Comerica Bank Trims Holdings in Macy’s, Inc. (NYSE:M) (2024)

Posted by Defense World Staff on Aug 8th, 2024

Comerica Bank trimmed its position in Macy’s, Inc. (NYSE:M – Free Report) by 3.1% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 113,562 shares of the company’s stock after selling 3,629 shares during the period. Comerica Bank’s holdings in Macy’s were worth $2,270,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in M. Raymond James & Associates increased its stake in shares of Macy’s by 42.4% during the 4th quarter. Raymond James & Associates now owns 21,432 shares of the company’s stock valued at $431,000 after acquiring an additional 6,378 shares during the last quarter. International Assets Investment Management LLC acquired a new position in shares of Macy’s during the 4th quarter valued at about $147,000. DekaBank Deutsche Girozentrale increased its stake in shares of Macy’s by 136.7% during the 4th quarter. DekaBank Deutsche Girozentrale now owns 7,603 shares of the company’s stock valued at $153,000 after acquiring an additional 4,391 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. acquired a new position in shares of Macy’s during the 4th quarter valued at about $1,527,000. Finally, Impax Asset Management Group plc acquired a new position in shares of Macy’s during the 4th quarter valued at about $825,000. 87.36% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In related news, EVP Danielle L. Kirgan sold 24,147 shares of the firm’s stock in a transaction on Wednesday, July 10th. The stock was sold at an average price of $18.96, for a total transaction of $457,827.12. Following the transaction, the executive vice president now directly owns 348,000 shares in the company, valued at $6,598,080. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, CEO Antony Spring sold 18,981 shares of the firm’s stock in a transaction on Wednesday, July 10th. The stock was sold at an average price of $18.96, for a total transaction of $359,879.76. Following the transaction, the chief executive officer now directly owns 267,265 shares in the company, valued at $5,067,344.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Danielle L. Kirgan sold 24,147 shares of the stock in a transaction on Wednesday, July 10th. The stock was sold at an average price of $18.96, for a total value of $457,827.12. Following the completion of the sale, the executive vice president now directly owns 348,000 shares in the company, valued at $6,598,080. The disclosure for this sale can be found here. In the last three months, insiders sold 43,464 shares of company stock worth $824,081. 2.77% of the stock is currently owned by insiders.

Macy’s Stock Performance

Macy’s stock opened at $15.22 on Thursday. The stock has a market cap of $4.21 billion, a P/E ratio of 507.33 and a beta of 2.18. The company has a current ratio of 1.38, a quick ratio of 0.35 and a debt-to-equity ratio of 0.72. The stock has a 50 day moving average of $17.91 and a 200-day moving average of $18.89. Macy’s, Inc. has a 52 week low of $10.54 and a 52 week high of $22.10.

Macy’s (NYSE:M – Get Free Report) last released its earnings results on Tuesday, May 21st. The company reported $0.27 EPS for the quarter, beating the consensus estimate of $0.15 by $0.12. The company had revenue of $4.85 billion during the quarter, compared to analysts’ expectations of $4.82 billion. Macy’s had a return on equity of 21.40% and a net margin of 0.05%. The business’s revenue was down 2.7% on a year-over-year basis. During the same period in the prior year, the business posted $0.56 EPS. On average, analysts expect that Macy’s, Inc. will post 2.79 EPS for the current fiscal year.

Macy’s Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, July 1st. Stockholders of record on Friday, June 14th were paid a dividend of $0.1737 per share. This represents a $0.69 annualized dividend and a dividend yield of 4.57%. The ex-dividend date was Friday, June 14th. Macy’s’s dividend payout ratio (DPR) is currently 2,300.00%.

Analysts Set New Price Targets

A number of analysts recently issued reports on M shares. Telsey Advisory Group reissued a “market perform” rating and set a $21.00 target price on shares of Macy’s in a research report on Tuesday, May 21st. Evercore ISI dropped their target price on shares of Macy’s from $22.00 to $17.00 and set an “in-line” rating for the company in a research report on Tuesday, July 16th. TD Cowen increased their target price on shares of Macy’s from $20.00 to $21.00 and gave the stock a “hold” rating in a research report on Wednesday, May 22nd. JPMorgan Chase & Co. increased their target price on shares of Macy’s from $25.00 to $27.00 and gave the stock an “overweight” rating in a research report on Wednesday, May 22nd. Finally, StockNews.com started coverage on shares of Macy’s in a research report on Tuesday. They set a “hold” rating for the company. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $18.10.

Check Out Our Latest Report on M

Macy’s Company Profile

(Free Report)

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.

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