Readystate Asset Management LP Has $3.26 Million Stock Holdings in Macy's, Inc. $M

Key Points

• Readystate Asset Management reduced its Macy’s stake by 26.2% in the second quarter, selling 49,176 shares and retaining 138,539 shares valued at approximately $3.26 million.
• Institutional investors own 87.36% of Macy’s, while insiders own 1.05%; two executives also sold shares in June, primarily to cover tax obligations related to equity awards.
• Analysts maintain a consensus “Hold” rating with a $22.78 price target. Macy’s shares opened at $23.06, and the company declared a quarterly dividend of $0.1915 per share, yielding approximately 3.3% annually.

Readystate Asset Management LP lowered its holdings in Macy's, Inc. (NYSE:M - Free Report) by 26.2% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 138,539 shares of the company's stock after selling 49,176 shares during the quarter. Readystate Asset Management LP owned about 0.05% of Macy's worth $3,263,000 at the end of the most recent quarter.

Several other institutional investors have also recently bought and sold shares of the business. Bank of America Corp DE lifted its position in shares of Macy's by 23.4% during the 1st quarter. Bank of America Corp DE now owns 978,206 shares of the company's stock worth $17,696,000 after buying an additional 185,678 shares in the last quarter. Kingsview Wealth Management LLC bought a new stake in shares of Macy's in the fourth quarter valued at $3,524,000. Intech Investment Management LLC lifted its position in shares of Macy's by 540.1% during the 4th quarter. Intech Investment Management LLC now owns 125,154 shares of the company's stock valued at $2,760,000 after buying an additional 105,601 shares during the last quarter. Royal Bank of Canada grew its stake in shares of Macy's by 149.3% during the 1st quarter. Royal Bank of Canada now owns 175,506 shares of the company's stock worth $3,175,000 after acquiring an additional 105,117 shares during the period. Finally, Amundi increased its holdings in Macy's by 375.7% in the 1st quarter. Amundi now owns 230,041 shares of the company's stock worth $4,161,000 after acquiring an additional 181,684 shares during the last quarter. Institutional investors and hedge funds own 87.36% of the company's stock.

Insider Activity

In related news, EVP Thomas Edwards, Jr. sold 16,419 shares of the company's stock in a transaction that occurred on Wednesday, June 24th. The shares were sold at an average price of $24.89, for a total value of $408,668.91. Following the transaction, the executive vice president directly owned 20,000 shares in the company, valued at approximately $497,800. This represents a 45.08% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, SVP Paul Griscom sold 10,077 shares of the firm's stock in a transaction that occurred on Thursday, June 25th. The shares were sold at an average price of $25.63, for a total transaction of $258,273.51. Following the completion of the sale, the senior vice president directly owned 25,373 shares in the company, valued at $650,309.99. This represents a 28.43% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 1.05% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several equities research analysts have commented on the stock. TD Cowen upped their price objective on shares of Macy's from $20.00 to $25.00 and gave the company a "hold" rating in a report on Monday, June 22nd. Zacks Research raised shares of Macy's from a "hold" rating to a "strong-buy" rating in a research report on Monday, July 27th. Evercore set a $22.00 price objective on shares of Macy's in a report on Thursday, June 4th. Morgan Stanley reiterated an "overweight" rating and issued a $30.00 price objective on shares of Macy's in a research note on Monday, July 6th. Finally, JPMorgan Chase & Co. increased their target price on Macy's from $21.00 to $27.00 and gave the stock a "neutral" rating in a research report on Thursday, June 4th. One investment analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, seven have issued a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Hold" and a consensus price target of $22.78.

Macy's Price Performance

Macy's stock opened at $23.06 on Monday. Macy's, Inc. has a 52 week low of $16.41 and a 52 week high of $26.58. The business has a 50-day simple moving average of $23.63 and a 200 day simple moving average of $21.44. The company has a quick ratio of 0.44, a current ratio of 1.48 and a debt-to-equity ratio of 0.50. The stock has a market cap of $6.07 billion, a price-to-earnings ratio of 9.53 and a beta of 1.41.

Macy's Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, October 1st. Stockholders of record on Tuesday, September 15th will be issued a dividend of $0.1915 per share. The ex-dividend date of this dividend is Tuesday, September 15th. This represents a $0.77 annualized dividend and a dividend yield of 3.3%. Macy's's payout ratio is presently 31.82%.

About Macy's

Macy's, Inc is a leading American omnichannel retailer operating under the Macy's brand, as well as specialty divisions Bloomingdale's and Bluemercury. The company's retail portfolio encompasses full-line department stores, fashion-focused specialty outlets and a high-end beauty chain, offering consumers a wide array of apparel, footwear, accessories, cosmetics and home furnishings. Through its integrated network of physical stores and digital platforms, Macy's seeks to deliver a seamless shopping experience that blends in-store service with online convenience.

The company's product assortment spans men's, women's and children's clothing, beauty and personal care products, housewares and home décor.

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