Macy’s, Inc. (NYSE:M) Announces Quarterly Dividend of $0.18

Macy’s, Inc. (NYSE:M) declared a quarterly dividend on Friday, February 28th, RTT News reports. Stockholders 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 5.32%. The ex-dividend date of this dividend is Friday, March 14th. This is a 5.0% 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 dividend payout ratio of 34.6% 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 $0.73 annual dividend with an expected future payout ratio of 29.9%.

Macy’s Price Performance

Shares of NYSE M opened at $13.70 on Wednesday. The stock has a fifty day moving average price of $14.91 and a 200 day moving average price of $15.43. Macy’s has a 1-year low of $12.60 and a 1-year high of $22.10. The company has a debt-to-equity ratio of 0.67, a current ratio of 1.26 and a quick ratio of 0.17. The company has a market cap of $3.80 billion, a PE ratio of 23.23 and a beta of 2.07.

Macy’s (NYSE:M) last issued its earnings results on Thursday, March 6th. The company reported $1.80 earnings per share for the quarter, beating the consensus estimate of $1.55 by $0.25. The business had revenue of $7.77 billion for the quarter, compared to the consensus estimate of $7.76 billion. Macy’s had a net margin of 0.73% and a return on equity of 21.99%. Sell-side analysts forecast that Macy’s will post 2.39 EPS for the current year.

Wall Street Analyst Weigh In

M has been the topic of a number of recent analyst reports. The Goldman Sachs Group dropped their price objective on Macy’s from $19.00 to $17.00 and set a “buy” rating on the stock in a report on Friday, March 7th. Morgan Stanley set a $14.00 price target on shares of Macy’s in a report on Monday. UBS Group decreased their price objective on shares of Macy’s from $9.00 to $8.00 and set a “sell” rating on the stock in a report on Friday, March 7th. Cowen reaffirmed a “hold” rating on shares of Macy’s in a report on Friday. Finally, Guggenheim reiterated a “neutral” rating on shares of Macy’s in a research report on Thursday, December 12th. One investment analyst has rated the stock with a sell rating, ten have assigned a hold rating, two have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $15.56.

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.