443,866 Shares in G-III Apparel Group, LTD. $GIII Bought by Bank of America Corp DE

Key Points

• Bank of America acquired 443,866 shares of G-III Apparel Group during the second quarter, worth approximately $14.96 million and representing a 1.05% stake. Institutional investors collectively own 92.13% of the company.
• G-III reported quarterly EPS of $0.26, exceeding estimates of $0.23, but revenue fell 9.7% year over year to $554.09 million, below analyst expectations.
• The company declared a quarterly dividend of $0.10 per share, equivalent to an annualized $0.40 payout and a 1.5% yield. Analysts maintain a consensus “Hold” rating with an average price target of $34.50.

Bank of America Corp DE purchased a new position in G-III Apparel Group, LTD. (NASDAQ:GIII - Free Report) during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund purchased 443,866 shares of the textile maker's stock, valued at approximately $14,963,000. Bank of America Corp DE owned 1.05% of G-III Apparel Group at the end of the most recent quarter.

Several other institutional investors have also bought and sold shares of GIII. Man Group plc bought a new position in shares of G-III Apparel Group during the 2nd quarter worth $2,048,000. Jupiter Topco LLC purchased a new stake in G-III Apparel Group during the 2nd quarter worth about $632,000. Hsbc Holdings PLC bought a new position in shares of G-III Apparel Group in the second quarter valued at approximately $3,245,000. Canada Pension Plan Investment Board bought a new position in G-III Apparel Group in the 2nd quarter valued at $452,000. Finally, Legal & General Group Plc bought a new stake in G-III Apparel Group during the second quarter valued at $2,951,000. Hedge funds and other institutional investors own 92.13% of the company's stock.

Insider Activity

In other news, CEO Morris Goldfarb acquired 40,000 shares of the business's stock in a transaction that occurred on Monday, September 14th. The stock was bought at an average price of $27.94 per share, with a total value of $1,117,600.00. Following the completion of the acquisition, the chief executive officer directly owned 4,527,675 shares of the company's stock, valued at approximately $126,503,239.50. The trade was a 0.89% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 15.00% of the stock is currently owned by company insiders.

G-III Apparel Group Stock Performance

Shares of NASDAQ:GIII opened at $27.12 on Friday. The firm has a market capitalization of $1.16 billion, a P/E ratio of 8.92 and a beta of 1.27. The stock has a 50 day moving average price of $32.17 and a 200-day moving average price of $31.50. G-III Apparel Group, LTD. has a 52-week low of $24.61 and a 52-week high of $37.54.

G-III Apparel Group (NASDAQ:GIII - Get Free Report) last posted its quarterly earnings data on Wednesday, September 2nd. The textile maker reported $0.26 earnings per share for the quarter, beating analysts' consensus estimates of $0.23 by $0.03. The company had revenue of $554.09 million during the quarter, compared to analyst estimates of $570.37 million. G-III Apparel Group had a return on equity of 5.53% and a net margin of 4.75%.The firm's revenue for the quarter was down 9.7% on a year-over-year basis. During the same quarter last year, the company earned $0.25 EPS. G-III Apparel Group has set its Q3 2027 guidance at 1.350-1.450 EPS and its FY 2027 guidance at 2.200-2.300 EPS. On average, equities analysts forecast that G-III Apparel Group, LTD. will post 2.25 EPS for the current fiscal year.

G-III Apparel Group Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 29th. Stockholders of record on Tuesday, September 15th will be paid a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.5%. The ex-dividend date is Tuesday, September 15th. G-III Apparel Group's dividend payout ratio (DPR) is 13.16%.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on the stock. Zacks Research cut shares of G-III Apparel Group from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, July 14th. Telsey Advisory Group cut their price target on shares of G-III Apparel Group from $38.00 to $32.00 and set a "market perform" rating for the company in a research note on Thursday, September 3rd. KeyCorp reissued an "overweight" rating and issued a $40.00 price target (up from $35.00) on shares of G-III Apparel Group in a report on Monday, June 8th. Weiss Ratings cut shares of G-III Apparel Group from a "buy (b-)" rating to a "hold (c+)" rating in a research report on Thursday. Finally, Wall Street Zen downgraded shares of G-III Apparel Group from a "buy" rating to a "hold" rating in a report on Sunday, September 13th. Two research analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average price target of $34.50.

About G-III Apparel Group

G-III Apparel Group, Ltd. is a global fashion company that designs, sources, and markets apparel, accessories, footwear, and related products. Its offerings include women's and men's clothing, handbags, footwear, outerwear, and other fashion products sold through department stores, specialty retailers, brand stores, and e-commerce channels.

The company owns and operates brands including DKNY, Donna Karan, Karl Lagerfeld, and Vilebrequin, and develops products under a portfolio of licensed brands.

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