Macy's Inc. (M) reported first quarter net income of $0.55 per share Wednesday morning, up from $0.43 per share last year. The consensus estimate was for EPS of $0.53.
Macy's board authorized an increase in the quarterly dividend on common stock to $0.25 per share from the current $0.20 per share. The board also increased the company's share repurchase authorization by $1.5 billion.
Macy's gapped open higher Wednesday, but traded in a range for the majority of the session. The stock closed up by 1.18 at $48.57 on above average volume. Macy's has been on an upward trend since late February and set a new high for the year.
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