Saba Capital Management L.P. Invests $916,000 in Vera Bradley, Inc. $VRA

Saba Capital Management L.P. acquired a new position in shares of Vera Bradley, Inc. (NASDAQ:VRA) in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 290,000 shares of the textile maker’s stock, valued at approximately $916,000. Saba Capital Management L.P. owned 1.02% of Vera Bradley as of its most recent SEC filing.

Several other hedge funds also recently bought and sold shares of the company. Luxor Capital Group LP bought a new position in shares of Vera Bradley during the 1st quarter valued at about $610,000. Renaissance Technologies LLC raised its stake in shares of Vera Bradley by 7.0% during the 1st quarter. Renaissance Technologies LLC now owns 221,716 shares of the textile maker’s stock worth $701,000 after purchasing an additional 14,500 shares in the last quarter. Arrowstreet Capital Limited Partnership raised its stake in shares of Vera Bradley by 31.6% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 1,038,807 shares of the textile maker’s stock worth $3,283,000 after purchasing an additional 249,161 shares in the last quarter. Bridgeway Capital Management LLC increased its stake in shares of Vera Bradley by 19.3% during the 4th quarter. Bridgeway Capital Management LLC now owns 340,083 shares of the textile maker’s stock worth $823,000 after purchasing an additional 55,120 shares during the last quarter. Finally, Impala Asset Management LLC bought a new stake in shares of Vera Bradley in the 4th quarter valued at about $976,000. 59.88% of the stock is currently owned by institutional investors and hedge funds.

Vera Bradley Stock Down 2.1%

Shares of VRA stock opened at $3.66 on Wednesday. Vera Bradley, Inc. has a twelve month low of $1.39 and a twelve month high of $4.39. The stock’s fifty day simple moving average is $3.65 and its 200 day simple moving average is $3.35. The firm has a market capitalization of $104.09 million, a P/E ratio of -5.30 and a beta of 1.57.

Vera Bradley (NASDAQ:VRA) last posted its earnings results on Thursday, June 11th. The textile maker reported ($0.09) EPS for the quarter, beating the consensus estimate of ($0.33) by $0.24. Vera Bradley had a negative return on equity of 6.66% and a negative net margin of 7.02%.The firm had revenue of $55.70 million during the quarter, compared to the consensus estimate of $49.12 million. As a group, equities research analysts expect that Vera Bradley, Inc. will post -0.28 EPS for the current fiscal year.

Insider Activity

In other news, Director Andrew Meslow acquired 24,926 shares of Vera Bradley stock in a transaction dated Friday, June 12th. The shares were bought at an average cost of $3.73 per share, with a total value of $92,973.98. Following the purchase, the director owned 650,000 shares in the company, valued at $2,424,500. This trade represents a 3.99% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available at this hyperlink. Company insiders own 14.30% of the company’s stock.

Analyst Ratings Changes

VRA has been the topic of a number of research reports. Wall Street Zen lowered shares of Vera Bradley from a “buy” rating to a “hold” rating in a research note on Saturday. Weiss Ratings reissued a “sell (d-)” rating on shares of Vera Bradley in a report on Monday, June 15th. Two research analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Reduce”.

Vera Bradley Profile

Vera Bradley, Inc (NASDAQ: VRA) is a lifestyle and accessories designer specializing in colorful, patterned handbags, luggage, travel accessories and coordinated home décor. Founded in 1982 by Barbara Bradley Baekgaard and Patricia R. Miller, the company first gained recognition for its quilted cotton bags sold at craft shows before expanding into an established fashion brand. Headquartered in Fort Wayne, Indiana, Vera Bradley has built a reputation for distinctive prints and functional design aimed primarily at women’s casual and travel needs.

The company’s product portfolio includes day bags, weekenders, backpacks, wallets, and organizational cases, as well as an expanding range of travel gear such as rolling luggage and travel pouches.