Comerica Bank Buys 100,925 Shares of Macy’s, Inc. $M

Comerica Bank boosted its stake in shares of Macy’s, Inc. (NYSE:M) by 136.9% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 174,664 shares of the company’s stock after purchasing an additional 100,925 shares during the quarter. Comerica Bank’s holdings in Macy’s were worth $3,851,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors also recently added to or reduced their stakes in the stock. Y Intercept Hong Kong Ltd purchased a new position in Macy’s in the 3rd quarter valued at $3,307,000. Allianz Asset Management GmbH lifted its position in Macy’s by 2.1% in the third quarter. Allianz Asset Management GmbH now owns 3,223,138 shares of the company’s stock valued at $57,791,000 after buying an additional 65,395 shares during the last quarter. SummerHaven Investment Management LLC purchased a new stake in Macy’s during the third quarter worth about $1,192,000. Schroder Investment Management Group increased its stake in Macy’s by 1.1% during the third quarter. Schroder Investment Management Group now owns 9,738,338 shares of the company’s stock worth $174,608,000 after purchasing an additional 110,548 shares during the period. Finally, Dupree Financial Group LLC increased its stake in Macy’s by 54.5% during the third quarter. Dupree Financial Group LLC now owns 810,473 shares of the company’s stock worth $14,532,000 after purchasing an additional 286,027 shares during the period. Institutional investors own 87.36% of the company’s stock.

Insiders Place Their Bets

In other Macy’s news, CEO Antony Spring sold 50,044 shares of Macy’s stock in a transaction that occurred on Monday, April 6th. The stock was sold at an average price of $17.92, for a total transaction of $896,788.48. Following the sale, the chief executive officer directly owned 485,791 shares in the company, valued at $8,705,374.72. The trade was a 9.34% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, EVP Tracy M. Preston sold 5,271 shares of Macy’s stock in a transaction that occurred on Monday, April 6th. The stock was sold at an average price of $17.92, for a total value of $94,456.32. Following the completion of the transaction, the executive vice president owned 28,773 shares of the company’s stock, valued at approximately $515,612.16. The trade was a 15.48% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold 94,967 shares of company stock valued at $1,705,276 over the last 90 days. 1.05% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several research analysts have commented on M shares. Wall Street Zen cut shares of Macy’s from a “buy” rating to a “hold” rating in a report on Sunday, April 26th. Telsey Advisory Group restated a “market perform” rating and set a $20.00 price target on shares of Macy’s in a research note on Wednesday, April 1st. JPMorgan Chase & Co. cut their price target on Macy’s from $24.00 to $21.00 and set a “neutral” rating for the company in a research note on Wednesday, March 18th. Weiss Ratings reiterated a “hold (c)” rating on shares of Macy’s in a research report on Friday, March 27th. Finally, TD Cowen dropped their price target on Macy’s from $21.00 to $20.00 and set a “hold” rating for the company in a research report on Thursday, March 19th. One equities research analyst has rated the stock with a Buy rating, eleven have issued a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat, the stock presently has an average rating of “Reduce” and a consensus target price of $18.90.

Macy’s Stock Up 0.7%

Shares of NYSE:M opened at $19.68 on Friday. The firm has a market cap of $5.19 billion, a price-to-earnings ratio of 8.48 and a beta of 1.47. Macy’s, Inc. has a 12-month low of $10.54 and a 12-month high of $24.41. The company has a current ratio of 1.49, a quick ratio of 0.50 and a debt-to-equity ratio of 0.50. The stock’s 50-day moving average price is $18.85 and its two-hundred day moving average price is $20.40.

Macy’s (NYSE:M) last released its quarterly earnings data on Wednesday, March 18th. The company reported $1.67 earnings per share for the quarter, beating the consensus estimate of $1.55 by $0.12. The business had revenue of $7.92 billion for the quarter, compared to analyst estimates of $7.48 billion. Macy’s had a return on equity of 14.22% and a net margin of 2.84%.The company’s revenue was down 1.7% compared to the same quarter last year. During the same period in the previous year, the company posted $1.80 EPS. On average, research analysts forecast that Macy’s, Inc. will post 2.09 EPS for the current year.

Macy’s Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, April 1st. Shareholders of record on Friday, March 13th were given a $0.1915 dividend. This represents a $0.77 annualized dividend and a yield of 3.9%. This is a positive change from Macy’s’s previous quarterly dividend of $0.18. The ex-dividend date of this dividend was Friday, March 13th. Macy’s’s dividend payout ratio is 33.19%.

Macy’s Company Profile

Macy’s, Inc is a leading American omnichannel retailer operating under the Macy’s brand, as well as specialty divisions Bloomingdale’s and Bluemercury. The company’s retail portfolio encompasses full-line department stores, fashion-focused specialty outlets and a high-end beauty chain, offering consumers a wide array of apparel, footwear, accessories, cosmetics and home furnishings. Through its integrated network of physical stores and digital platforms, Macy’s seeks to deliver a seamless shopping experience that blends in-store service with online convenience.

The company’s product assortment spans men’s, women’s and children’s clothing, beauty and personal care products, housewares and home décor.