Bank of America Corporation Cuts L Brands, Inc. (LB) Price Target to $32.00
L Brands, Inc. (NYSE:LB) had its price objective trimmed by Bank of America Corporation from $35.00 to $32.00 in a research note released on Friday morning. The brokerage currently has an underperform rating on the specialty retailer’s stock.
Several other brokerages have also commented on LB. Buckingham Research reiterated a buy rating on shares of L Brands in a research note on Wednesday, April 26th. FBR & Co reiterated an outperform rating and set a $60.00 price target on shares of L Brands in a research note on Thursday, July 27th. Jefferies Group LLC set a $35.00 price target on shares of L Brands and gave the stock a sell rating in a research note on Tuesday, July 4th. Credit Suisse Group set a $47.00 price target on shares of L Brands and gave the stock a hold rating in a research note on Wednesday, July 19th. Finally, Deutsche Bank AG cut their price target on shares of L Brands from $62.00 to $61.00 and set a buy rating on the stock in a research note on Friday, May 5th. Six analysts have rated the stock with a sell rating, eighteen have assigned a hold rating and ten have issued a buy rating to the company’s stock. L Brands presently has an average rating of Hold and an average price target of $51.04.
L Brands (NYSE LB) opened at 36.20 on Friday. L Brands has a 12 month low of $35.00 and a 12 month high of $79.67. The stock’s 50 day moving average price is $44.42 and its 200-day moving average price is $49.87. The firm has a market capitalization of $10.38 billion, a P/E ratio of 10.63 and a beta of 0.62.
L Brands (NYSE:LB) last released its quarterly earnings data on Wednesday, August 16th. The specialty retailer reported $0.48 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.45 by $0.03. The business had revenue of $2.76 billion during the quarter, compared to analysts’ expectations of $2.75 billion. L Brands had a net margin of 8.04% and a negative return on equity of 103.04%. The company’s revenue for the quarter was down 4.7% on a year-over-year basis. During the same period in the previous year, the company earned $0.70 EPS. Equities analysts forecast that L Brands will post $3.17 earnings per share for the current year.
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The company also recently announced a quarterly dividend, which will be paid on Friday, September 1st. Stockholders of record on Friday, August 18th will be paid a $0.60 dividend. The ex-dividend date is Wednesday, August 16th. This represents a $2.40 annualized dividend and a dividend yield of 6.63%. L Brands’s dividend payout ratio (DPR) is presently 70.38%.
Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Gateway Investment Advisers LLC increased its position in shares of L Brands by 10.0% in the first quarter. Gateway Investment Advisers LLC now owns 221,500 shares of the specialty retailer’s stock valued at $10,433,000 after buying an additional 20,134 shares during the period. DnB Asset Management AS increased its position in shares of L Brands by 18.1% in the first quarter. DnB Asset Management AS now owns 27,459 shares of the specialty retailer’s stock valued at $1,293,000 after buying an additional 4,200 shares during the period. Quantitative Systematic Strategies LLC purchased a new position in shares of L Brands during the first quarter valued at $689,000. Huntington National Bank increased its position in shares of L Brands by 4.4% in the first quarter. Huntington National Bank now owns 23,712 shares of the specialty retailer’s stock valued at $1,117,000 after buying an additional 1,003 shares during the period. Finally, State of Alaska Department of Revenue purchased a new position in shares of L Brands during the first quarter valued at $214,000. Institutional investors and hedge funds own 75.20% of the company’s stock.
About L Brands
L Brands, Inc operates specialty retail business. The Company is focused on women’s intimate and other apparel, personal care, beauty and home fragrance categories. Its segments include Victoria’s Secret, Bath & Body Works, and Victoria’s Secret and Bath & Body Works International. It sells its merchandise through company-owned specialty retail stores in the United States, Canada, the United Kingdom and Greater China, which are mall-based; through Websites, and through international franchise, license and wholesale partners.
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