Urban Outfitters, Inc. $URBN Shares Sold by Bank of America Corp DE

Key Points

• Bank of America cut its Urban Outfitters stake by 19.3% in the first quarter, selling 120,473 shares and retaining 503,728 shares worth approximately $31.9 million. Institutional investors collectively own 77.61% of the company.
• Urban Outfitters reported stronger-than-expected quarterly results, with EPS of $1.30 versus the $1.12 consensus estimate and revenue of $1.48 billion, up 11.4% year over year.
• Analyst sentiment remains positive overall, with a consensus “Moderate Buy” rating and an average price target of $88.55, despite one downgrade to “Hold.”

Bank of America Corp DE trimmed its holdings in shares of Urban Outfitters, Inc. (NASDAQ:URBN - Free Report) by 19.3% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 503,728 shares of the apparel retailer's stock after selling 120,473 shares during the period. Bank of America Corp DE owned approximately 0.59% of Urban Outfitters worth $31,911,000 at the end of the most recent quarter.

Several other large investors have also made changes to their positions in URBN. Edgestream Partners L.P. increased its stake in shares of Urban Outfitters by 31.3% in the first quarter. Edgestream Partners L.P. now owns 56,134 shares of the apparel retailer's stock worth $3,556,000 after acquiring an additional 13,383 shares during the period. Kentucky Retirement Systems purchased a new position in shares of Urban Outfitters during the first quarter worth $570,000. South Dakota Investment Council acquired a new position in Urban Outfitters during the first quarter valued at $298,000. Amundi acquired a new position in Urban Outfitters during the first quarter valued at $212,000. Finally, California State Teachers Retirement System boosted its holdings in Urban Outfitters by 24.1% in the first quarter. California State Teachers Retirement System now owns 68,812 shares of the apparel retailer's stock valued at $4,359,000 after purchasing an additional 13,359 shares during the last quarter. 77.61% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In related news, insider Azeez Hayne sold 8,733 shares of the company's stock in a transaction dated Friday, May 22nd. The shares were sold at an average price of $73.18, for a total transaction of $639,080.94. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Melanie Marein-Efron sold 5,036 shares of the firm's stock in a transaction dated Friday, May 22nd. The shares were sold at an average price of $73.42, for a total transaction of $369,743.12. Following the completion of the transaction, the chief financial officer directly owned 17,023 shares in the company, valued at $1,249,828.66. This represents a 22.83% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 32.10% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on URBN. Wall Street Zen downgraded Urban Outfitters from a "buy" rating to a "hold" rating in a research report on Saturday. Jefferies Financial Group boosted their price objective on Urban Outfitters from $72.00 to $79.00 and gave the company a "hold" rating in a report on Wednesday. Morgan Stanley restated an "overweight" rating and issued a $89.00 target price on shares of Urban Outfitters in a research note on Monday, July 6th. The Goldman Sachs Group raised Urban Outfitters from a "neutral" rating to a "buy" rating and raised their target price for the stock from $76.00 to $93.00 in a report on Monday, July 20th. Finally, Bank of America boosted their price target on Urban Outfitters from $85.00 to $90.00 and gave the company a "buy" rating in a report on Thursday, May 21st. One investment analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and five have given a Hold rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $88.55.

Urban Outfitters Price Performance

Shares of URBN stock opened at $77.81 on Friday. Urban Outfitters, Inc. has a 1-year low of $59.53 and a 1-year high of $84.35. The company has a market cap of $6.66 billion, a price-to-earnings ratio of 14.93, a PEG ratio of 1.44 and a beta of 1.23. The stock has a 50 day simple moving average of $73.72 and a 200-day simple moving average of $70.46.

Urban Outfitters (NASDAQ:URBN - Get Free Report) last issued its quarterly earnings results on Thursday, May 21st. The apparel retailer reported $1.30 EPS for the quarter, topping the consensus estimate of $1.12 by $0.18. The company had revenue of $1.48 billion during the quarter, compared to analyst estimates of $1.46 billion. Urban Outfitters had a net margin of 7.48% and a return on equity of 18.92%. The firm's revenue was up 11.4% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.16 EPS. Analysts anticipate that Urban Outfitters, Inc. will post 6.13 earnings per share for the current fiscal year.

Urban Outfitters Profile

Urban Outfitters, Inc is a global lifestyle retailer headquartered in Philadelphia, Pennsylvania. Established in 1970 by Richard Hayne, Scott Belair and Judy Wicks, the company began as a single store catering to college students in the city's historic Old City neighborhood. Over the decades, Urban Outfitters has expanded its reach and diversified its portfolio to include multiple retail concepts addressing distinct customer segments.

The company operates through several well-known brands, each offering a curated selection of apparel, footwear, accessories and home goods.

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