Macy’s Inc (NYSE:M) announced a quarterly dividend on Friday, August 23rd, Zacks reports. Shareholders of record on Friday, September 13th will be given a dividend of 0.377 per share on Tuesday, October 1st. This represents a $1.51 dividend on an annualized basis and a yield of 9.00%. The ex-dividend date of this dividend is Thursday, September 12th.
Macy’s has increased its dividend by an average of 3.9% per year over the last three years. Macy’s has a payout ratio of 38.4% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect Macy’s to earn $2.59 per share next year, which means the company should continue to be able to cover its $1.51 annual dividend with an expected future payout ratio of 58.3%.
Shares of M stock traded up $0.58 during trading hours on Tuesday, hitting $16.76. The stock had a trading volume of 861,970 shares, compared to its average volume of 16,609,118. The firm has a market capitalization of $5.00 billion, a PE ratio of 4.04, a PEG ratio of 0.71 and a beta of 0.64. The stock’s 50 day moving average is $18.08 and its 200 day moving average is $21.68. The company has a debt-to-equity ratio of 1.19, a current ratio of 1.47 and a quick ratio of 0.34. Macy’s has a twelve month low of $14.20 and a twelve month high of $38.35.
Several research analysts recently weighed in on the stock. Goldman Sachs Group raised shares of Macy’s from a “sell” rating to a “neutral” rating and cut their target price for the company from $23.00 to $21.00 in a research note on Thursday, May 16th. JPMorgan Chase & Co. cut shares of Macy’s from a “neutral” rating to an “underweight” rating in a research report on Wednesday, August 14th. Guggenheim downgraded shares of Macy’s from a “buy” rating to a “neutral” rating in a report on Friday, August 23rd. Deutsche Bank cut their price target on shares of Macy’s from $29.00 to $23.00 and set a “hold” rating on the stock in a research note on Thursday, August 15th. Finally, UBS Group set a $25.00 price target on shares of Macy’s and gave the company a “hold” rating in a report on Friday, May 17th. Four research analysts have rated the stock with a sell rating, eleven have issued a hold rating and three have given a buy rating to the company. Macy’s currently has an average rating of “Hold” and a consensus target price of $23.83.
In other news, CFO Paula A. Price sold 1,189 shares of the business’s stock in a transaction dated Wednesday, July 10th. The stock was sold at an average price of $21.30, for a total transaction of $25,325.70. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 0.55% of the company’s stock.
Macy’s Company Profile
Macy's, Inc, an omnichannel retail organization, operates stores, Websites, and mobile applications. The company sells a range of merchandise, including apparel and accessories for men, women, and children; cosmetics; home furnishings; and other consumer goods. As of April 1, 2019, it operated approximately 680 department stores under the Macy's and Bloomingdale's names; and 190 specialty stores, such as Bloomingdale's The Outlet, Bluemercury, Macy's Backstage, and STORY in 43 states, the District of Columbia, Guam, and Puerto Rico.
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