M&T Bank Corp Sells 1,790 Shares of Macy’s, Inc. (NYSE:M)

M&T Bank Corp cut its holdings in Macy’s, Inc. (NYSE:M) by 11.3% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 14,007 shares of the company’s stock after selling 1,790 shares during the period. M&T Bank Corp’s holdings in Macy’s were worth $176,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in the business. State of Alaska Department of Revenue boosted its stake in shares of Macy’s by 126.0% during the 1st quarter. State of Alaska Department of Revenue now owns 184,511 shares of the company’s stock worth $2,317,000 after purchasing an additional 102,885 shares during the period. GAMMA Investing LLC boosted its stake in shares of Macy’s by 1,188.7% during the 1st quarter. GAMMA Investing LLC now owns 44,086 shares of the company’s stock worth $554,000 after purchasing an additional 40,665 shares during the period. Commonwealth Equity Services LLC boosted its stake in shares of Macy’s by 2.6% during the 4th quarter. Commonwealth Equity Services LLC now owns 45,105 shares of the company’s stock worth $764,000 after purchasing an additional 1,122 shares during the period. PNC Financial Services Group Inc. boosted its stake in shares of Macy’s by 15.0% during the 4th quarter. PNC Financial Services Group Inc. now owns 23,908 shares of the company’s stock worth $405,000 after purchasing an additional 3,127 shares during the period. Finally, Vontobel Holding Ltd. purchased a new position in shares of Macy’s during the 1st quarter worth about $304,000. 87.36% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

M has been the subject of several research reports. Morgan Stanley reissued a “negative” rating on shares of Macy’s in a research report on Tuesday, May 6th. Citigroup reissued a “neutral” rating and issued a $12.00 price objective (up from $11.00) on shares of Macy’s in a research report on Thursday, May 29th. JPMorgan Chase & Co. lowered their price objective 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. The Goldman Sachs Group cut shares of Macy’s from a “buy” rating to a “neutral” rating and lowered their price objective for the company from $17.00 to $12.00 in a research report on Tuesday, April 22nd. Finally, Barclays assumed coverage on shares of Macy’s in a report on Monday, April 28th. They issued a “cautious” rating and a $12.00 price target for the company. Two analysts have rated the stock with a sell rating, nine have assigned a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $12.78.

Macy’s Stock Performance

Shares of NYSE M opened at $11.95 on Friday. The company’s fifty day moving average price is $11.89 and its 200 day moving average price is $12.97. Macy’s, Inc. has a 1 year low of $9.76 and a 1 year high of $18.13. The company has a market capitalization of $3.24 billion, a PE ratio of 6.07 and a beta of 1.71. The company has a debt-to-equity ratio of 0.62, a quick ratio of 0.37 and a current ratio of 1.43.

Macy’s (NYSE:M) last posted its quarterly earnings data on Wednesday, May 28th. The company reported $0.16 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.15 by $0.01. The business 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% compared to the same quarter last year. During the same period last year, the firm posted $0.27 earnings per share. On average, research analysts predict that Macy’s, Inc. will post 2.39 earnings per share for the current year.

Macy’s Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, July 1st. Stockholders of record on Friday, June 13th were given a $0.1824 dividend. This represents a $0.73 dividend on an annualized basis and a dividend yield of 6.11%. The ex-dividend date of this dividend was Friday, June 13th. Macy’s’s dividend payout ratio (DPR) is 37.06%.

Macy’s Profile

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.