L Brands, Inc. (LB) Holdings Cut by Sumitomo Mitsui Trust Holdings Inc.
Sumitomo Mitsui Trust Holdings Inc. trimmed its holdings in shares of L Brands, Inc. (NYSE:LB) by 1.2% in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 676,505 shares of the specialty retailer’s stock after selling 8,057 shares during the period. Sumitomo Mitsui Trust Holdings Inc. owned 0.24% of L Brands worth $28,149,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other hedge funds and other institutional investors have also made changes to their positions in the business. First Personal Financial Services increased its position in L Brands by 127.7% during the 2nd quarter. First Personal Financial Services now owns 1,954 shares of the specialty retailer’s stock worth $105,000 after purchasing an additional 1,096 shares during the period. IFP Advisors Inc grew its holdings in shares of L Brands by 52.1% in the 3rd quarter. IFP Advisors Inc now owns 4,725 shares of the specialty retailer’s stock worth $197,000 after acquiring an additional 1,618 shares during the period. Investors Asset Management of Georgia Inc. GA ADV grew its holdings in shares of L Brands by 11.2% in the 2nd quarter. Investors Asset Management of Georgia Inc. GA ADV now owns 3,719 shares of the specialty retailer’s stock worth $200,000 after acquiring an additional 375 shares during the period. Chesapeake Asset Management LLC acquired a new stake in shares of L Brands in the 3rd quarter worth approximately $205,000. Finally, Harel Insurance Investments & Financial Services Ltd. acquired a new stake in shares of L Brands in the 3rd quarter worth approximately $208,000. 76.63% of the stock is owned by institutional investors.
Shares of L Brands, Inc. (NYSE LB) traded up $0.68 during midday trading on Friday, reaching $49.48. The company had a trading volume of 789,370 shares, compared to its average volume of 4,210,587. L Brands, Inc. has a 52-week low of $35.00 and a 52-week high of $75.50. The firm has a market cap of $13,851.71, a P/E ratio of 15.54, a P/E/G ratio of 1.35 and a beta of 0.67. The company has a current ratio of 1.68, a quick ratio of 1.05 and a debt-to-equity ratio of -6.25.
L Brands (NYSE:LB) last announced its quarterly earnings results on Wednesday, November 15th. The specialty retailer reported $0.30 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.30. L Brands had a negative return on equity of 110.21% and a net margin of 7.73%. The firm had revenue of $2.62 billion during the quarter, compared to the consensus estimate of $2.57 billion. During the same period in the prior year, the firm earned $0.42 EPS. The firm’s quarterly revenue was up 1.4% compared to the same quarter last year. equities analysts predict that L Brands, Inc. will post 3.14 earnings per share for the current fiscal year.
L Brands announced that its Board of Directors has initiated a stock buyback program on Monday, September 18th that authorizes the company to buyback $250.00 million in shares. This buyback authorization authorizes the specialty retailer to buy up to 2.2% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s leadership believes its shares are undervalued.
The company also recently announced a quarterly dividend, which will be paid on Friday, December 8th. Shareholders of record on Friday, November 24th will be paid a $0.60 dividend. This represents a $2.40 annualized dividend and a yield of 4.85%. The ex-dividend date is Wednesday, November 22nd. L Brands’s payout ratio is presently 72.95%.
In related news, Director David T. Kollat acquired 9,910 shares of the stock in a transaction dated Monday, November 20th. The stock was bought at an average price of $50.34 per share, with a total value of $498,869.40. Following the completion of the transaction, the director now directly owns 158,878 shares of the company’s stock, valued at $7,997,918.52. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Allan R. Tessler acquired 20,000 shares of the stock in a transaction dated Thursday, September 21st. The shares were bought at an average cost of $37.00 per share, with a total value of $740,000.00. Following the transaction, the director now directly owns 43,342 shares of the company’s stock, valued at $1,603,654. The disclosure for this purchase can be found here. 16.68% of the stock is currently owned by corporate insiders.
LB has been the topic of a number of research reports. Jefferies Group LLC set a $30.00 price target on L Brands and gave the stock a “sell” rating in a report on Monday, August 28th. Oppenheimer Holdings, Inc. reissued a “buy” rating on shares of L Brands in a research note on Thursday, October 5th. Robert W. Baird reissued a “hold” rating and set a $44.00 price target on shares of L Brands in a research note on Friday, September 1st. Buckingham Research reduced their price target on L Brands from $62.00 to $52.00 and set a “buy” rating on the stock in a research note on Friday, August 4th. Finally, Citigroup Inc. increased their price target on L Brands from $40.00 to $45.00 and gave the stock a “neutral” rating in a research note on Friday, November 3rd. Six investment analysts have rated the stock with a sell rating, twenty have given a hold rating and eleven have assigned a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus price target of $48.70.
L Brands Company Profile
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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