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

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

Macy’s has increased its dividend payment by an average of 32.3% annually over the last three years. Macy’s has a payout ratio of 29.4% meaning 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 Stock Up 2.1 %

NYSE:M opened at $14.35 on Friday. The firm has a market capitalization of $3.98 billion, a PE ratio of 24.32 and a beta of 2.05. Macy’s has a 52 week low of $13.66 and a 52 week high of $22.10. The company has a current ratio of 1.26, a quick ratio of 0.17 and a debt-to-equity ratio of 0.67. The stock has a 50 day moving average of $15.39 and a 200-day moving average of $15.59.

Macy’s (NYSE:M) last issued its quarterly earnings data on Wednesday, December 11th. The company reported $0.04 EPS for the quarter, missing analysts’ consensus estimates of $0.07 by ($0.03). The company had revenue of $4.74 billion for the quarter, compared to the consensus estimate of $4.74 billion. Macy’s had a return on equity of 21.99% and a net margin of 0.73%. Macy’s’s quarterly revenue was down 2.4% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.21 earnings per share. Analysts predict that Macy’s will post 2.39 EPS for the current year.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on the stock. JPMorgan Chase & Co. cut their price objective on shares of Macy’s from $21.00 to $20.00 and set an “overweight” rating on the stock in a research report on Wednesday, January 8th. Gordon Haskett downgraded Macy’s from a “buy” rating to an “accumulate” rating in a research report on Thursday, February 13th. Guggenheim reaffirmed a “neutral” rating on shares of Macy’s in a research note on Thursday, December 12th. StockNews.com upgraded Macy’s from a “hold” rating to a “buy” rating in a research report on Friday, February 14th. Finally, Benchmark raised Macy’s to a “strong-buy” rating in a report on Monday, February 3rd. One equities research analyst has rated the stock with a sell rating, six have given a hold rating, three have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $17.14.

Macy’s Company Profile

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.