Shares of Macy’s, Inc. (NYSE:M – Get Free Report) gapped up before the market opened on Friday . The stock had previously closed at $17.93, but opened at $19.33. Macy’s shares last traded at $19.50, with a volume of 897,897 shares changing hands.
Wall Street Analysts Forecast Growth
A number of brokerages have recently issued reports on M. StockNews.com began coverage on shares of Macy’s in a research note on Friday. They issued a “hold” rating for the company. JPMorgan Chase & Co. increased their price objective on shares of Macy’s from $25.00 to $27.00 and gave the company an “overweight” rating in a research report on Wednesday, May 22nd. Telsey Advisory Group reiterated a “market perform” rating and set a $21.00 price objective on shares of Macy’s in a research report on Tuesday, May 21st. Finally, TD Cowen raised their target price on shares of Macy’s from $20.00 to $21.00 and gave the stock a “hold” rating in a report on Wednesday, May 22nd. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating and two have given a buy rating to the stock. According to data from MarketBeat.com, Macy’s currently has a consensus rating of “Hold” and an average target price of $17.70.
Get Our Latest Stock Report on Macy’s
Macy’s Stock Up 11.0 %
Macy’s (NYSE:M – Get Free Report) last issued its quarterly earnings data on Tuesday, May 21st. The company reported $0.27 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.15 by $0.12. Macy’s had a net margin of 0.05% and a return on equity of 21.40%. The firm had revenue of $4.85 billion for the quarter, compared to the consensus estimate of $4.82 billion. During the same quarter in the previous year, the firm earned $0.56 EPS. The company’s quarterly revenue was down 2.7% compared to the same quarter last year. As a group, equities research analysts expect that Macy’s, Inc. will post 2.79 earnings per share for the current year.
Macy’s Announces Dividend
The business also recently announced a quarterly dividend, which was paid on Monday, July 1st. Investors of record on Friday, June 14th were paid a $0.1737 dividend. This represents a $0.69 dividend on an annualized basis and a yield of 3.49%. The ex-dividend date of this dividend was Friday, June 14th. Macy’s’s dividend payout ratio (DPR) is presently 2,300.00%.
Institutional Trading of Macy’s
Institutional investors and hedge funds have recently bought and sold shares of the business. Glassman Wealth Services lifted its stake in Macy’s by 154.5% during the 4th quarter. Glassman Wealth Services now owns 1,224 shares of the company’s stock valued at $25,000 after acquiring an additional 743 shares during the period. Lindbrook Capital LLC lifted its stake in Macy’s by 253.1% during the 4th quarter. Lindbrook Capital LLC now owns 1,317 shares of the company’s stock valued at $26,000 after acquiring an additional 944 shares during the period. Riverview Trust Co acquired a new stake in Macy’s during the 1st quarter valued at approximately $27,000. Fidelis Capital Partners LLC acquired a new position in shares of Macy’s in the 1st quarter valued at $42,000. Finally, Fortitude Family Office LLC acquired a new position in shares of Macy’s in the 4th quarter valued at $50,000. 87.36% of the stock is currently owned by institutional investors and hedge funds.
Macy’s Company Profile
Macy's, Inc, an omni-channel retail organization, operates stores, websites, and mobile applications in the United States. The company sells a range of merchandise, such as apparel and accessories for men, women, and kids; cosmetics; home furnishings; and other consumer goods under the Macy's, Bloomingdale's, and bluemercury brands.
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