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
of 0.71% and the implied yield for the S&P 500
of 1.37%. The only S&P retail ETF members that have higher implied dividend yields are Big 5 Sporting Goods Corp.
at 4.75%, Franchise Group Inc.
at 4.57%, PetMed Express Inc.
at 4.26% and Walgreens Boots Alliance Inc.