Bank of America Corp DE Boosts Holdings in Ermenegildo Zegna N.V. $ZGN

Key Points

• Bank of America significantly increased its Ermenegildo Zegna stake by 483.2% in the first quarter, ending with 583,360 shares worth approximately $6.1 million. Institutional investors collectively own 12.91% of ZGN.
• Analyst sentiment is mixed: JPMorgan and TD Cowen raised their price targets to $14 and $17, respectively, while BNP Paribas Exane, Goldman Sachs, and Wall Street Zen issued more cautious ratings. The consensus rating is Hold, with an average price target of $13.13.
• ZGN opened at $13.75, compared with a 12-month trading range of $8.22 to $15.95. The luxury fashion company maintains relatively modest leverage, with a debt-to-equity ratio of 0.15.

Bank of America Corp DE boosted its stake in Ermenegildo Zegna N.V. (NYSE:ZGN - Free Report) by 483.2% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 583,360 shares of the company's stock after purchasing an additional 483,332 shares during the period. Bank of America Corp DE owned about 0.14% of Ermenegildo Zegna worth $6,079,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. EverSource Wealth Advisors LLC boosted its holdings in Ermenegildo Zegna by 48.3% in the first quarter. EverSource Wealth Advisors LLC now owns 2,788 shares of the company's stock worth $29,000 after acquiring an additional 908 shares in the last quarter. Vident Advisory LLC raised its holdings in shares of Ermenegildo Zegna by 6.5% during the 4th quarter. Vident Advisory LLC now owns 18,001 shares of the company's stock worth $185,000 after acquiring an additional 1,097 shares in the last quarter. Orion Porfolio Solutions LLC raised its position in shares of Ermenegildo Zegna by 12.9% during the 3rd quarter. Orion Porfolio Solutions LLC now owns 11,583 shares of the company's stock valued at $109,000 after buying an additional 1,323 shares in the last quarter. Deutsche Bank AG raised its position in Ermenegildo Zegna by 3.3% during the fourth quarter. Deutsche Bank AG now owns 57,477 shares of the company's stock valued at $589,000 after purchasing an additional 1,822 shares during the period. Finally, Tower Research Capital LLC TRC lifted its holdings in shares of Ermenegildo Zegna by 73.7% in the 2nd quarter. Tower Research Capital LLC TRC now owns 7,146 shares of the company's stock worth $61,000 after acquiring an additional 3,033 shares during the last quarter. 12.91% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

ZGN has been the subject of several research analyst reports. JPMorgan Chase & Co. lifted their price target on shares of Ermenegildo Zegna from $12.50 to $14.00 and gave the company an "overweight" rating in a research note on Tuesday, June 30th. BNP Paribas Exane lowered shares of Ermenegildo Zegna from a "neutral" rating to an "underperform" rating and set a $12.20 price objective on the stock. in a research note on Tuesday, August 11th. TD Cowen increased their target price on Ermenegildo Zegna from $15.00 to $17.00 and gave the company a "buy" rating in a research report on Friday, July 24th. Wall Street Zen lowered Ermenegildo Zegna from a "buy" rating to a "hold" rating in a research note on Saturday, August 15th. Finally, The Goldman Sachs Group lowered shares of Ermenegildo Zegna from a "buy" rating to a "neutral" rating and increased their target price for the stock from $13.30 to $14.00 in a research note on Wednesday, June 17th. Five investment analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Hold" and an average price target of $13.13.

Ermenegildo Zegna Stock Performance

NYSE:ZGN opened at $13.75 on Thursday. The stock's 50 day simple moving average is $13.88 and its 200-day simple moving average is $12.61. Ermenegildo Zegna N.V. has a 12-month low of $8.22 and a 12-month high of $15.95. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.59 and a quick ratio of 0.91.

Ermenegildo Zegna Company Profile

Ermenegildo Zegna is a global luxury fashion house specializing in men's tailored clothing, casualwear, accessories, footwear and fragrances. With a focus on high-quality fabrics and craftsmanship, the company manages the entire value chain from wool sourcing and textile production to garment design, manufacturing and retail distribution.

Founded in 1910 by Ermenegildo Zegna in Trivero, Italy, the company began as a textile mill dedicated to producing fine wool fabrics. Over the decades it expanded into ready-to-wear clothing and built a reputation for sartorial excellence.

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