Alliancebernstein L.P. grew its position in L Brands, Inc. (NYSE:LB) by 0.1% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 419,534 shares of the specialty retailer’s stock after purchasing an additional 240 shares during the period. Alliancebernstein L.P. owned approximately 0.15% of L Brands worth $22,609,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. First Personal Financial Services lifted its stake in shares of L Brands by 127.7% in the 2nd quarter. First Personal Financial Services now owns 1,954 shares of the specialty retailer’s stock valued at $105,000 after purchasing an additional 1,096 shares in the last quarter. FNY Partners Fund LP acquired a new position in shares of L Brands in the 1st quarter valued at about $129,000. Investors Asset Management of Georgia Inc. GA ADV lifted its stake 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 valued at $200,000 after purchasing an additional 375 shares in the last quarter. Summit Financial Strategies Inc. acquired a new position in shares of L Brands in the 2nd quarter valued at about $214,000. Finally, Advisor Partners LLC acquired a new position in shares of L Brands in the 2nd quarter valued at about $215,000. 79.48% of the stock is currently owned by institutional investors and hedge funds.
Several research firms have recently weighed in on LB. Cowen and Company reaffirmed a “buy” rating and issued a $56.00 price objective on shares of L Brands in a research note on Tuesday, July 4th. FBR & Co set a $60.00 price objective on L Brands and gave the company a “buy” rating in a research note on Tuesday, July 4th. Jefferies Group LLC set a $35.00 target price on L Brands and gave the company a “sell” rating in a report on Tuesday, July 4th. Vetr downgraded L Brands from a “sell” rating to a “strong sell” rating and set a $46.89 target price on the stock. in a report on Monday, June 12th. Finally, ValuEngine downgraded L Brands from a “buy” rating to a “hold” rating in a report on Friday, June 2nd. Seven investment analysts have rated the stock with a sell rating, eighteen have issued a hold rating and ten have issued a buy rating to the company. The stock has an average rating of “Hold” and an average target price of $46.71.
L Brands, Inc. (NYSE:LB) opened at 37.23 on Thursday. The firm has a market cap of $10.57 billion, a price-to-earnings ratio of 10.93 and a beta of 0.65. L Brands, Inc. has a 52-week low of $35.00 and a 52-week high of $75.94. The company’s 50-day moving average price is $39.15 and its 200-day moving average price is $46.90.
L Brands (NYSE:LB) last issued its earnings results on Wednesday, August 16th. The specialty retailer reported $0.48 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.45 by $0.03. L Brands had a negative return on equity of 103.18% and a net margin of 8.04%. The business had revenue of $2.76 billion during the quarter, compared to analysts’ expectations of $2.75 billion. During the same period in the prior year, the firm posted $0.70 EPS. L Brands’s quarterly revenue was down 4.7% compared to the same quarter last year. Analysts predict that L Brands, Inc. will post $3.14 EPS for the current year.
L Brands declared that its Board of Directors has initiated a share buyback program on Monday, September 18th that authorizes the company to repurchase $250.00 million in shares. This repurchase authorization authorizes the specialty retailer to purchase up to 2.2% of its shares through open market purchases. Shares repurchase programs are often an indication that the company’s management believes its stock is undervalued.
The business also recently announced a quarterly dividend, which was paid on Friday, September 1st. Stockholders of record on Friday, August 18th were issued a $0.60 dividend. The ex-dividend date of this dividend was Wednesday, August 16th. This represents a $2.40 dividend on an annualized basis and a dividend yield of 6.45%. L Brands’s payout ratio is presently 70.38%.
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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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