Bank of America Corp DE Trims Stock Position in G-III Apparel Group, LTD. $GIII

Key Points

• Bank of America reduced its G-III Apparel Group stake by 19.5% in the first quarter, selling 63,400 shares and retaining 261,709 shares valued at approximately $7.25 million. Institutional investors collectively own 92.13% of the company.
• Analyst sentiment remains mixed but improved price targets: Telsey, KeyCorp and BTIG raised targets to $38–$40, while the overall consensus rating is “Hold” with an average target of $33.
• G-III reported quarterly revenue of $535.96 million and an EPS loss of $0.21, beating expectations, though revenue declined 8.2% year over year. The company also announced a $0.10 quarterly dividend, equal to a 1.2% annualized yield.

Bank of America Corp DE decreased its position in shares of G-III Apparel Group, LTD. (NASDAQ:GIII - Free Report) by 19.5% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund owned 261,709 shares of the textile maker's stock after selling 63,400 shares during the quarter. Bank of America Corp DE owned approximately 0.62% of G-III Apparel Group worth $7,249,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. Illinois Municipal Retirement Fund lifted its stake in G-III Apparel Group by 2.5% in the first quarter. Illinois Municipal Retirement Fund now owns 19,758 shares of the textile maker's stock valued at $547,000 after buying an additional 482 shares during the last quarter. The Manufacturers Life Insurance Company boosted its stake in G-III Apparel Group by 3.1% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 19,407 shares of the textile maker's stock worth $435,000 after purchasing an additional 592 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in G-III Apparel Group by 4.6% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 23,228 shares of the textile maker's stock worth $635,000 after purchasing an additional 1,018 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in G-III Apparel Group by 1.6% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 68,437 shares of the textile maker's stock valued at $1,982,000 after purchasing an additional 1,094 shares during the period. Finally, Parallel Advisors LLC increased its stake in G-III Apparel Group by 231.9% in the fourth quarter. Parallel Advisors LLC now owns 1,779 shares of the textile maker's stock valued at $52,000 after purchasing an additional 1,243 shares during the period. Institutional investors and hedge funds own 92.13% of the company's stock.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on GIII shares. Telsey Advisory Group reissued a "market perform" rating and issued a $38.00 target price (up from $29.00) on shares of G-III Apparel Group in a report on Monday, June 8th. KeyCorp reaffirmed an "overweight" rating and set a $40.00 price target (up from $35.00) on shares of G-III Apparel Group in a report on Monday, June 8th. BTIG Research lifted their price objective on shares of G-III Apparel Group from $34.00 to $40.00 and gave the company a "buy" rating in a research report on Friday, June 5th. Weiss Ratings raised shares of G-III Apparel Group from a "hold (c)" rating to a "buy (b-)" rating in a research note on Tuesday, June 9th. Finally, Wall Street Zen downgraded shares of G-III Apparel Group from a "buy" rating to a "hold" rating in a report on Saturday, August 15th. Three research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat, G-III Apparel Group presently has an average rating of "Hold" and an average price target of $33.00.

G-III Apparel Group Stock Down 1.5%

Shares of GIII opened at $33.29 on Wednesday. G-III Apparel Group, LTD. has a 52-week low of $24.61 and a 52-week high of $37.54. The company has a 50-day simple moving average of $34.62 and a 200-day simple moving average of $31.80. The company has a market capitalization of $1.40 billion, a PE ratio of 11.76 and a beta of 1.28.

G-III Apparel Group (NASDAQ:GIII - Get Free Report) last posted its earnings results on Friday, June 5th. The textile maker reported ($0.21) EPS for the quarter, topping analysts' consensus estimates of ($0.30) by $0.09. G-III Apparel Group had a return on equity of 5.59% and a net margin of 4.34%.The company had revenue of $535.96 million for the quarter, compared to the consensus estimate of $529.07 million. During the same period in the previous year, the business earned $0.19 earnings per share. G-III Apparel Group's quarterly revenue was down 8.2% compared to the same quarter last year. G-III Apparel Group has set its FY 2027 guidance at 2.150-2.250 EPS and its Q2 2027 guidance at 0.150-0.250 EPS. On average, research analysts anticipate that G-III Apparel Group, LTD. will post 2.24 EPS for the current year.

G-III Apparel Group Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 29th. Shareholders of record on Tuesday, September 15th will be paid a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 1.2%. The ex-dividend date of this dividend is Tuesday, September 15th. G-III Apparel Group's payout ratio is presently 14.13%.

G-III Apparel Group Profile

G-III Apparel Group, Ltd. is a global fashion company engaged in the design, sourcing, marketing and distribution of women's and men's apparel, outerwear, footwear, handbags and fashion accessories. Founded in 1956 and headquartered in New York City, the company has grown from an importer of ladies' apparel into a diversified apparel business with a portfolio of owned and licensed brands.

The company's product offerings span a broad spectrum of price points and styles, including formal and casual outerwear, sportswear, performance wear and contemporary fashion.

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