Macy's (M) Declares $0.17 Dividend

Macy's said on February 24, 2023 that its board of directors declared a regular quarterly dividend of $0.17 per share ($0.66 annualized). Shareholders of record as of March 15, 2023 will receive the payment on April 3, 2023. Previously, the company paid $0.16 per share.

At the current share price of $20.46 / share, the stock's dividend yield is 3.23%. Looking back five years and taking a sample every week, the average dividend yield has been 5.10%, the lowest has been 1.78%, and the highest has been 22.50%. The standard deviation of yields is 2.89 (n=168).

The current dividend yield is 0.65 standard deviations below the historical average.

Additionally, the company's dividend payout ratio is 0.12. The payout ratio tells us how much of a company's income is paid out in dividends. A payout ratio of one (1.0) means 100% of the company's income is paid in a dividend. A payout ratio greater than one means the company is dipping into savings in order to maintain its dividend - not a healthy situation. Companies with few growth prospects are expected to pay out most of their income in dividends, which typically means a payout ratio between 0.5 and 1.0. Companies with good growth prospects are expected to retain some earnings in order to invest in those growth prospects, which translates to a payout ratio of zero to 0.5.

The company's 3-Year dividend growth rate is -0.58%.

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Analyst Price Forecast Suggests 17.08% Upside

As of March 1, 2023, the average one-year price target for Macy's is $23.95. The forecasts range from a low of $14.14 to a high of $31.50. The average price target represents an increase of 17.08% from its latest reported closing price of $20.46.

The projected annual revenue for Macy's is $24,991MM, a decrease of 2.79%. The projected annual EPS is $4.29, a decrease of 14.59%.

What is the Fund Sentiment?

There are 925 funds or institutions reporting positions in Macy's. This is an increase of 2 owner(s) or 0.22% in the last quarter. Average portfolio weight of all funds dedicated to M is 0.19%, an increase of 25.27%. Total shares owned by institutions increased in the last three months by 1.94% to 246,749K shares. The put/call ratio of M is 1.38, indicating a bearish outlook.

What are large shareholders doing?

Arrowstreet Capital, Limited Partnership holds 10,576K shares representing 3.90% ownership of the company. In it's prior filing, the firm reported owning 10,571K shares, representing an increase of 0.04%. The firm increased its portfolio allocation in M by 25.08% over the last quarter.

IJH - iShares Core S&P Mid-Cap ETF holds 8,369K shares representing 3.09% ownership of the company. In it's prior filing, the firm reported owning 7,882K shares, representing an increase of 5.81%. The firm increased its portfolio allocation in M by 22.12% over the last quarter.

VTSMX - Vanguard Total Stock Market Index Fund Investor Shares holds 8,025K shares representing 2.96% ownership of the company. In it's prior filing, the firm reported owning 8,378K shares, representing a decrease of 4.40%. The firm decreased its portfolio allocation in M by 14.60% over the last quarter.

Newport Trust holds 7,776K shares representing 2.87% ownership of the company. In it's prior filing, the firm reported owning 7,877K shares, representing a decrease of 1.30%. The firm decreased its portfolio allocation in M by 10.10% over the last quarter.

NAESX - Vanguard Small-Cap Index Fund Investor Shares holds 6,883K shares representing 2.54% ownership of the company. In it's prior filing, the firm reported owning 7,190K shares, representing a decrease of 4.46%. The firm decreased its portfolio allocation in M by 14.61% over the last quarter.

Macy`s Background Information
(This description is provided by the company.)

Macy's, Inc. is one of the nation's premier omni-channel fashion retailers. The company comprises three retail brands, Macy's, Bloomingdale's and Bluemercury. Macy's, Inc. is headquartered in New York, New York.

This story originally appeared on Fintel.