Bread Financial (BFH)

• Market cap: $3.1B
• 1 day: -0.75%
• 5 days: -4.77%
• 1 month: 5.76%
• 3 months: 22.55%
• 6 months: 41.50%
• Year to date: 88.81%
• 1 year: 84.73%
• 5 years: -44.12%
• 10 years: -78.50%
• Sector: Financials
• Industry: Personal Credit Institutions

About: Formed by a combination of JCPenney's credit card processing unit and The Limited's credit card bank business, Bread Financial is a provider of private label and co-branded credit cards, loyalty programs, and marketing services. The company's most financially significant unit is its credit card business that partners with retailers to jointly market Bread's credit cards to their customers. The company also retains minority interest in its recently spun-off LoyaltyOne division, which operates the largest airline miles loyalty program in Canada and offers marketing services to grocery chains in Europe and Asia.

Employees: 7,000

Fund manager confidence

Based on 2024 Q3 regulatory filings by fund managers ($100M+ AUM)

115% more first-time investments, than exits

New positions opened: 71 | Existing positions closed: 33

16% more repeat investments, than reductions

Existing positions increased: 111 | Existing positions reduced: 96

13% more funds holding

Funds holding: 285 [Q2] → 323 (+38) [Q3]

0% more capital invested

Capital invested by funds: $2.39B [Q2] → $2.4B (+$3.77M) [Q3]

6.82% less ownership

Funds ownership: 108.12% [Q2] → 101.3% (-6.82%) [Q3]

14% less funds holding in top 10

Funds holding in top 10: 7 [Q2] → 6 (-1) [Q3]

77% less call options, than puts

Call options by funds: $15.3M | Put options by funds: $66.6M

Research analyst outlook

7 Wall Street Analysts provided 1 year price targets over the past 3 months

• Low target: $34 45% downside
• Avg. target: $57 9% downside
• High target: $88 41% upside

7 analyst ratings

• positive: 3 43%
• neutral: 2 29%
• negative: 2 29%

Keefe, Bruyette & Woods Sanjay Sakhrani 55% 1-year accuracy 18 / 33 met price target	41% upside $88	Outperform Maintained	9 Dec 2024
Goldman Sachs Ryan Nash 46% 1-year accuracy 13 / 28 met price target	7% downside $58	Sell Maintained	19 Nov 2024
Evercore ISI Group John Pancari 86% 1-year accuracy 31 / 36 met price target	13% downside $54	In-Line Maintained	30 Oct 2024
Seaport Global Bill Ryan 100% 1-year accuracy 1 / 1 met price target	10% downside $56	Buy Maintained	28 Oct 2024
TD Cowen Moshe Orenbuch 57% 1-year accuracy 8 / 14 met price target	20% downside $50	Hold Maintained	28 Oct 2024