoes, cosmetics, fragrances, as well as home and miscellaneous products.