Bank of Nova Scotia Trims Stake in Macy’s Inc (M)

Bank of Nova Scotia reduced its stake in shares of Macy’s Inc (NYSE:M) by 12.0% in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 61,328 shares of the company’s stock after selling 8,380 shares during the period. Bank of Nova Scotia’s holdings in Macy’s were worth $1,425,000 at the end of the most recent reporting period.

Several other institutional investors also recently added to or reduced their stakes in M. Raymond James Financial Services Advisors Inc. lifted its stake in shares of Macy’s by 3.5% during the 2nd quarter. Raymond James Financial Services Advisors Inc. now owns 20,924 shares of the company’s stock valued at $486,000 after buying an additional 701 shares in the last quarter. PVG Asset Management Corp lifted its stake in shares of Macy’s by 99.2% during the 2nd quarter. PVG Asset Management Corp now owns 219,953 shares of the company’s stock valued at $5,112,000 after buying an additional 109,519 shares in the last quarter. Westside Investment Management Inc. lifted its stake in shares of Macy’s by 3,191.7% during the 2nd quarter. Westside Investment Management Inc. now owns 9,875 shares of the company’s stock valued at $208,000 after buying an additional 9,575 shares in the last quarter. Moors & Cabot Inc. lifted its stake in shares of Macy’s by 1.8% during the 2nd quarter. Moors & Cabot Inc. now owns 26,675 shares of the company’s stock valued at $623,000 after buying an additional 469 shares in the last quarter. Finally, Gotham Asset Management LLC lifted its stake in shares of Macy’s by 167.8% during the 2nd quarter. Gotham Asset Management LLC now owns 502,657 shares of the company’s stock valued at $11,682,000 after buying an additional 314,977 shares in the last quarter. 81.94% of the stock is owned by hedge funds and other institutional investors.

ILLEGAL ACTIVITY NOTICE: “Bank of Nova Scotia Trims Stake in Macy’s Inc (M)” was first reported by The Ledger Gazette and is the sole property of of The Ledger Gazette. If you are viewing this piece on another site, it was copied illegally and reposted in violation of U.S. & international trademark and copyright laws. The legal version of this piece can be viewed at https://ledgergazette.com/2017/10/23/bank-of-nova-scotia-trims-stake-in-macys-inc-m.html.

Macy’s Inc (M) opened at 21.17 on Monday. The stock has a 50 day moving average of $21.26 and a 200-day moving average of $23.41. The company has a market cap of $6.45 billion, a price-to-earnings ratio of 9.62 and a beta of 0.87. Macy’s Inc has a one year low of $19.32 and a one year high of $45.41.

Macy’s (NYSE:M) last released its earnings results on Thursday, August 10th. The company reported $0.48 EPS for the quarter, topping the consensus estimate of $0.45 by $0.03. Macy’s had a net margin of 2.71% and a return on equity of 21.38%. The firm had revenue of $5.55 billion for the quarter, compared to the consensus estimate of $5.52 billion. During the same quarter in the previous year, the firm earned $0.51 earnings per share. The company’s quarterly revenue was down 5.4% compared to the same quarter last year. On average, equities analysts predict that Macy’s Inc will post $3.39 EPS for the current fiscal year.

The business also recently announced a quarterly dividend, which was paid on Monday, October 2nd. Stockholders of record on Friday, September 15th were issued a $0.3775 dividend. This represents a $1.51 annualized dividend and a dividend yield of 7.13%. The ex-dividend date of this dividend was Thursday, September 14th. Macy’s’s dividend payout ratio (DPR) is presently 68.64%.

In related news, Director John A. Bryant bought 9,825 shares of the stock in a transaction dated Wednesday, August 23rd. The shares were purchased at an average price of $20.32 per share, with a total value of $199,644.00. Following the completion of the acquisition, the director now owns 9,825 shares of the company’s stock, valued at $199,644. The purchase was disclosed in a filing with the SEC, which is available through this hyperlink. 1.40% of the stock is currently owned by insiders.

