Bank of America Corp DE Buys New Holdings in Urban Outfitters, Inc. $URBN

Key Points

• Bank of America acquired 471,551 Urban Outfitters shares during the second quarter, worth approximately $33.4 million and representing a 0.55% stake. Institutional investors collectively own 77.61% of the company.
• Analyst sentiment remains positive, with an average rating of “Moderate Buy” and an average price target of $89.75; JPMorgan recently raised its target to $110 and Barclays to $102.
• Urban Outfitters reported quarterly revenue of $1.66 billion, up 10.4% year over year, while meeting earnings expectations at $1.72 per share. However, the CFO and CEO recently sold shares, reducing their respective holdings by 33.48% and 10.41%.

Bank of America Corp DE purchased a new position in Urban Outfitters, Inc. (NASDAQ:URBN - Free Report) in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 471,551 shares of the apparel retailer's stock, valued at approximately $33,414,000. Bank of America Corp DE owned 0.55% of Urban Outfitters at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Eurizon Capital SGR S.p.A. bought a new stake in shares of Urban Outfitters in the fourth quarter worth about $27,000. Allworth Financial LP bought a new stake in shares of Urban Outfitters in the 2nd quarter valued at approximately $31,000. Kilter Group LLC bought a new stake in shares of Urban Outfitters in the 2nd quarter valued at approximately $35,000. Caitong International Asset Management Co. Ltd purchased a new position in shares of Urban Outfitters in the 4th quarter worth approximately $47,000. Finally, Clearstead Advisors LLC boosted its holdings in shares of Urban Outfitters by 75.5% in the 4th quarter. Clearstead Advisors LLC now owns 772 shares of the apparel retailer's stock worth $58,000 after purchasing an additional 332 shares during the period. Institutional investors own 77.61% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on URBN. Barclays increased their target price on shares of Urban Outfitters from $100.00 to $102.00 and gave the company an "overweight" rating in a research note on Thursday, August 27th. Wall Street Zen downgraded shares of Urban Outfitters from a "buy" rating to a "hold" rating in a report on Monday, August 31st. Morgan Stanley reissued an "overweight" rating and issued a $90.00 price objective on shares of Urban Outfitters in a research note on Thursday, August 27th. Citigroup restated a "neutral" rating on shares of Urban Outfitters in a research report on Friday, August 28th. Finally, JPMorgan Chase & Co. upped their target price on Urban Outfitters from $97.00 to $110.00 and gave the company an "overweight" rating in a research note on Tuesday, August 18th. Eight research analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $89.75.

Insider Buying and Selling at Urban Outfitters

In other Urban Outfitters news, CFO Melanie Marein-Efron sold 5,700 shares of the stock in a transaction dated Friday, September 4th. The shares were sold at an average price of $80.75, for a total transaction of $460,275.00. Following the transaction, the chief financial officer directly owned 11,323 shares in the company, valued at $914,332.25. This represents a 33.48% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Tricia D. Smith sold 3,500 shares of the firm's stock in a transaction dated Friday, September 18th. The shares were sold at an average price of $75.95, for a total transaction of $265,825.00. Following the transaction, the chief executive officer directly owned 30,112 shares in the company, valued at $2,287,006.40. This trade represents a 10.41% decrease in their position. The SEC filing for this sale provides additional information. Company insiders own 32.10% of the company's stock.

Urban Outfitters Stock Performance

Urban Outfitters stock opened at $75.02 on Wednesday. The company has a 50 day moving average price of $76.51 and a 200-day moving average price of $72.00. Urban Outfitters, Inc. has a fifty-two week low of $59.53 and a fifty-two week high of $85.43. The company has a market capitalization of $6.43 billion, a PE ratio of 11.70, a P/E/G ratio of 1.16 and a beta of 1.26.

Urban Outfitters (NASDAQ:URBN - Get Free Report) last issued its earnings results on Thursday, August 27th. The apparel retailer reported $1.72 earnings per share for the quarter, meeting analysts' consensus estimates of $1.72. Urban Outfitters had a return on equity of 18.64% and a net margin of 8.79%.The business had revenue of $1.66 billion during the quarter, compared to analyst estimates of $1.65 billion. During the same period in the previous year, the company posted $1.58 EPS. Urban Outfitters's revenue was up 10.4% on a year-over-year basis. On average, analysts forecast that Urban Outfitters, Inc. will post 6.2 earnings per share for the current year.

Urban Outfitters Profile

Urban Outfitters, Inc is a lifestyle retail company that operates a portfolio of consumer brands serving younger and fashion-conscious customers. Its primary brands include Urban Outfitters, Anthropologie, Free People, FP Movement and Terrain, each offering a distinct combination of apparel, accessories, beauty products, home furnishings and related lifestyle merchandise.

The company also operates Nuuly, a clothing rental and subscription service, as well as food and beverage and hospitality concepts connected with select retail locations.

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