Bank of New York Mellon Corp Purchases Shares of 19,580 Citi Trends, Inc. $CTRN

Key Points

• Bank of New York Mellon purchased 19,580 shares of Citi Trends worth approximately $1.13 million, representing about 0.24% of the retailer. Several other institutional investors also increased their positions.
• Analyst sentiment is generally positive: Citi Trends has a consensus rating of “Moderate Buy” and an average price target of $81, while Wall Street Zen upgraded the stock to “buy.”
• Citi Trends reported quarterly EPS of $0.05, beating estimates by $0.37, with revenue of $211.63 million. Separately, an executive vice president sold 10,000 shares for approximately $701,000.

Bank of New York Mellon Corp purchased a new position in Citi Trends, Inc. (NASDAQ:CTRN - Free Report) in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 19,580 shares of the company's stock, valued at approximately $1,133,000. Bank of New York Mellon Corp owned approximately 0.24% of Citi Trends as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of CTRN. Bank of America Corp DE boosted its holdings in Citi Trends by 5.8% in the second quarter. Bank of America Corp DE now owns 6,221 shares of the company's stock valued at $208,000 after purchasing an additional 342 shares during the period. State of Wyoming grew its stake in Citi Trends by 7.0% during the 2nd quarter. State of Wyoming now owns 7,160 shares of the company's stock worth $239,000 after purchasing an additional 469 shares in the last quarter. Strs Ohio increased its holdings in Citi Trends by 7.1% during the 1st quarter. Strs Ohio now owns 7,500 shares of the company's stock worth $325,000 after purchasing an additional 500 shares during the period. Hsbc Holdings PLC increased its holdings in Citi Trends by 4.5% during the 4th quarter. Hsbc Holdings PLC now owns 13,589 shares of the company's stock worth $559,000 after purchasing an additional 586 shares during the period. Finally, BNP Paribas Financial Markets raised its position in Citi Trends by 143.3% in the 3rd quarter. BNP Paribas Financial Markets now owns 1,051 shares of the company's stock valued at $33,000 after purchasing an additional 619 shares in the last quarter.

Analyst Ratings Changes

CTRN has been the subject of several recent research reports. Weiss Ratings reiterated a "hold (c)" rating on shares of Citi Trends in a research note on Wednesday, August 26th. DA Davidson set a $81.00 target price on shares of Citi Trends in a report on Wednesday, August 26th. Finally, Wall Street Zen upgraded shares of Citi Trends from a "hold" rating to a "buy" rating in a research note on Monday, June 29th. Two analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $81.00.

Citi Trends Price Performance

Citi Trends stock opened at $63.96 on Friday. The stock has a market cap of $532.79 million, a PE ratio of 78.00 and a beta of 1.82. The stock's fifty day moving average is $67.26 and its two-hundred day moving average is $54.54. Citi Trends, Inc. has a 1-year low of $29.60 and a 1-year high of $77.91.

Citi Trends (NASDAQ:CTRN - Get Free Report) last released its quarterly earnings data on Tuesday, August 25th. The company reported $0.05 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.32) by $0.37. Citi Trends had a return on equity of 8.25% and a net margin of 0.84%.The business had revenue of $211.63 million during the quarter, compared to analysts' expectations of $211.60 million.

Insiders Place Their Bets

In related news, EVP Lisa Powell sold 10,000 shares of the company's stock in a transaction that occurred on Friday, September 4th. The stock was sold at an average price of $70.10, for a total value of $701,000.00. Following the completion of the transaction, the executive vice president directly owned 13,970 shares of the company's stock, valued at $979,297. This represents a 41.72% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 9.60% of the stock is currently owned by insiders.

About Citi Trends

Citi Trends, Inc NASDAQ: CTRN is an off-price retail apparel chain that focuses on value-priced urban fashion apparel and accessories for men, women, and children. Headquartered in Savannah, Georgia, the company offers a broad assortment of merchandise, including denim, sportswear, activewear, and seasonal styles, complemented by footwear, jewelry, cosmetics, and home goods. Through its purchasing model, Citi Trends sources closeouts, overstocks and canceled orders from name-brand vendors, enabling it to offer trending styles at competitive price points.

The company operates more than 500 stores across the Southeastern and Mid-Atlantic regions of the United States, with typical store footprints of approximately 11,000 square feet.

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