Macy’s, Inc. to Issue Quarterly Dividend of $0.17 (NYSE:M)

Macy’s, Inc. (NYSE:M) announced a quarterly dividend on Friday, October 25th, RTT News reports. Shareholders of record on Friday, December 13th will be given a dividend of 0.1737 per share on Thursday, January 2nd. This represents a $0.69 dividend on an annualized basis and a yield of 4.52%.

Macy’s has raised its dividend payment by an average of 20.6% annually over the last three years. Macy’s has a dividend payout ratio of 26.5% indicating that its dividend is sufficiently covered by earnings. Analysts expect Macy’s to earn $2.62 per share next year, which means the company should continue to be able to cover its $0.69 annual dividend with an expected future payout ratio of 26.3%.

Macy’s Price Performance

M traded down $0.04 during midday trading on Friday, reaching $15.37. 2,701,835 shares of the company’s stock were exchanged, compared to its average volume of 6,352,246. Macy’s has a one year low of $10.59 and a one year high of $22.10. The firm has a market capitalization of $4.25 billion, a price-to-earnings ratio of 513.33 and a beta of 2.11. The business has a 50-day simple moving average of $15.50 and a two-hundred day simple moving average of $17.37. The company has a quick ratio of 0.34, a current ratio of 1.48 and a debt-to-equity ratio of 0.70.

Macy’s (NYSE:M) last posted its earnings results on Wednesday, August 21st. The company reported $0.53 earnings per share for the quarter, topping the consensus estimate of $0.30 by $0.23. Macy’s had a net margin of 0.80% and a return on equity of 23.14%. The business had revenue of $4.94 billion for the quarter, compared to analyst estimates of $5.06 billion. During the same quarter in the prior year, the firm earned $0.26 EPS. The firm’s quarterly revenue was down 3.8% compared to the same quarter last year. As a group, research analysts predict that Macy’s will post 2.72 EPS for the current year.

Analyst Upgrades and Downgrades

M has been the topic of a number of research analyst reports. Morgan Stanley decreased their price target on Macy’s from $18.00 to $17.00 and set an “equal weight” rating on the stock in a research report on Thursday, August 22nd. Evercore ISI lowered their target price on Macy’s from $22.00 to $17.00 and set an “in-line” rating for the company in a research note on Tuesday, July 16th. Argus upgraded shares of Macy’s to a “hold” rating in a research report on Thursday, October 10th. StockNews.com began coverage on shares of Macy’s in a research report on Friday. They issued a “hold” rating for the company. Finally, Telsey Advisory Group reaffirmed a “market perform” rating and issued a $21.00 target price on shares of Macy’s in a research note on Wednesday, August 21st. Seven analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $20.43.

About Macy’s

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.