OLD National Bancorp IN Acquires 38,060 Shares of Bath & Body Works, Inc. (NYSE:BBWI)

OLD National Bancorp IN increased its holdings in shares of Bath & Body Works, Inc. (NYSE:BBWI - Free Report) by 12.5% in the first quarter, according to its most recent disclosure with the SEC. The firm owned 342,522 shares of the company's stock after purchasing an additional 38,060 shares during the period. OLD National Bancorp IN owned 0.16% of Bath & Body Works worth $10,385,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in Bath & Body Works by 32.6% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 52,784 shares of the company's stock worth $2,046,000 after purchasing an additional 12,964 shares during the period. PNC Financial Services Group Inc. boosted its stake in shares of Bath & Body Works by 5.5% in the fourth quarter. PNC Financial Services Group Inc. now owns 88,423 shares of the company's stock valued at $3,428,000 after buying an additional 4,625 shares during the period. Kovitz Investment Group Partners LLC bought a new stake in shares of Bath & Body Works in the fourth quarter valued at approximately $258,000. Charles Schwab Investment Management Inc. boosted its stake in shares of Bath & Body Works by 13.0% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,704,625 shares of the company's stock valued at $66,088,000 after buying an additional 195,813 shares during the period. Finally, Nuveen Asset Management LLC boosted its stake in shares of Bath & Body Works by 3.7% in the fourth quarter. Nuveen Asset Management LLC now owns 764,195 shares of the company's stock valued at $29,628,000 after buying an additional 27,136 shares during the period. Institutional investors own 95.14% of the company's stock.

Bath & Body Works Stock Performance

Shares of NYSE:BBWI opened at $26.64 on Friday. Bath & Body Works, Inc. has a 52-week low of $24.96 and a 52-week high of $46.36. The company has a market capitalization of $5.64 billion, a PE ratio of 6.50, a price-to-earnings-growth ratio of 0.92 and a beta of 1.72. The company has a fifty day moving average of $29.64 and a 200-day moving average of $33.81.

Bath & Body Works (NYSE:BBWI - Get Free Report) last issued its quarterly earnings data on Thursday, May 29th. The company reported $0.49 earnings per share for the quarter, topping the consensus estimate of $0.47 by $0.02. Bath & Body Works had a net margin of 12.43% and a negative return on equity of 44.03%. The company had revenue of $1.40 billion for the quarter, compared to analysts' expectations of $1.42 billion. During the same quarter in the previous year, the firm posted $0.38 earnings per share. Bath & Body Works's revenue for the quarter was up 2.9% on a year-over-year basis. On average, equities analysts forecast that Bath & Body Works, Inc. will post 3.3 EPS for the current fiscal year.

Bath & Body Works announced that its board has authorized a share buyback program on Thursday, February 27th that allows the company to repurchase $500.00 million in outstanding shares. This repurchase authorization allows the company to buy up to 6.4% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company's board of directors believes its stock is undervalued.

Bath & Body Works Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 20th. Shareholders of record on Friday, June 6th will be issued a dividend of $0.20 per share. The ex-dividend date is Friday, June 6th. This represents a $0.80 dividend on an annualized basis and a yield of 3.00%. Bath & Body Works's payout ratio is currently 21.33%.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on BBWI shares. Piper Sandler set a $39.00 price target on Bath & Body Works and gave the company an "overweight" rating in a research note on Thursday, May 15th. Morgan Stanley lowered their price objective on shares of Bath & Body Works from $49.00 to $43.00 and set an "overweight" rating for the company in a research report on Tuesday, May 6th. Raymond James lowered their price objective on shares of Bath & Body Works from $46.00 to $37.00 and set an "outperform" rating for the company in a research report on Thursday, April 17th. Telsey Advisory Group restated an "outperform" rating and set a $38.00 price objective (down from $43.00) on shares of Bath & Body Works in a research report on Thursday, May 29th. Finally, Barclays lowered their price objective on shares of Bath & Body Works from $35.00 to $30.00 and set an "equal weight" rating for the company in a research report on Friday, May 30th. Four research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $42.00.

About Bath & Body Works

Bath & Body Works, Inc is a specialty retailers and home to America's Favorite Fragrances, offering a breadth of exclusive fragrances for the body and home, including the selling collections for fine fragrance mist, body lotion and body cream, 3-wick candles, home fragrance diffusers and liquid hand soap.

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