A new Macy’s (NYSE:M) stock dividend has been announced and investors in the company will see a pretty penny when payouts take place!
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Investors in Macy’s stock will be getting a dividend of $15.75 per share, which is a 5% increase from the prior dividend. That dividend is payable on April 1, 2022, to shareholders on record as of March 15, 2022.
It’s worth noting that this dividend comes after the company reintroduced quarterly dividends in 2021. Bringing back dividends was already a boon to investors and increasing it is another high note for holders of M stock.
That quarterly dividend for M shareholders was announced during the company’s most recent earnings report. That was another blessing to Macy’s investors with its adjusted earnings per share of $2.45 and revenue of $8.67 billion. Both of those surpassed Wall Street’s estimates of $1.99 per share on revenue of $8.47 billion.
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Adrian Mitchell, CFO of Macy’s said the following in the Q4 2021 earnings report.
“We generated $2.3 billion in free cash flow this year – a significant amount that allowed us to return capital to shareholders through our measured capital allocation plan while meaningfully improving the health of our balance sheet. The strength of our financial position offers the flexibility in 2022 to continue investing in growth opportunities, navigate the dynamic macro environment with agility, and further deliver on our commitment to enhance shareholder value.”
Heavy trading follows M stock today with the release of its earnings report and dividend news. This has some 39 million shares on the move as of this writing. For the record, the retail company’s daily average trading volume is about 14.9 million shares.
M stock is down 5% as of Tuesday afternoon after rallying higher this morning.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
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