Riverview Trust Co Invests $27,000 in Macy’s, Inc. (NYSE:M)

Riverview Trust Co purchased a new position in shares of Macy’s, Inc. (NYSE:M) in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 1,375 shares of the company’s stock, valued at approximately $27,000.

Other hedge funds and other institutional investors have also modified their holdings of the company. Glassman Wealth Services boosted its holdings in Macy’s by 154.5% in the fourth quarter. Glassman Wealth Services now owns 1,224 shares of the company’s stock valued at $25,000 after purchasing an additional 743 shares during the period. Lindbrook Capital LLC lifted its holdings in Macy’s by 253.1% during the 4th quarter. Lindbrook Capital LLC now owns 1,317 shares of the company’s stock worth $26,000 after buying an additional 944 shares during the last quarter. Fortitude Family Office LLC purchased a new stake in Macy’s during the 4th quarter worth about $50,000. Covestor Ltd lifted its holdings in Macy’s by 25.5% during the 3rd quarter. Covestor Ltd now owns 4,763 shares of the company’s stock worth $55,000 after buying an additional 969 shares during the last quarter. Finally, Hexagon Capital Partners LLC lifted its holdings in Macy’s by 1,166.8% during the 4th quarter. Hexagon Capital Partners LLC now owns 2,749 shares of the company’s stock worth $55,000 after buying an additional 2,532 shares during the last quarter. 87.36% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on the company. Morgan Stanley decreased their price target on Macy’s from $21.00 to $20.00 and set an “equal weight” rating for the company in a report on Wednesday, February 28th. Telsey Advisory Group reiterated a “market perform” rating and set a $21.00 target price on shares of Macy’s in a research report on Tuesday, May 21st. The Goldman Sachs Group lifted their target price on Macy’s from $16.00 to $22.00 and gave the stock a “buy” rating in a research report on Wednesday, February 28th. JPMorgan Chase & Co. lifted their target price on 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 Macy’s in a research report on Thursday. They set a “hold” rating on the stock. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and two have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $17.70.

Macy’s Stock Performance

Shares of M stock opened at $19.06 on Thursday. The stock has a market capitalization of $5.27 billion, a PE ratio of 635.33 and a beta of 2.16. Macy’s, Inc. has a 52-week low of $10.54 and a 52-week high of $22.10. The stock’s 50-day moving average price is $19.08 and its 200 day moving average price is $19.30. The company has a quick ratio of 0.35, a current ratio of 1.38 and a debt-to-equity ratio of 0.72.

Macy’s (NYSE:M) last issued its quarterly earnings results on Tuesday, May 21st. The company reported $0.27 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.15 by $0.12. Macy’s had a return on equity of 21.40% and a net margin of 0.05%. The firm had revenue of $4.85 billion for the quarter, compared to analysts’ expectations of $4.82 billion. During the same quarter in the previous year, the firm posted $0.56 EPS. The firm’s revenue for the quarter was down 2.7% on a year-over-year basis. As a group, equities research analysts forecast that Macy’s, Inc. will post 2.79 EPS for the current year.

Macy’s Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, July 1st. Shareholders of record on Friday, June 14th will be issued a $0.1737 dividend. This represents a $0.69 dividend on an annualized basis and a yield of 3.65%. The ex-dividend date of this dividend is Friday, June 14th. Macy’s’s dividend payout ratio is presently 2,300.00%.

Insider Buying and Selling at Macy’s

In other Macy’s news, EVP Danielle L. Kirgan sold 6,680 shares of Macy’s stock in a transaction that occurred on Monday, April 1st. The stock was sold at an average price of $19.66, for a total value of $131,328.80. Following the sale, the executive vice president now owns 324,635 shares of the company’s stock, valued at approximately $6,382,324.10. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, Director Jeffrey Gennette sold 30,090 shares of the business’s stock in a transaction that occurred on Monday, April 1st. The stock was sold at an average price of $19.66, for a total transaction of $591,569.40. Following the sale, the director now owns 1,073,699 shares of the company’s stock, valued at approximately $21,108,922.34. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Danielle L. Kirgan sold 6,680 shares of the business’s stock in a transaction that occurred on Monday, April 1st. The stock was sold at an average price of $19.66, for a total value of $131,328.80. Following the sale, the executive vice president now directly owns 324,635 shares in the company, valued at approximately $6,382,324.10. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 65,430 shares of company stock valued at $1,285,499. 2.77% of the stock is owned by corporate insiders.

Macy’s Company 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.