Summit Financial Strategies Inc. acquired a new position in L Brands, Inc. (NYSE:LB) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 3,979 shares of the specialty retailer’s stock, valued at approximately $214,000.
Other hedge funds have also recently bought and sold shares of the company. FNY Partners Fund LP bought a new position in shares of L Brands during the first quarter worth about $129,000. Meag Munich Ergo Kapitalanlagegesellschaft MBH bought a new position in shares of L Brands during the first quarter worth about $142,000. IFP Advisors Inc boosted its position in shares of L Brands by 20.2% in the first quarter. IFP Advisors Inc now owns 3,152 shares of the specialty retailer’s stock worth $148,000 after buying an additional 529 shares during the last quarter. Prospera Financial Services Inc boosted its position in shares of L Brands by 23.1% in the first quarter. Prospera Financial Services Inc now owns 4,632 shares of the specialty retailer’s stock worth $200,000 after buying an additional 868 shares during the last quarter. Finally, Investors Asset Management of Georgia Inc. GA ADV boosted its position in shares of L Brands by 11.2% in the second quarter. Investors Asset Management of Georgia Inc. GA ADV now owns 3,719 shares of the specialty retailer’s stock worth $200,000 after buying an additional 375 shares during the last quarter. 75.43% of the stock is currently owned by institutional investors.
Shares of L Brands, Inc. (NYSE:LB) opened at 42.66 on Thursday. The company’s 50-day moving average price is $47.26 and its 200-day moving average price is $50.86. L Brands, Inc. has a 52-week low of $41.28 and a 52-week high of $79.67. The company has a market capitalization of $12.24 billion, a price-to-earnings ratio of 11.24 and a beta of 0.62.
L Brands (NYSE:LB) last announced its quarterly earnings data on Wednesday, May 17th. The specialty retailer reported $0.33 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.29 by $0.04. The business had revenue of $2.44 billion for the quarter, compared to analysts’ expectations of $2.46 billion. L Brands had a net margin of 8.87% and a negative return on equity of 104.19%. The firm’s quarterly revenue was down 6.8% compared to the same quarter last year. During the same period last year, the firm posted $0.59 earnings per share. Equities research analysts forecast that L Brands, Inc. will post $3.24 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 1st. Investors 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 dividend on an annualized basis and a yield of 5.63%. L Brands’s dividend payout ratio (DPR) is 63.16%.
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A number of brokerages recently issued reports on LB. Jefferies Group LLC set a $35.00 target price on L Brands and gave the stock a “sell” rating in a report on Thursday, May 4th. Royal Bank Of Canada restated a “hold” rating and issued a $55.00 target price on shares of L Brands in a report on Monday, July 24th. Vetr cut 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. Wolfe Research decreased their target price on L Brands from $52.00 to $48.00 and set a “peer perform” rating on the stock in a report on Friday, July 7th. Finally, FBR & Co restated an “outperform” rating and issued a $60.00 target price on shares of L Brands in a report on Thursday, July 27th. Five research analysts have rated the stock with a sell rating, nineteen have assigned a hold rating and nine have given a buy rating to the stock. L Brands has a consensus rating of “Hold” and an average price target of $55.76.
In related news, CEO Nicholas Coe sold 39,839 shares of L Brands stock in a transaction that occurred on Friday, May 19th. The shares were sold at an average price of $48.88, for a total value of $1,947,330.32. Following the transaction, the chief executive officer now directly owns 75,658 shares of the company’s stock, valued at $3,698,163.04. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 16.45% 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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