Bank of America Corp DE Has $7.76 Million Stake in Genesco Inc. (GCO)

Bank of America Corp DE trimmed its holdings in Genesco Inc. (NYSE:GCO) by 28.7% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 175,261 shares of the company’s stock after selling 70,607 shares during the period. Bank of America Corp DE owned approximately 0.87% of Genesco worth $7,763,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also added to or reduced their stakes in the stock. Meeder Asset Management Inc. increased its position in shares of Genesco by 112.3% during the fourth quarter. Meeder Asset Management Inc. now owns 603 shares of the company’s stock valued at $27,000 after buying an additional 319 shares during the period. Oppenheimer Asset Management Inc. purchased a new position in shares of Genesco during the fourth quarter valued at about $48,000. PNC Financial Services Group Inc. grew its holdings in Genesco by 24.4% in the fourth quarter. PNC Financial Services Group Inc. now owns 1,350 shares of the company’s stock worth $60,000 after purchasing an additional 265 shares during the period. Bowling Portfolio Management LLC purchased a new stake in Genesco in the fourth quarter worth about $225,000. Finally, United Services Automobile Association purchased a new stake in Genesco in the third quarter worth about $284,000.

Genesco stock traded up $0.54 during midday trading on Thursday, reaching $45.64. 141,818 shares of the company traded hands, compared to its average volume of 312,449. Genesco Inc. has a 12 month low of $37.00 and a 12 month high of $51.85. The company has a market cap of $852.49 million, a price-to-earnings ratio of 13.91, a price-to-earnings-growth ratio of 2.65 and a beta of 0.70. The company has a quick ratio of 1.32, a current ratio of 2.65 and a debt-to-equity ratio of 0.08.

Genesco (NYSE:GCO) last announced its earnings results on Thursday, March 14th. The company reported $2.18 EPS for the quarter, missing the Zacks’ consensus estimate of $2.30 by ($0.12). The business had revenue of $675.50 million for the quarter, compared to analysts’ expectations of $914.85 million. Genesco had a negative net margin of 1.93% and a positive return on equity of 7.52%. The firm’s quarterly revenue was down 2.0% on a year-over-year basis. During the same period in the prior year, the company posted $2.15 earnings per share. Sell-side analysts expect that Genesco Inc. will post 3.5 EPS for the current fiscal year.

Genesco announced that its Board of Directors has initiated a share buyback program on Friday, May 3rd that permits the company to repurchase $100.00 million in shares. This repurchase authorization permits the company to repurchase up to 11.7% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s board of directors believes its stock is undervalued.

GCO has been the topic of a number of recent research reports. Zacks Investment Research upgraded shares of Genesco from a “hold” rating to a “buy” rating and set a $50.00 price objective on the stock in a report on Wednesday, February 13th. ValuEngine downgraded shares of Genesco from a “buy” rating to a “hold” rating in a research note on Friday, March 1st. Finally, Pivotal Research downgraded shares of Genesco from a “buy” rating to a “hold” rating and set a $52.00 target price on the stock. in a research note on Wednesday, January 9th. They noted that the move was a valuation call. One equities research analyst has rated the stock with a sell rating and six have issued a hold rating to the company. The company currently has a consensus rating of “Hold” and an average target price of $44.00.

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About Genesco

Genesco Inc operates as a retailer and wholesaler of footwear, apparel, and accessories. The company operates through four segments: Journeys Group, Schuh Group, Johnston & Murphy Group, and Licensed Brands. The Journeys Group segment offers footwear and accessories through the Journeys, Journeys Kidz, and Little Burgundy retail chains, as well as through e-commerce and catalogs for young men, women, and children.

Further Reading: How To Calculate Debt-to-Equity Ratio

Institutional Ownership by Quarter for Genesco (NYSE:GCO)

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