Waterfront Wealth Inc. Acquires 10,716 Shares of Macy’s, Inc. (NYSE:M)

Waterfront Wealth Inc. grew its holdings in shares of Macy’s, Inc. (NYSE:M) by 7.2% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 158,670 shares of the company’s stock after buying an additional 10,716 shares during the quarter. Macy’s makes up 0.9% of Waterfront Wealth Inc.’s portfolio, making the stock its 26th largest position. Waterfront Wealth Inc. owned about 0.06% of Macy’s worth $3,192,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in Macy’s by 20.2% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 58,551 shares of the company’s stock worth $1,178,000 after buying an additional 9,833 shares in the last quarter. DGS Capital Management LLC bought a new stake in Macy’s during the 4th quarter worth about $419,000. Louisiana State Employees Retirement System acquired a new position in shares of Macy’s during the 4th quarter worth about $1,547,000. Byrne Asset Management LLC increased its stake in shares of Macy’s by 1,959.6% during the 4th quarter. Byrne Asset Management LLC now owns 28,835 shares of the company’s stock worth $580,000 after purchasing an additional 27,435 shares during the last quarter. Finally, Impax Asset Management Group plc acquired a new position in shares of Macy’s during the 4th quarter worth about $825,000. 87.36% of the stock is owned by institutional investors.

Insider Activity

In other news, CEO Antony Spring sold 14,859 shares of the firm’s stock in a transaction on Monday, April 1st. The shares were sold at an average price of $19.63, for a total transaction of $291,682.17. Following the completion of the transaction, the chief executive officer now owns 248,897 shares of the company’s stock, valued at $4,885,848.11. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, CEO Antony Spring sold 14,859 shares of Macy’s stock in a transaction on Monday, April 1st. The shares were sold at an average price of $19.63, for a total transaction of $291,682.17. Following the completion of the transaction, the chief executive officer now owns 248,897 shares of the company’s stock, valued at $4,885,848.11. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Adrian V. Mitchell sold 13,249 shares of Macy’s stock in a transaction on Friday, March 22nd. The stock was sold at an average price of $20.42, for a total transaction of $270,544.58. Following the transaction, the chief financial officer now directly owns 99,098 shares of the company’s stock, valued at approximately $2,023,581.16. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 218,424 shares of company stock valued at $4,405,507. Insiders own 1.52% of the company’s stock.

Macy’s Price Performance

Macy’s stock traded up $0.02 during mid-day trading on Wednesday, reaching $19.01. The company had a trading volume of 4,148,515 shares, compared to its average volume of 8,105,331. Macy’s, Inc. has a fifty-two week low of $10.54 and a fifty-two week high of $22.10. The company has a current ratio of 1.37, a quick ratio of 0.39 and a debt-to-equity ratio of 0.72. The company has a market cap of $5.21 billion, a P/E ratio of 51.38 and a beta of 2.15. The business has a fifty day simple moving average of $19.71 and a 200 day simple moving average of $17.16.

Macy’s (NYSE:M) last issued its earnings results on Tuesday, February 27th. The company reported $2.45 earnings per share for the quarter, beating analysts’ consensus estimates of $1.98 by $0.47. Macy’s had a net margin of 0.45% and a return on equity of 23.34%. The firm had revenue of $8.12 billion for the quarter, compared to analyst estimates of $8.07 billion. During the same quarter last year, the business posted $1.88 earnings per share. The company’s quarterly revenue was down 1.7% on a year-over-year basis. On average, equities research analysts predict that Macy’s, Inc. will post 2.57 earnings per share for the current year.

Macy’s Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, April 1st. Stockholders of record on Friday, March 15th were paid a dividend of $0.1737 per share. The ex-dividend date of this dividend was Thursday, March 14th. This represents a $0.69 annualized dividend and a dividend yield of 3.65%. This is an increase from Macy’s’s previous quarterly dividend of $0.17. Macy’s’s dividend payout ratio (DPR) is presently 186.49%.

Analyst Upgrades and Downgrades

M has been the topic of several recent analyst reports. TD Cowen lowered shares of Macy’s from an “outperform” rating to a “market perform” rating and lowered their price objective for the stock from $23.00 to $20.00 in a research note on Thursday, February 29th. Citigroup upgraded shares of Macy’s from a “sell” rating to a “neutral” rating and boosted their price objective for the stock from $14.00 to $18.00 in a research note on Friday, February 2nd. JPMorgan Chase & Co. upped their price target on shares of Macy’s from $23.00 to $25.00 and gave the company an “overweight” rating in a research note on Monday, March 18th. StockNews.com initiated coverage on shares of Macy’s in a research note on Tuesday. They issued a “hold” rating on the stock. Finally, Morgan Stanley decreased their price target on shares of Macy’s from $21.00 to $20.00 and set an “equal weight” rating on the stock in a research note on Wednesday, February 28th. Two analysts have rated the stock with a sell rating, six have issued a hold rating and two have given a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $17.45.

Macy’s Profile

Macy's, Inc, an omni-channel retail organization, operates stores, websites, and mobile applications in the United States. The company sells a range of merchandise, such as apparel and accessories for men, women, and kids; cosmetics; home furnishings; and other consumer goods under the Macy's, Bloomingdale's, and bluemercury brands.