Principal Financial Group Inc. Has $8.02 Million Holdings in Macy’s, Inc. (NYSE:M)

Principal Financial Group Inc. boosted its stake in Macy’s, Inc. (NYSE:M) by 0.4% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 638,586 shares of the company’s stock after purchasing an additional 2,858 shares during the period. Principal Financial Group Inc. owned about 0.23% of Macy’s worth $8,021,000 at the end of the most recent reporting period.

A number of other institutional investors have also bought and sold shares of the company. Jones Financial Companies Lllp lifted its position in Macy’s by 82.1% in the 4th quarter. Jones Financial Companies Lllp now owns 2,149 shares of the company’s stock valued at $36,000 after acquiring an additional 969 shares in the last quarter. Bessemer Group Inc. lifted its position in shares of Macy’s by 495.5% during the 4th quarter. Bessemer Group Inc. now owns 3,412 shares of the company’s stock worth $58,000 after buying an additional 2,839 shares in the last quarter. Raiffeisen Bank International AG bought a new position in shares of Macy’s during the 4th quarter worth approximately $111,000. Vestcor Inc bought a new position in shares of Macy’s during the 4th quarter worth approximately $115,000. Finally, Aster Capital Management DIFC Ltd bought a new stake in shares of Macy’s in the 4th quarter worth approximately $119,000. Institutional investors own 87.36% of the company’s stock.

Macy’s Trading Down 3.2%

Shares of M stock opened at $12.08 on Wednesday. Macy’s, Inc. has a 12-month low of $9.76 and a 12-month high of $18.13. The company has a current ratio of 1.43, a quick ratio of 0.37 and a debt-to-equity ratio of 0.62. The firm’s 50 day moving average is $11.87 and its 200 day moving average is $13.04. The stock has a market capitalization of $3.28 billion, a P/E ratio of 6.13 and a beta of 1.71.

Macy’s (NYSE:M) last announced its quarterly earnings data on Wednesday, May 28th. The company reported $0.16 EPS for the quarter, beating the consensus estimate of $0.15 by $0.01. The firm had revenue of $4.60 billion for the quarter, compared to the consensus estimate of $4.38 billion. Macy’s had a net margin of 2.45% and a return on equity of 16.34%. The company’s revenue was down 5.1% on a year-over-year basis. During the same period last year, the firm earned $0.27 EPS. Research analysts expect that Macy’s, Inc. will post 2.39 earnings per share for the current year.

Macy’s Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, July 1st. Investors of record on Friday, June 13th were paid a dividend of $0.1824 per share. The ex-dividend date of this dividend was Friday, June 13th. This represents a $0.73 dividend on an annualized basis and a dividend yield of 6.04%. Macy’s’s dividend payout ratio is presently 37.06%.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on M. Telsey Advisory Group reduced their price target on shares of Macy’s from $15.00 to $14.00 and set a “market perform” rating for the company in a research report on Thursday, May 29th. Citigroup reiterated a “neutral” rating and issued a $12.00 target price (up from $11.00) on shares of Macy’s in a research report on Thursday, May 29th. The Goldman Sachs Group lowered shares of Macy’s from a “buy” rating to a “neutral” rating and cut their target price for the stock from $17.00 to $12.00 in a research report on Tuesday, April 22nd. JPMorgan Chase & Co. cut their price target on shares of Macy’s from $13.00 to $12.00 and set a “neutral” rating for the company in a research report on Thursday, May 29th. Finally, Morgan Stanley restated a “negative” rating on shares of Macy’s in a research report on Tuesday, May 6th. Two analysts have rated the stock with a sell rating, ten have issued a hold rating, one has assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $13.20.

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.