Raymond James Financial Inc. Invests $624,000 in Macy's, Inc. (NYSE:M)

Raymond James Financial Inc. purchased a new stake in Macy's, Inc. (NYSE:M - Free Report) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 36,856 shares of the company's stock, valued at approximately $624,000.

Other hedge funds also recently added to or reduced their stakes in the company. Geode Capital Management LLC grew its stake in shares of Macy's by 2.6% during the 3rd quarter. Geode Capital Management LLC now owns 5,023,790 shares of the company's stock worth $79,110,000 after purchasing an additional 128,258 shares during the period. Allianz Asset Management GmbH grew its position in Macy's by 13.3% during the fourth quarter. Allianz Asset Management GmbH now owns 3,512,142 shares of the company's stock valued at $59,461,000 after buying an additional 411,412 shares during the period. Bank of New York Mellon Corp grew its position in Macy's by 14.5% during the fourth quarter. Bank of New York Mellon Corp now owns 3,314,572 shares of the company's stock valued at $56,116,000 after buying an additional 419,261 shares during the period. Charles Schwab Investment Management Inc. increased its holdings in Macy's by 4.3% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,776,462 shares of the company's stock valued at $47,006,000 after buying an additional 114,586 shares in the last quarter. Finally, Retirement Systems of Alabama raised its position in shares of Macy's by 57.9% in the third quarter. Retirement Systems of Alabama now owns 782,391 shares of the company's stock worth $12,276,000 after acquiring an additional 286,879 shares during the period. 87.36% of the stock is owned by hedge funds and other institutional investors.

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Insider Activity

In other news, EVP Tracy M. Preston sold 2,780 shares of the company's stock in a transaction that occurred on Monday, March 31st. The shares were sold at an average price of $12.68, for a total value of $35,250.40. Following the transaction, the executive vice president now directly owns 4,723 shares in the company, valued at approximately $59,887.64. This represents a 37.05 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, EVP Adrian V. Mitchell sold 3,489 shares of the stock in a transaction that occurred on Tuesday, March 25th. The stock was sold at an average price of $13.74, for a total transaction of $47,938.86. Following the transaction, the executive vice president now directly owns 116,165 shares of the company's stock, valued at $1,596,107.10. The trade was a 2.92 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 41,751 shares of company stock valued at $537,790. 2.77% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on the company. Morgan Stanley set a $14.00 price target on Macy's in a report on Monday, March 10th. Telsey Advisory Group reaffirmed a "market perform" rating and set a $15.00 target price on shares of Macy's in a research note on Wednesday, April 2nd. Citigroup decreased their target price on Macy's from $16.00 to $14.00 and set a "neutral" rating on the stock in a research report on Friday, March 7th. StockNews.com raised shares of Macy's from a "hold" rating to a "buy" rating in a report on Friday, February 14th. Finally, JPMorgan Chase & Co. downgraded shares of Macy's from an "overweight" rating to a "neutral" rating and decreased their price objective for the company from $19.00 to $14.00 in a report on Thursday, March 6th. One research analyst has rated the stock with a sell rating, ten have given a hold rating, two have given a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Hold" and an average target price of $15.30.

Macy's Price Performance

M traded down $0.08 on Friday, reaching $11.38. 6,651,297 shares of the company's stock were exchanged, compared to its average volume of 6,191,160. Macy's, Inc. has a twelve month low of $9.76 and a twelve month high of $20.70. The stock has a market cap of $3.17 billion, a PE ratio of 19.28 and a beta of 1.73. 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 stock's fifty day moving average price is $13.53 and its 200-day moving average price is $14.99.

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

Macy's Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, April 1st. Stockholders of record on Friday, March 14th were issued a dividend of $0.1824 per share. This represents a $0.73 annualized dividend and a dividend yield of 6.41%. The ex-dividend date of this dividend was Friday, March 14th. This is a positive change from Macy's's previous quarterly dividend of $0.17. Macy's's payout ratio is currently 35.44%.

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.