National Bank of Canada FI Raises Stock Holdings in Macy’s, Inc. (NYSE:M)

National Bank of Canada FI boosted its position in shares of Macy’s, Inc. (NYSE:M) by 15.1% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 1,932,706 shares of the company’s stock after buying an additional 253,999 shares during the quarter. National Bank of Canada FI owned approximately 0.71% of Macy’s worth $38,190,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also added to or reduced their stakes in the company. Lindbrook Capital LLC increased its stake in shares of Macy’s by 253.1% in the 4th quarter. Lindbrook Capital LLC now owns 1,317 shares of the company’s stock worth $26,000 after acquiring an additional 944 shares in the last quarter. Fifth Third Bancorp increased its stake in Macy’s by 221.4% during the 3rd quarter. Fifth Third Bancorp now owns 3,506 shares of the company’s stock valued at $41,000 after purchasing an additional 2,415 shares in the last quarter. Fortitude Family Office LLC purchased a new position in Macy’s in the fourth quarter worth about $50,000. Covestor Ltd raised its holdings in Macy’s by 25.5% in the third quarter. Covestor Ltd now owns 4,763 shares of the company’s stock worth $55,000 after buying an additional 969 shares during the last quarter. Finally, Hexagon Capital Partners LLC lifted its stake in shares of Macy’s by 1,166.8% in the fourth quarter. Hexagon Capital Partners LLC now owns 2,749 shares of the company’s stock worth $55,000 after buying an additional 2,532 shares in the last quarter. Hedge funds and other institutional investors own 87.36% of the company’s stock.

Macy’s Trading Down 0.2 %

Macy’s stock traded down $0.04 during mid-day trading on Monday, hitting $19.48. The company’s stock had a trading volume of 1,995,713 shares, compared to its average volume of 7,532,000. The company has a debt-to-equity ratio of 0.72, a quick ratio of 0.39 and a current ratio of 1.37. The company has a 50 day moving average of $19.57 and a 200-day moving average of $17.84. Macy’s, Inc. has a one year low of $10.54 and a one year high of $22.10. The stock has a market cap of $5.36 billion, a PE ratio of 52.76 and a beta of 2.16.

Macy’s (NYSE:M) last announced its quarterly earnings data on Tuesday, February 27th. The company reported $2.45 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.98 by $0.47. Macy’s had a return on equity of 23.34% and a net margin of 0.45%. The company had revenue of $8.12 billion for the quarter, compared to analysts’ expectations of $8.07 billion. During the same quarter in the prior year, the firm earned $1.88 earnings per share. Macy’s’s revenue was down 1.7% compared to the same quarter last year. On average, research analysts anticipate that Macy’s, Inc. will post 2.57 EPS for the current year.

Macy’s Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, April 1st. Investors of record on Friday, March 15th were paid a $0.1737 dividend. The ex-dividend date was Thursday, March 14th. This is a boost from Macy’s’s previous quarterly dividend of $0.17. This represents a $0.69 dividend on an annualized basis and a yield of 3.57%. Macy’s’s dividend payout ratio (DPR) is 186.49%.

Wall Street Analyst Weigh In

Several research firms recently commented on M. TD Cowen downgraded Macy’s from an “outperform” rating to a “market perform” rating and reduced their price objective for the stock from $23.00 to $20.00 in a report on Thursday, February 29th. The Goldman Sachs Group boosted their price objective on shares of Macy’s from $16.00 to $22.00 and gave the company a “buy” rating in a report on Wednesday, February 28th. JPMorgan Chase & Co. raised their target price on shares of Macy’s from $23.00 to $25.00 and gave the stock an “overweight” rating in a report on Monday, March 18th. Telsey Advisory Group reaffirmed a “market perform” rating and issued a $21.00 target price on shares of Macy’s in a research report on Thursday, March 28th. Finally, StockNews.com started coverage on Macy’s in a report on Thursday. They set a “hold” rating on the stock. Two research analysts have rated the stock with a sell rating, six have issued a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $17.45.

Insider Buying and Selling

In related news, Director Jeffrey Gennette sold 30,090 shares of the company’s stock in a transaction on Monday, April 1st. The stock was sold at an average price of $19.66, for a total value of $591,569.40. Following the transaction, the director now directly owns 1,073,699 shares of the company’s stock, valued at approximately $21,108,922.34. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other Macy’s news, Director Jeffrey Gennette sold 30,090 shares of Macy’s stock in a transaction dated Monday, April 1st. The stock was sold at an average price of $19.66, for a total transaction of $591,569.40. Following the completion of the transaction, the director now owns 1,073,699 shares in the company, valued at approximately $21,108,922.34. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Paul Griscom sold 2,969 shares of Macy’s stock in a transaction that occurred on Friday, March 22nd. The shares were sold at an average price of $20.43, for a total value of $60,656.67. Following the transaction, the senior vice president now owns 21,436 shares of the company’s stock, valued at $437,937.48. The disclosure for this sale can be found here. Insiders sold 218,424 shares of company stock worth $4,405,507 in the last three months. Corporate insiders own 2.77% of the company’s stock.

About Macy’s

Macy's, Inc, an omni-channel retail organization, operates stores, websites, and mobile applications in the United States. The company sells a range of merchandise, such as apparel and accessories for men, women, and kids; cosmetics; home furnishings; and other consumer goods under the Macy's, Bloomingdale's, and bluemercury brands.