Bank of America Corp DE Acquires 227,448 Shares of Ennis, Inc. $EBF

Key Points

• Bank of America acquired 227,448 Ennis shares worth approximately $4.83 million, giving it a 0.90% stake. Institutional investors collectively own 74.33% of the company.
• Ennis reported quarterly EPS of $0.37, below the $0.39 consensus estimate, while revenue of $102.01 million exceeded expectations of $99.85 million.
• Ennis raised its quarterly dividend to $0.2625, or $1.05 annually, representing a 4.7% yield. The stock had a consensus analyst rating of “Buy,” despite mixed recent rating changes.

Bank of America Corp DE acquired a new position in Ennis, Inc. (NYSE:EBF - Free Report) in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 227,448 shares of the industrial products company's stock, valued at approximately $4,833,000. Bank of America Corp DE owned approximately 0.90% of Ennis at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Legal & General Group Plc acquired a new position in shares of Ennis in the second quarter valued at about $130,000. Connor Clark & Lunn Investment Management Ltd. acquired a new stake in shares of Ennis during the second quarter worth about $1,413,000. Compass Financial Management LLC purchased a new stake in Ennis in the second quarter valued at approximately $27,000. Evolve Private Wealth LLC acquired a new position in Ennis in the 2nd quarter worth approximately $638,000. Finally, Vise Technologies Inc. acquired a new position in Ennis in the 2nd quarter worth approximately $283,000. 74.33% of the stock is currently owned by hedge funds and other institutional investors.

Ennis Stock Performance

NYSE EBF opened at $22.36 on Tuesday. The business has a fifty day moving average price of $21.72 and a 200 day moving average price of $21.20. The company has a market cap of $565.76 million, a P/E ratio of 14.62 and a beta of 0.27. Ennis, Inc. has a one year low of $16.30 and a one year high of $22.94.

Ennis (NYSE:EBF - Get Free Report) last released its earnings results on Monday, September 21st. The industrial products company reported $0.37 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.39 by ($0.02). The business had revenue of $102.01 million for the quarter, compared to analysts' expectations of $99.85 million. Ennis had a return on equity of 12.64% and a net margin of 9.81%.

Ennis Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 6th. Shareholders of record on Friday, October 9th will be issued a $0.2625 dividend. This represents a $1.05 dividend on an annualized basis and a yield of 4.7%. The ex-dividend date is Friday, October 9th. This is a positive change from Ennis's previous quarterly dividend of $0.25. Ennis's payout ratio is currently 65.36%.

Analysts Set New Price Targets

Several research analysts have recently weighed in on EBF shares. Wall Street Zen downgraded Ennis from a "buy" rating to a "hold" rating in a research note on Saturday. Weiss Ratings raised shares of Ennis from a "hold (c+)" rating to a "buy (b-)" rating in a report on Thursday. One research analyst has rated the stock with a Buy rating, Based on data from MarketBeat.com, the stock currently has a consensus rating of "Buy".

Ennis Profile

Ennis, Inc NYSE: EBF is a manufacturer and supplier of printed business products headquartered in Midlothian, Texas. The company primarily serves independent distributors, print resellers and other business customers rather than selling directly to consumers.

Its product portfolio includes business forms, envelopes, labels, tags, checks, presentation folders, promotional products, apparel and other customized printed materials. Ennis also provides products used in commercial printing, packaging and workplace communications, with offerings manufactured through a network of production facilities and sold under various company brands.

Founded in 1909, Ennis has expanded over its history through organic growth and acquisitions in the printing and related product industries.

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