Macy’s Inc (NYSE:M) Plans $0.38 Quarterly Dividend

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.

Macy’s (NYSE:M) last issued its quarterly earnings results on Wednesday, August 14th. The company reported $0.28 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.45 by ($0.17). Macy’s had a return on equity of 18.74% and a net margin of 4.11%. The firm had revenue of $5.55 billion for the quarter, compared to analyst estimates of $5.55 billion. During the same quarter last year, the firm earned $0.70 earnings per share. The company’s revenue was down .5% compared to the same quarter last year. As a group, equities analysts predict that Macy’s will post 2.87 earnings per share for the current year.

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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Dividend History for Macy`s (NYSE:M)

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