Principal Financial Group Inc. Purchases 109,024 Shares of Macy’s, Inc. (NYSE:M)

Principal Financial Group Inc. lifted its stake in Macy’s, Inc. (NYSE:MGet Rating) by 10.8% during the 2nd quarter, Holdings Channel reports. The firm owned 1,121,631 shares of the company’s stock after acquiring an additional 109,024 shares during the period. Principal Financial Group Inc.’s holdings in Macy’s were worth $20,548,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in M. DekaBank Deutsche Girozentrale bought a new position in shares of Macy’s in the 1st quarter worth $157,000. Nisa Investment Advisors LLC boosted its position in shares of Macy’s by 5.9% in the 1st quarter. Nisa Investment Advisors LLC now owns 14,280 shares of the company’s stock worth $348,000 after purchasing an additional 800 shares during the last quarter. Steward Partners Investment Advisory LLC boosted its position in shares of Macy’s by 313.2% in the 1st quarter. Steward Partners Investment Advisory LLC now owns 16,296 shares of the company’s stock worth $397,000 after purchasing an additional 12,352 shares during the last quarter. National Asset Management Inc. bought a new position in shares of Macy’s in the 1st quarter worth $525,000. Finally, Versor Investments LP bought a new position in shares of Macy’s in the 1st quarter worth $548,000. 85.57% of the stock is currently owned by institutional investors.

Insider Activity

In other news, SVP Paul Griscom sold 2,868 shares of the firm’s stock in a transaction dated Wednesday, August 31st. The stock was sold at an average price of $17.43, for a total value of $49,989.24. Following the completion of the transaction, the senior vice president now owns 4,688 shares in the company, valued at approximately $81,711.84. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 1.20% of the stock is owned by corporate insiders.

Macy’s Stock Performance

M opened at $22.68 on Tuesday. The business’s 50-day moving average price is $18.55 and its two-hundred day moving average price is $19.14. Macy’s, Inc. has a 1 year low of $15.10 and a 1 year high of $35.85. The company has a market capitalization of $6.15 billion, a price-to-earnings ratio of 4.73, a P/E/G ratio of 0.44 and a beta of 1.74. The company has a debt-to-equity ratio of 0.86, a current ratio of 1.09 and a quick ratio of 0.14.

Macy’s (NYSE:MGet Rating) last announced its quarterly earnings data on Thursday, November 17th. The company reported $0.52 earnings per share for the quarter, beating the consensus estimate of $0.19 by $0.33. The company had revenue of $5.23 billion during the quarter, compared to analysts’ expectations of $5.20 billion. Macy’s had a return on equity of 42.58% and a net margin of 5.68%. Macy’s’s revenue for the quarter was down 3.9% compared to the same quarter last year. During the same quarter last year, the company earned $1.23 EPS. Equities analysts expect that Macy’s, Inc. will post 4.17 EPS for the current fiscal year.

Macy’s Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 3rd. Stockholders of record on Thursday, December 15th will be issued a $0.1575 dividend. This represents a $0.63 annualized dividend and a dividend yield of 2.78%. The ex-dividend date is Wednesday, December 14th. Macy’s’s payout ratio is 13.13%.

Analyst Ratings Changes

Several research firms have recently issued reports on M. OTR Global upgraded Macy’s from a “mixed” rating to a “positive” rating in a research report on Wednesday, November 9th. Telsey Advisory Group dropped their price objective on Macy’s from $28.00 to $25.00 and set a “market perform” rating on the stock in a research note on Wednesday, August 24th. StockNews.com assumed coverage on Macy’s in a research note on Wednesday, October 12th. They set a “hold” rating on the stock. Morgan Stanley dropped their price objective on Macy’s from $22.00 to $21.00 and set an “equal weight” rating on the stock in a research note on Wednesday, August 24th. Finally, Credit Suisse Group raised their price objective on Macy’s to $19.00 in a research note on Monday. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating and four have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $25.18.

About Macy’s

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Macy's, Inc, an omni-channel retail organization, operates stores, Websites, and mobile applications. The company sells a range of merchandise, such as apparel and accessories for men, women, and children; cosmetics; home furnishings; and other consumer goods. As of January 29, 2022, it operated 725 department stores in the District of Columbia, Puerto Rico, and Guam under the Macy's, Macy's Backstage, Market by Macy's, Bloomingdale's, Bloomingdale's The Outlet, Bloomies, and bluemercury brands.

Further Reading

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Institutional Ownership by Quarter for Macy's (NYSE:M)

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