Umpqua Bank Makes New $208,000 Investment in Tapestry, Inc. (NYSE:TPR)

Umpqua Bank purchased a new stake in Tapestry, Inc. (NYSE:TPR) during the 3rd quarter, HoldingsChannel reports. The fund purchased 4,427 shares of the luxury accessories retailer’s stock, valued at approximately $208,000.

Other institutional investors have also recently made changes to their positions in the company. Sumitomo Mitsui Trust Holdings Inc. purchased a new position in shares of Tapestry in the 1st quarter worth about $260,000. Norden Group LLC bought a new stake in shares of Tapestry in the 1st quarter worth approximately $297,000. Mirae Asset Global Investments Co. Ltd. grew its holdings in shares of Tapestry by 70.8% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 146,967 shares of the luxury accessories retailer’s stock valued at $6,694,000 after purchasing an additional 60,901 shares during the last quarter. BNP Paribas Financial Markets lifted its stake in Tapestry by 21.3% in the first quarter. BNP Paribas Financial Markets now owns 328,596 shares of the luxury accessories retailer’s stock worth $15,602,000 after purchasing an additional 57,691 shares during the last quarter. Finally, Fidelis Capital Partners LLC bought a new stake in Tapestry in the first quarter valued at approximately $35,000. Hedge funds and other institutional investors own 90.77% of the company’s stock.

Tapestry Price Performance

Tapestry stock traded up $0.42 during midday trading on Wednesday, reaching $49.84. 188,918 shares of the stock traded hands, compared to its average volume of 3,252,296. The stock has a market cap of $11.60 billion, a P/E ratio of 14.08, a PEG ratio of 1.75 and a beta of 1.53. The stock’s fifty day moving average is $44.65 and its 200-day moving average is $42.27. The company has a quick ratio of 4.66, a current ratio of 5.14 and a debt-to-equity ratio of 2.39. Tapestry, Inc. has a 12 month low of $27.02 and a 12 month high of $51.96.

Tapestry (NYSE:TPR) last posted its quarterly earnings data on Thursday, August 15th. The luxury accessories retailer reported $0.92 EPS for the quarter, topping the consensus estimate of $0.88 by $0.04. Tapestry had a net margin of 12.23% and a return on equity of 37.22%. The company had revenue of $1.59 billion during the quarter, compared to analyst estimates of $1.58 billion. During the same period in the previous year, the firm earned $0.95 earnings per share. Tapestry’s quarterly revenue was down 1.8% compared to the same quarter last year. As a group, equities research analysts anticipate that Tapestry, Inc. will post 4.46 EPS for the current year.

Tapestry Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 23rd. Stockholders of record on Friday, September 6th were issued a dividend of $0.35 per share. The ex-dividend date of this dividend was Friday, September 6th. This represents a $1.40 annualized dividend and a dividend yield of 2.81%. Tapestry’s dividend payout ratio is presently 39.89%.

Wall Street Analyst Weigh In

Several research firms have weighed in on TPR. Bank of America lifted their price objective on Tapestry from $52.00 to $60.00 and gave the company a “buy” rating in a research report on Friday, October 25th. Citigroup increased their price objective on Tapestry from $49.00 to $55.00 and gave the stock a “buy” rating in a report on Friday, October 25th. JPMorgan Chase & Co. boosted their target price on shares of Tapestry from $51.00 to $66.00 and gave the company an “overweight” rating in a report on Friday, October 25th. TD Cowen lowered shares of Tapestry from a “buy” rating to a “hold” rating and set a $52.00 price objective on the stock. in a research note on Tuesday, October 29th. Finally, Wells Fargo & Company upped their price target on Tapestry from $50.00 to $65.00 and gave the stock an “overweight” rating in a research note on Friday, October 25th. Six research analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. Based on data from MarketBeat, Tapestry has a consensus rating of “Moderate Buy” and a consensus price target of $51.75.

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.