Macy’s, Inc. (NYSE:M) Declares Dividend Increase – $0.18 Per Share

Macy’s, Inc. (NYSE:M) announced a quarterly dividend on Friday, February 28th, RTT News reports. Investors of record on Friday, March 14th will be given a dividend of 0.1824 per share on Tuesday, April 1st. This represents a $0.73 dividend on an annualized basis and a dividend yield of 5.08%. This is an increase from Macy’s’s previous quarterly dividend of $0.17.

Macy’s has raised its dividend by an average of 32.3% annually over the last three years. Macy’s has a payout ratio of 29.4% indicating that 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 $0.69 annual dividend with an expected future payout ratio of 28.3%.

Macy’s Trading Up 2.1 %

Shares of M stock opened at $14.35 on Friday. The stock has a market cap of $3.98 billion, a P/E ratio of 24.32 and a beta of 2.05. The company has a quick ratio of 0.17, a current ratio of 1.26 and a debt-to-equity ratio of 0.67. Macy’s has a fifty-two week low of $13.66 and a fifty-two week high of $22.10. The business has a fifty day simple moving average of $15.39 and a 200-day simple moving average of $15.59.

Macy’s (NYSE:M) last announced its earnings results on Wednesday, December 11th. The company reported $0.04 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.07 by ($0.03). Macy’s had a return on equity of 21.99% and a net margin of 0.73%. The business had revenue of $4.74 billion for the quarter, compared to analyst estimates of $4.74 billion. During the same quarter in the previous year, the firm posted $0.21 EPS. The business’s revenue was down 2.4% on a year-over-year basis. On average, analysts forecast that Macy’s will post 2.39 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several equities analysts recently issued reports on M shares. Morgan Stanley reduced their price objective on shares of Macy’s from $17.00 to $16.00 and set an “equal weight” rating on the stock in a research note on Thursday, December 12th. Benchmark upgraded Macy’s to a “strong-buy” rating in a report on Monday, February 3rd. StockNews.com upgraded Macy’s from a “hold” rating to a “buy” rating in a research note on Friday, February 14th. Gordon Haskett lowered Macy’s from a “buy” rating to an “accumulate” rating in a research note on Thursday, February 13th. Finally, Telsey Advisory Group reaffirmed a “market perform” rating and set a $17.00 price objective on shares of Macy’s in a research note on Thursday. One analyst has rated the stock with a sell rating, six have assigned a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, Macy’s has a consensus rating of “Hold” and an average price target of $17.14.

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.