Corebridge Financial Inc. Sells 13,018 Shares of Macy’s, Inc. (NYSE:M)

Corebridge Financial Inc. reduced its stake in shares of Macy’s, Inc. (NYSE:M) by 4.0% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 313,830 shares of the company’s stock after selling 13,018 shares during the period. Corebridge Financial Inc. owned 0.11% of Macy’s worth $5,313,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of M. Quest Partners LLC bought a new position in shares of Macy’s in the third quarter valued at approximately $35,000. Charles Schwab Investment Management Inc. grew its stake in Macy’s by 4.7% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,661,876 shares of the company’s stock valued at $41,765,000 after buying an additional 118,626 shares during the last quarter. FMR LLC raised its holdings in Macy’s by 4.4% in the 3rd quarter. FMR LLC now owns 4,691,591 shares of the company’s stock worth $73,611,000 after acquiring an additional 195,880 shares during the period. BNP Paribas Financial Markets lifted its position in Macy’s by 8.4% during the 3rd quarter. BNP Paribas Financial Markets now owns 362,508 shares of the company’s stock worth $5,688,000 after acquiring an additional 27,985 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in Macy’s by 8.1% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 63,751 shares of the company’s stock valued at $1,000,000 after acquiring an additional 4,783 shares during the period. 87.36% of the stock is currently owned by institutional investors.

Insider Activity

In related news, EVP Adrian V. Mitchell sold 3,489 shares of the stock in a transaction that occurred on Tuesday, March 25th. The stock was sold at an average price of $13.74, for a total transaction of $47,938.86. Following the sale, the executive vice president now directly owns 116,165 shares in the company, valued at $1,596,107.10. This represents a 2.92 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Antony Spring sold 3,124 shares of Macy’s stock in a transaction on Tuesday, March 25th. The shares were sold at an average price of $13.74, for a total value of $42,923.76. Following the completion of the transaction, the chief executive officer now owns 272,680 shares of the company’s stock, valued at approximately $3,746,623.20. The trade was a 1.13 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 7,013 shares of company stock worth $96,359. Corporate insiders own 2.77% of the company’s stock.

Wall Street Analyst Weigh In

M has been the subject of several research analyst reports. JPMorgan Chase & Co. cut Macy’s from an “overweight” rating to a “neutral” rating and cut their price objective for the stock from $19.00 to $14.00 in a research report on Thursday, March 6th. Cowen reiterated a “hold” rating on shares of Macy’s in a report on Friday, March 7th. New Street Research set a $13.00 price objective on Macy’s in a research report on Thursday, March 6th. The Goldman Sachs Group lowered their price objective on shares of Macy’s from $19.00 to $17.00 and set a “buy” rating on the stock in a research note on Friday, March 7th. Finally, Morgan Stanley set a $14.00 target price on shares of Macy’s in a research note on Monday, March 10th. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $15.30.

Macy’s Price Performance

NYSE:M opened at $12.79 on Friday. The company has a debt-to-equity ratio of 0.67, a quick ratio of 0.17 and a current ratio of 1.26. The company has a 50-day moving average of $14.38 and a 200-day moving average of $15.28. Macy’s, Inc. has a 52 week low of $12.60 and a 52 week high of $20.70. The company has a market capitalization of $3.55 billion, a price-to-earnings ratio of 21.67 and a beta of 2.07.

Macy’s (NYSE:M) last announced its quarterly earnings results on Thursday, March 6th. The company reported $1.80 EPS for the quarter, topping analysts’ consensus estimates of $1.55 by $0.25. Macy’s had a net margin of 0.73% and a return on equity of 21.99%. The firm had revenue of $7.77 billion during the quarter, compared to analysts’ expectations of $7.76 billion. As a group, equities research analysts anticipate that Macy’s, Inc. will post 2.39 earnings per share for the current fiscal year.

Macy’s Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 1st. Shareholders of record on Friday, March 14th will be issued a dividend of $0.1824 per share. The ex-dividend date is Friday, March 14th. This is a boost from Macy’s’s previous quarterly dividend of $0.17. This represents a $0.73 dividend on an annualized basis and a dividend yield of 5.71%. Macy’s’s dividend payout ratio (DPR) is presently 35.44%.

Macy’s Profile

Macy’s, Inc engages in the retail of apparel, accessories, cosmetics, home furnishings, and other consumer goods. The firm’s brands include Macy’s, Bloomingdale’s, and Bluemercury. It offers men’s, women’s, and children’s apparel, women’s accessories, intimate apparel, shoes, cosmetics, fragrances, as well as home and miscellaneous products.