Macy's, Inc. (NYSE:M) Announces Dividend Increase - $0.18 Per Share

Macy's, Inc. (NYSE:M - Get Free Report) announced a quarterly dividend on Friday, February 28th, RTT News reports. Stockholders 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 dividend yield of 5.45%. The ex-dividend date is Friday, March 14th. This is a positive change 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 dividend payout ratio of 29.4% indicating that its dividend is sufficiently covered by earnings. Research 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 Down 4.5 %

Shares of Macy's stock traded down $0.64 on Tuesday, hitting $13.38. 11,103,897 shares of the company's stock traded hands, compared to its average volume of 6,578,453. The stock has a market cap of $3.71 billion, a P/E ratio of 22.67 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. The firm's 50-day moving average is $15.26 and its 200 day moving average is $15.53. Macy's has a 52-week low of $13.23 and a 52-week high of $22.10.

Macy's (NYSE:M - Get Free Report) last issued 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). The company had revenue of $4.74 billion during the quarter, compared to analyst estimates of $4.74 billion. Macy's had a net margin of 0.73% and a return on equity of 21.99%. The business's revenue for the quarter was down 2.4% compared to the same quarter last year. During the same quarter last year, the company posted $0.21 EPS. Equities analysts anticipate that Macy's will post 2.39 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on the stock. Morgan Stanley dropped their target price on shares of Macy's from $17.00 to $16.00 and set an "equal weight" rating on the stock in a report on Thursday, December 12th. Telsey Advisory Group restated a "market perform" rating and issued a $17.00 target price on shares of Macy's in a research note on Thursday, February 27th. JPMorgan Chase & Co. decreased their target price on Macy's from $21.00 to $20.00 and set an "overweight" rating for the company in a research note on Wednesday, January 8th. Benchmark raised shares of Macy's to a "strong-buy" rating in a research note on Monday, February 3rd. Finally, UBS Group reduced their price objective on shares of Macy's from $10.00 to $9.00 and set a "sell" rating for the company in a report on Thursday, December 12th. One research analyst has rated the stock with a sell rating, six have given a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and an average price target 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.