OLD National Bancorp IN Has $1.69 Million Stock Holdings in Macy’s, Inc. (NYSE:M)

OLD National Bancorp IN boosted its stake in Macy’s, Inc. (NYSE:M) by 5.0% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 84,000 shares of the company’s stock after purchasing an additional 4,000 shares during the quarter. OLD National Bancorp IN’s holdings in Macy’s were worth $1,690,000 as of its most recent SEC filing.

Other large investors have also bought and sold shares of the company. Lindbrook Capital LLC grew its holdings in Macy’s by 253.1% in the fourth quarter. Lindbrook Capital LLC now owns 1,317 shares of the company’s stock worth $26,000 after purchasing an additional 944 shares during the period. Fifth Third Bancorp grew its holdings in shares of Macy’s by 221.4% during the third quarter. Fifth Third Bancorp now owns 3,506 shares of the company’s stock valued at $41,000 after buying an additional 2,415 shares during the last quarter. Fortitude Family Office LLC acquired a new position in shares of Macy’s during the fourth quarter valued at about $50,000. Covestor Ltd grew its holdings in shares of Macy’s by 25.5% during the third quarter. Covestor Ltd now owns 4,763 shares of the company’s stock valued at $55,000 after buying an additional 969 shares during the last quarter. Finally, CWM LLC grew its holdings in shares of Macy’s by 241.3% during the third quarter. CWM LLC now owns 6,663 shares of the company’s stock valued at $77,000 after buying an additional 4,711 shares during the last quarter. 87.36% of the stock is currently owned by institutional investors and hedge funds.

Macy’s Stock Performance

NYSE M opened at $18.75 on Tuesday. The company’s 50 day moving average is $19.68 and its 200-day moving average is $17.35. Macy’s, Inc. has a 12-month low of $10.54 and a 12-month high of $22.10. The company has a quick ratio of 0.39, a current ratio of 1.37 and a debt-to-equity ratio of 0.72. The firm has a market cap of $5.16 billion, a P/E ratio of 50.66 and a beta of 2.15.

Macy’s (NYSE:M) last posted its quarterly earnings results on Tuesday, February 27th. The company reported $2.45 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.98 by $0.47. Macy’s had a net margin of 0.45% and a return on equity of 23.34%. The company had revenue of $8.12 billion for the quarter, compared to analyst estimates of $8.07 billion. During the same quarter in the previous year, the firm posted $1.88 earnings per share. The company’s quarterly revenue was down 1.7% compared to the same quarter last year. Sell-side 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 given a $0.1737 dividend. The ex-dividend date of this dividend was Thursday, March 14th. This represents a $0.69 annualized dividend and a dividend yield of 3.71%. This is a positive change from Macy’s’s previous quarterly dividend of $0.17. Macy’s’s payout ratio is 186.49%.

Insider Activity

In other news, SVP Paul Griscom sold 2,969 shares of the business’s stock in a transaction that occurred on Friday, March 22nd. The shares were sold at an average price of $20.43, for a total value of $60,656.67. Following the sale, the senior vice president now owns 21,436 shares of the company’s stock, valued at $437,937.48. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In related news, SVP Paul Griscom sold 2,969 shares of the business’s stock in a transaction that occurred on Friday, March 22nd. The shares were sold at an average price of $20.43, for a total transaction of $60,656.67. Following the completion of the transaction, the senior vice president now owns 21,436 shares of the company’s stock, valued at $437,937.48. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CFO Adrian V. Mitchell sold 13,249 shares of the business’s stock in a transaction that occurred on Friday, March 22nd. The shares were 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. Insiders have sold a total of 218,424 shares of company stock valued at $4,405,507 over the last quarter. Company insiders own 1.52% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on the stock. The Goldman Sachs Group raised their price target on shares of Macy’s from $16.00 to $22.00 and gave the company a “buy” rating in a research report on Wednesday, February 28th. Citigroup raised shares of Macy’s from a “sell” rating to a “neutral” rating and raised their price target for the company from $14.00 to $18.00 in a research report on Friday, February 2nd. Morgan Stanley dropped 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 report on Wednesday, February 28th. StockNews.com began coverage on shares of Macy’s in a research report on Tuesday, April 16th. They set a “hold” rating on the stock. Finally, Telsey Advisory Group reaffirmed a “market perform” rating and issued a $21.00 price objective on shares of Macy’s in a research report on Thursday, March 28th. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat.com, Macy’s presently has a consensus rating of “Hold” and an average target price of $17.45.

About Macy’s

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.