PNC Financial Services Group Inc. Reduces Position in Macy’s Inc (NYSE:M)

PNC Financial Services Group Inc. decreased its holdings in Macy’s Inc (NYSE:M) by 0.7% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 212,071 shares of the company’s stock after selling 1,439 shares during the quarter. PNC Financial Services Group Inc. owned about 0.07% of Macy’s worth $5,095,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also made changes to their positions in the company. Vanguard Group Inc grew its stake in Macy’s by 6.5% during the third quarter. Vanguard Group Inc now owns 35,205,128 shares of the company’s stock valued at $1,222,675,000 after acquiring an additional 2,133,597 shares in the last quarter. Oppenheimer Asset Management Inc. raised its holdings in Macy’s by 6.2% during the 4th quarter. Oppenheimer Asset Management Inc. now owns 18,743 shares of the company’s stock valued at $558,000 after buying an additional 1,093 shares during the last quarter. First Mercantile Trust Co. raised its holdings in Macy’s by 45.5% during the 4th quarter. First Mercantile Trust Co. now owns 2,560 shares of the company’s stock valued at $76,000 after buying an additional 800 shares during the last quarter. State Board of Administration of Florida Retirement System raised its holdings in Macy’s by 0.6% during the 4th quarter. State Board of Administration of Florida Retirement System now owns 476,576 shares of the company’s stock valued at $14,192,000 after buying an additional 2,921 shares during the last quarter. Finally, Dupont Capital Management Corp raised its holdings in Macy’s by 130.0% during the 4th quarter. Dupont Capital Management Corp now owns 5,170 shares of the company’s stock valued at $154,000 after buying an additional 2,922 shares during the last quarter. 87.23% of the stock is owned by institutional investors.

In other news, Chairman Jeffrey Gennette bought 5,000 shares of the firm’s stock in a transaction on Friday, May 17th. The shares were bought at an average price of $21.96 per share, for a total transaction of $109,800.00. Following the purchase, the chairman now owns 102,525 shares in the company, valued at $2,251,449. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Deirdre P. Connelly sold 6,250 shares of the firm’s stock in a transaction that occurred on Thursday, April 4th. The stock was sold at an average price of $25.76, for a total transaction of $161,000.00. Following the sale, the director now owns 17,092 shares in the company, valued at approximately $440,289.92. The disclosure for this sale can be found here. Insiders bought a total of 20,000 shares of company stock worth $432,950 in the last quarter. Company insiders own 0.55% of the company’s stock.

M has been the subject of several research reports. Zacks Investment Research upgraded shares of Macy’s from a “sell” rating to a “hold” rating in a report on Thursday, May 16th. Desjardins restated an “average” rating and issued a $5.25 price objective on shares of Macy’s in a report on Friday, March 22nd. Standpoint Research upgraded shares of Macy’s from a “hold” rating to a “buy” rating in a report on Wednesday, April 3rd. Deutsche Bank upped their price objective on shares of Macy’s from $27.00 to $28.00 and gave the stock a “hold” rating in a report on Thursday, May 16th. Finally, Goldman Sachs Group raised shares of Macy’s from a “sell” rating to a “neutral” rating and reduced their target price for the stock from $23.00 to $21.00 in a research report on Thursday, May 16th. Four investment analysts have rated the stock with a sell rating, eleven have issued a hold rating and four have given a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average target price of $26.58.

M stock traded down $0.07 during trading on Monday, hitting $21.39. 10,496,100 shares of the stock traded hands, compared to its average volume of 9,682,186. Macy’s Inc has a 1 year low of $20.02 and a 1 year high of $41.99. The stock has a 50 day simple moving average of $21.44. The stock has a market capitalization of $6.82 billion, a PE ratio of 5.12, a price-to-earnings-growth ratio of 0.92 and a beta of 0.54. The company has a current ratio of 1.42, a quick ratio of 0.32 and a debt-to-equity ratio of 1.19.

Macy’s (NYSE:M) last announced its quarterly earnings results on Wednesday, May 15th. The company reported $0.44 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.33 by $0.11. Macy’s had a net margin of 4.43% and a return on equity of 20.66%. The firm had revenue of $5.50 billion for the quarter, compared to the consensus estimate of $5.52 billion. During the same quarter last year, the firm posted $0.48 EPS. The business’s quarterly revenue was down .7% compared to the same quarter last year. As a group, equities research analysts anticipate that Macy’s Inc will post 3.12 EPS for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, July 1st. Stockholders of record on Friday, June 14th will be paid a $0.3775 dividend. This represents a $1.51 annualized dividend and a dividend yield of 7.06%. The ex-dividend date is Thursday, June 13th. Macy’s’s dividend payout ratio (DPR) is presently 36.12%.

Macy’s Company Profile

Macy's, Inc, an omnichannel retail organization, operates stores, Websites, and mobile applications. The company sells a range of merchandise, including apparel and accessories for men, women, and children; cosmetics; home furnishings; and other consumer goods. As of April 1, 2019, it operated approximately 680 department stores under the Macy's and Bloomingdale's names; and 190 specialty stores, such as Bloomingdale's The Outlet, Bluemercury, Macy's Backstage, and STORY in 43 states, the District of Columbia, Guam, and Puerto Rico.

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

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