M has been the topic of a number of recent research reports. Susquehanna Bancshares Inc set a $38.00 price target on shares of Macy’s and gave the company a “buy” rating in a research note on Friday. Zacks Investment Research cut shares of Macy’s from a “hold” rating to a “sell” rating in a research note on Wednesday, July 5th. BidaskClub upgraded shares of Macy’s from a “sell” rating to a “hold” rating in a research note on Wednesday, July 19th. ILLEGAL ACTIVITY NOTICE: “Bank of Nova Scotia Trims Stake in Macy’s Inc (M)” was first reported by The Ledger Gazette and is the sole property of of The Ledger Gazette. If you are viewing this piece on another site, it was copied illegally and reposted in violation of U.S. & international trademark and copyright laws. The legal version of this piece can be viewed at https://ledgergazette.com/2017/10/23/bank-of-nova-scotia-trims-stake-in-macys-inc-m.html.

Macy’s Inc (M) opened at 21.17 on Monday. The stock has a 50 day moving average of $21.26 and a 200-day moving average of $23.41. The company has a market cap of $6.45 billion, a price-to-earnings ratio of 9.62 and a beta of 0.87. Macy’s Inc has a one year low of $19.32 and a one year high of $45.41.

Macy’s (NYSE:M) last released its earnings results on Thursday, August 10th. The company reported $0.48 EPS for the quarter, topping the consensus estimate of $0.45 by $0.03. Macy’s had a net margin of 2.71% and a return on equity of 21.38%. The firm had revenue of $5.55 billion for the quarter, compared to the consensus estimate of $5.52 billion. During the same quarter in the previous year, the firm earned $0.51 earnings per share. The company’s quarterly revenue was down 5.4% compared to the same quarter last year. On average, equities analysts predict that Macy’s Inc will post $3.39 EPS for the current fiscal year.

The business also recently announced a quarterly dividend, which was paid on Monday, October 2nd. Stockholders of record on Friday, September 15th were issued a $0.3775 dividend. This represents a $1.51 annualized dividend and a dividend yield of 7.13%. The ex-dividend date of this dividend was Thursday, September 14th. Macy’s’s dividend payout ratio (DPR) is presently 68.64%.

In related news, Director John A. Bryant bought 9,825 shares of the stock in a transaction dated Wednesday, August 23rd. The shares were purchased at an average price of $20.32 per share, with a total value of $199,644.00. Following the completion of the acquisition, the director now owns 9,825 shares of the company’s stock, valued at $199,644. The purchase was disclosed in a filing with the SEC, which is available through this hyperlink. 1.40% of the stock is currently owned by insiders.

M has been the topic of a number of recent research reports. Susquehanna Bancshares Inc set a $38.00 price target on shares of Macy’s and gave the company a “buy” rating in a research note on Friday. Zacks Investment Research cut shares of Macy’s from a “hold” rating to a “sell” rating in a research note on Wednesday, July 5th. BidaskClub upgraded shares of Macy’s from a “sell” rating to a “hold” rating in a research note on Wednesday, July 19th. ValuEngine upgraded shares of Macy’s from a “hold” rating to a “buy” rating in a research note on Monday, October 2nd. Finally, BMO Capital Markets restated an “outperform” rating on shares of Macy’s in a research note on Thursday, September 14th. Two equities research analysts have rated the stock with a sell rating, fifteen have given a hold rating, seven have given a buy rating and one has given a strong buy rating to the company. The company has a consensus rating of “Hold” and a consensus price target of $27.18.

About Macy’s

Macy’s, Inc is an omnichannel retail company operating stores, Websites and mobile applications under various brands, such as Macy’s, Bloomingdale’s and Bluemercury. The Company sells a range of merchandise, including apparel and accessories (men’s, women’s and children’s), cosmetics, home furnishings and other consumer goods.

Institutional Ownership by Quarter for Macy`s (NYSE:M)

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