First Hawaiian Bank Trims Position in Tapestry, Inc. $TPR

Key Points

• First Hawaiian Bank has decreased its stake in Tapestry, Inc. by 29.7%, selling 5,537 shares and now owning 13,117 shares valued at $924,000.
• Institutional investors, including AQR Capital Management and Goldman Sachs Group, have increased their positions in Tapestry, highlighting strong interest as they own 90.77% of the company's stock.
• Tapestry recently declared a quarterly dividend of $0.40 per share, marking an increase from the previous dividend of $0.35, with a current yield of 1.5%.

First Hawaiian Bank decreased its position in shares of Tapestry, Inc. (NYSE:TPR - Free Report) by 29.7% during the 1st quarter, according to its most recent disclosure with the SEC. The firm owned 13,117 shares of the luxury accessories retailer's stock after selling 5,537 shares during the period. First Hawaiian Bank's holdings in Tapestry were worth $924,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of TPR. AQR Capital Management LLC raised its stake in Tapestry by 47.4% during the first quarter. AQR Capital Management LLC now owns 2,607,742 shares of the luxury accessories retailer's stock worth $177,405,000 after purchasing an additional 838,057 shares during the period. Southpoint Capital Advisors LP raised its stake in Tapestry by 25.0% during the first quarter. Southpoint Capital Advisors LP now owns 2,500,000 shares of the luxury accessories retailer's stock worth $176,025,000 after purchasing an additional 500,000 shares during the period. Samlyn Capital LLC raised its stake in Tapestry by 50.2% during the first quarter. Samlyn Capital LLC now owns 1,972,241 shares of the luxury accessories retailer's stock worth $138,865,000 after purchasing an additional 658,889 shares during the period. Goldman Sachs Group Inc. raised its stake in Tapestry by 21.1% during the first quarter. Goldman Sachs Group Inc. now owns 1,651,892 shares of the luxury accessories retailer's stock worth $116,310,000 after purchasing an additional 288,219 shares during the period. Finally, WT Asset Management Ltd raised its stake in Tapestry by 140.6% during the first quarter. WT Asset Management Ltd now owns 1,574,634 shares of the luxury accessories retailer's stock worth $110,870,000 after purchasing an additional 920,087 shares during the period. Hedge funds and other institutional investors own 90.77% of the company's stock.

Wall Street Analysts Forecast Growth

TPR has been the topic of a number of recent analyst reports. Raymond James Financial reaffirmed an "outperform" rating and set a $115.00 price target (up previously from $85.00) on shares of Tapestry in a research note on Tuesday, July 22nd. Bank of America downgraded shares of Tapestry from a "buy" rating to a "neutral" rating and increased their price target for the stock from $95.00 to $115.00 in a research note on Tuesday, July 29th. Wells Fargo & Company increased their price objective on shares of Tapestry from $100.00 to $120.00 and gave the stock an "overweight" rating in a research report on Thursday, August 14th. Argus increased their price objective on shares of Tapestry from $78.00 to $92.00 and gave the stock a "buy" rating in a research report on Tuesday, June 17th. Finally, Evercore ISI dropped their price objective on shares of Tapestry from $130.00 to $125.00 and set an "outperform" rating for the company in a research report on Friday, August 15th. Seventeen analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company's stock. Based on data from MarketBeat, Tapestry has a consensus rating of "Moderate Buy" and a consensus target price of $106.47.

Tapestry Price Performance

TPR opened at $106.55 on Friday. The company has a fifty day simple moving average of $103.86 and a 200 day simple moving average of $85.53. The firm has a market cap of $22.18 billion, a price-to-earnings ratio of 169.13, a PEG ratio of 2.68 and a beta of 1.52. Tapestry, Inc. has a twelve month low of $42.06 and a twelve month high of $114.05. The company has a current ratio of 1.87, a quick ratio of 1.31 and a debt-to-equity ratio of 2.77.

Tapestry (NYSE:TPR - Get Free Report) last released its quarterly earnings results on Thursday, August 14th. The luxury accessories retailer reported $1.04 earnings per share for the quarter, beating analysts' consensus estimates of $1.02 by $0.02. The business had revenue of $1.72 billion during the quarter, compared to analyst estimates of $1.67 billion. Tapestry had a net margin of 2.61% and a return on equity of 68.02%. The business's revenue was up 8.3% on a year-over-year basis. During the same period last year, the business earned $0.92 EPS. Tapestry has set its FY 2026 guidance at 5.300-5.450 EPS. Equities research analysts expect that Tapestry, Inc. will post 4.91 EPS for the current fiscal year.

Tapestry Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, September 22nd. Investors of record on Friday, September 5th will be issued a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a yield of 1.5%. The ex-dividend date of this dividend is Friday, September 5th. This is a positive change from Tapestry's previous quarterly dividend of $0.35. Tapestry's dividend payout ratio (DPR) is 253.97%.

Insiders Place Their Bets

In related news, VP Manesh Dadlani sold 7,882 shares of the firm's stock in a transaction on Monday, August 25th. The shares were sold at an average price of $99.05, for a total transaction of $780,712.10. Following the completion of the sale, the vice president directly owned 21,098 shares of the company's stock, valued at approximately $2,089,756.90. This trade represents a 27.20% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Alan Ka Ming Lau sold 11,320 shares of the firm's stock in a transaction on Thursday, September 11th. The stock was sold at an average price of $106.19, for a total transaction of $1,202,070.80. Following the transaction, the director directly owned 8,153 shares of the company's stock, valued at approximately $865,767.07. This represents a 58.13% decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.18% of the stock is currently owned by company insiders.

Tapestry Profile

Tapestry, Inc provides luxury accessories and branded lifestyle products in the United States, Japan, Greater China, and internationally. The company operates in three segments: Coach, Kate Spade, and Stuart Weitzman. It offers women's handbags; and women's accessories, such as small leather goods which includes mini and micro handbags, money pieces, wristlets, pouches, and cosmetic cases, as well as novelty accessories including address books, time management and travel accessories, sketchbooks, and portfolios; and belts, key rings, and charms.

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