Macy's new dividend makes it a top-5 yielder among retail peers

Macy’s Inc.’s
M,
+3.61%

reinstated quarterly dividend is less than half the last dividend paid out 17 months ago, but will catapult the department store chain to be a top-5 yielder among its retail peer group. The new dividend of 15 cents a share, payable Oct. 1 to shareholders of record on Sept. 15, compares with the last dividend of 37.75 cents a share paid in March 2020. Macy’s stock rallied 8.2% in morning trading, and has soared 73.9% year to date. Based on current stock prices, the new annual dividend rate implies a dividend yield of 3.07%, which compares with the yield for the SPDR S&P Retail ETF
XRT,
+1.64%

of 0.71% and the implied yield for the S&P 500
SPX,
+0.81%

of 1.37%. The only S&P retail ETF members that have higher implied dividend yields are Big 5 Sporting Goods Corp.
BGFV,
+4.73%

at 4.75%, Franchise Group Inc.
FRG,
+1.90%

at 4.57%, PetMed Express Inc.
PETS,
-1.70%

at 4.26% and Walgreens Boots Alliance Inc.
WBA,
+1.58%

at 3.97%.

Roy Walsh

Roy Walsh

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