Homrich & Berg Sells 20,837 Shares of Gap Inc (NYSE:GPS)
Homrich & Berg trimmed its holdings in shares of Gap Inc (NYSE:GPS) by 76.0% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 6,594 shares of the apparel retailer’s stock after selling 20,837 shares during the quarter. Homrich & Berg’s holdings in GAP were worth $214,000 as of its most recent filing with the SEC.
Several other hedge funds and other institutional investors have also made changes to their positions in GPS. BlackRock Inc. boosted its stake in GAP by 0.8% in the first quarter. BlackRock Inc. now owns 17,263,705 shares of the apparel retailer’s stock valued at $538,626,000 after acquiring an additional 133,362 shares during the period. JPMorgan Chase & Co. boosted its position in shares of GAP by 25.8% during the first quarter. JPMorgan Chase & Co. now owns 12,542,927 shares of the apparel retailer’s stock worth $391,339,000 after buying an additional 2,575,906 shares during the period. Wells Fargo & Company MN lifted its position in GAP by 41.9% in the second quarter. Wells Fargo & Company MN now owns 4,137,469 shares of the apparel retailer’s stock worth $134,013,000 after purchasing an additional 1,221,383 shares during the period. Northern Trust Corp lifted its position in GAP by 0.9% in the first quarter. Northern Trust Corp now owns 3,703,323 shares of the apparel retailer’s stock worth $115,543,000 after purchasing an additional 32,088 shares during the period. Finally, Bank of Montreal Can lifted its position in GAP by 5.5% in the second quarter. Bank of Montreal Can now owns 3,075,518 shares of the apparel retailer’s stock worth $99,617,000 after purchasing an additional 160,961 shares during the period. 58.04% of the stock is currently owned by institutional investors and hedge funds.
A number of equities research analysts have weighed in on GPS shares. Zacks Investment Research upgraded GAP from a “hold” rating to a “buy” rating and set a $33.00 target price for the company in a research report on Tuesday, July 31st. Citigroup upgraded GAP from a “sell” rating to a “neutral” rating and set a $28.00 target price for the company in a research report on Monday, August 27th. They noted that the move was a valuation call. MKM Partners cut their target price on GAP to $32.00 and set a “neutral” rating for the company in a research report on Tuesday, May 29th. ValuEngine upgraded GAP from a “hold” rating to a “buy” rating in a research report on Thursday, May 24th. Finally, Deutsche Bank dropped their price target on GAP from $34.00 to $33.00 and set a “hold” rating on the stock in a report on Friday, May 25th. One research analyst has rated the stock with a sell rating, twenty have issued a hold rating and five have issued a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus price target of $33.74.
GAP (NYSE:GPS) last released its quarterly earnings results on Thursday, August 23rd. The apparel retailer reported $0.76 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.72 by $0.04. The company had revenue of $4.09 billion during the quarter, compared to analysts’ expectations of $4.02 billion. GAP had a net margin of 5.43% and a return on equity of 29.25%. The business’s quarterly revenue was up 7.5% compared to the same quarter last year. During the same period in the prior year, the company earned $0.58 earnings per share. equities analysts expect that Gap Inc will post 2.59 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 31st. Stockholders of record on Wednesday, October 10th will be given a dividend of $0.2425 per share. This represents a $0.97 dividend on an annualized basis and a dividend yield of 3.49%. The ex-dividend date is Tuesday, October 9th. GAP’s dividend payout ratio is currently 45.54%.
In other news, Director William Sydney Fisher sold 1,000,000 shares of the company’s stock in a transaction dated Tuesday, June 19th. The shares were sold at an average price of $32.37, for a total transaction of $32,370,000.00. Following the completion of the transaction, the director now owns 10,760,396 shares of the company’s stock, valued at $348,314,018.52. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 27.30% of the stock is currently owned by corporate insiders.
Gap, Inc operates as a global apparel retail company. It offers apparel, accessories, and personal care products for men, women and children. The company operates through segments: Gap Global, Old Navy Global, Banana Republic Global, Athleta, and Intermix. The Gap Global segment includes apparel and accessories for men and women under the Gap brand, along with the GapKids, BabyGap, GapMaternity, GapBody and GapFit collections.
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