Bank of America Corp DE Cuts Stock Position in Caleres, Inc. $CAL

Key Points

• Bank of America reduced its Caleres stake by 68.2% in the first quarter, selling 288,825 shares and retaining 134,729 shares worth approximately $1.42 million. Institutional investors collectively own 98.44% of the company.
• Analyst sentiment is cautious: recent ratings include two Holds and one Sell, giving Caleres an overall “Reduce” consensus rating.
• Caleres reported quarterly EPS of $0.38, slightly above expectations, while revenue rose 8.5% year over year to $666.6 million. The company also announced a quarterly dividend of $0.07 per share, representing a 2.3% annualized yield.

Bank of America Corp DE trimmed its position in shares of Caleres, Inc. (NYSE:CAL - Free Report) by 68.2% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund owned 134,729 shares of the textile maker's stock after selling 288,825 shares during the quarter. Bank of America Corp DE owned about 0.40% of Caleres worth $1,420,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of CAL. Northwestern Mutual Wealth Management Co. grew its holdings in Caleres by 56,997.9% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 1,836,841 shares of the textile maker's stock worth $22,354,000 after purchasing an additional 1,833,624 shares during the last quarter. Arrowstreet Capital Limited Partnership grew its stake in Caleres by 120.4% during the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 1,072,550 shares of the textile maker's stock worth $13,986,000 after buying an additional 586,020 shares during the last quarter. Federated Hermes Inc. increased its position in Caleres by 86.3% during the 4th quarter. Federated Hermes Inc. now owns 937,391 shares of the textile maker's stock valued at $11,408,000 after buying an additional 434,269 shares in the last quarter. Renaissance Technologies LLC purchased a new stake in Caleres in the fourth quarter valued at about $4,338,000. Finally, Paradigm Capital Management Inc. NY raised its stake in Caleres by 39.1% in the fourth quarter. Paradigm Capital Management Inc. NY now owns 911,599 shares of the textile maker's stock valued at $11,094,000 after buying an additional 256,155 shares during the last quarter. 98.44% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on CAL shares. KeyCorp restated a "sector weight" rating on shares of Caleres in a research note on Friday, June 5th. Weiss Ratings reaffirmed a "sell (d+)" rating on shares of Caleres in a research report on Friday, July 31st. Zacks Research cut shares of Caleres from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, July 1st. Finally, Wall Street Zen downgraded shares of Caleres from a "buy" rating to a "hold" rating in a research report on Saturday, August 29th. Two investment analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the company has an average rating of "Reduce".

Caleres Price Performance

Shares of Caleres stock opened at $12.11 on Friday. The stock has a market cap of $406.77 million, a PE ratio of -1,209.79 and a beta of 0.75. The firm has a fifty day moving average price of $12.73 and a 200 day moving average price of $12.43. Caleres, Inc. has a 1 year low of $8.80 and a 1 year high of $16.14.

Caleres (NYSE:CAL - Get Free Report) last issued its quarterly earnings data on Thursday, June 4th. The textile maker reported $0.38 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.37 by $0.01. The business had revenue of $666.60 million during the quarter, compared to analysts' expectations of $662.63 million. Caleres had a return on equity of 7.33% and a net margin of 0.02%.The company's revenue for the quarter was up 8.5% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.22 EPS. As a group, equities analysts expect that Caleres, Inc. will post 1.62 EPS for the current year.

Caleres Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 25th. Stockholders of record on Friday, September 11th will be given a dividend of $0.07 per share. The ex-dividend date is Friday, September 11th. This represents a $0.28 dividend on an annualized basis and a dividend yield of 2.3%. Caleres's dividend payout ratio (DPR) is -2,800.00%.

Caleres Profile

Caleres, Inc, formerly known as Brown Shoe Company, is a leading footwear company engaged in the design, sourcing, marketing and selling of a broad portfolio of branded and private-label shoes. The company's operations span a range of market segments from value-priced to premium and luxury. Caleres operates through two primary segments: a retail segment anchored by the Famous Footwear banner, which includes more than 1,100 stores across North America, and a brand portfolio segment comprising owned and licensed brands such as Allen Edmonds, Naturalizer, Sam Edelman, Dr.

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