Commerzbank Aktiengesellschaft FI boosted its position in L Brands Inc (NYSE:LB) by 697.1% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 168,804 shares of the specialty retailer’s stock after acquiring an additional 147,628 shares during the quarter. Commerzbank Aktiengesellschaft FI owned 0.06% of L Brands worth $7,024,000 at the end of the most recent quarter.
A number of other large investors have also recently modified their holdings of LB. First Personal Financial Services raised its holdings in L Brands by 127.7% in the second quarter. First Personal Financial Services now owns 1,954 shares of the specialty retailer’s stock valued at $105,000 after acquiring an additional 1,096 shares in the last quarter. IFP Advisors Inc raised its holdings in L Brands by 52.1% in the third quarter. IFP Advisors Inc now owns 4,725 shares of the specialty retailer’s stock valued at $197,000 after acquiring an additional 1,618 shares in the last quarter. Chesapeake Asset Management LLC acquired a new stake in L Brands in the third quarter valued at approximately $205,000. Harel Insurance Investments & Financial Services Ltd. acquired a new stake in L Brands in the third quarter valued at approximately $208,000. Finally, Summit Financial Strategies Inc. acquired a new stake in L Brands in the second quarter valued at approximately $214,000. 78.49% of the stock is currently owned by hedge funds and other institutional investors.
In other news, Director Allan R. Tessler acquired 20,000 shares of the stock in a transaction that occurred on Thursday, September 21st. The shares were purchased at an average cost of $37.00 per share, for a total transaction of $740,000.00. Following the transaction, the director now directly owns 43,342 shares in the company, valued at approximately $1,603,654. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director David T. Kollat acquired 9,910 shares of the stock in a transaction that occurred on Monday, November 20th. The stock was purchased at an average price of $50.34 per share, for a total transaction of $498,869.40. Following the completion of the transaction, the director now owns 158,878 shares in the company, valued at $7,997,918.52. The disclosure for this purchase can be found here. Company insiders own 16.68% of the company’s stock.
L Brands (NYSE:LB) last announced its earnings results on Wednesday, November 15th. The specialty retailer reported $0.30 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.30. The business had revenue of $2.62 billion for the quarter, compared to analyst estimates of $2.57 billion. L Brands had a net margin of 7.73% and a negative return on equity of 110.21%. The company’s revenue for the quarter was up 1.4% compared to the same quarter last year. During the same period last year, the firm posted $0.42 earnings per share. research analysts predict that L Brands Inc will post 3.14 EPS for the current year.
L Brands declared that its board has authorized a share repurchase plan on Monday, September 18th that permits the company to repurchase $250.00 million in outstanding shares. This repurchase authorization permits the specialty retailer to repurchase up to 2.2% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board of directors believes its stock is undervalued.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 8th. Investors of record on Friday, November 24th will be given a $0.60 dividend. The ex-dividend date of this dividend is Wednesday, November 22nd. This represents a $2.40 dividend on an annualized basis and a yield of 4.30%. L Brands’s dividend payout ratio (DPR) is 72.95%.
LB has been the topic of several recent analyst reports. Robert W. Baird set a $52.00 price target on shares of L Brands and gave the company a “hold” rating in a research note on Friday. B. Riley reiterated a “buy” rating and issued a $58.00 price target on shares of L Brands in a research note on Wednesday. Telsey Advisory Group reiterated an “outperform” rating and issued a $64.00 price target (up from $60.00) on shares of L Brands in a research note on Tuesday, November 28th. Scotiabank reiterated a “hold” rating and issued a $67.00 price target on shares of L Brands in a research note on Wednesday, November 22nd. Finally, Buckingham Research increased their price target on shares of L Brands from $40.00 to $50.00 and gave the company a “neutral” rating in a research note on Friday, November 17th. Six analysts have rated the stock with a sell rating, twenty have issued a hold rating and ten have assigned a buy rating to the company’s stock. L Brands currently has an average rating of “Hold” and a consensus target price of $49.07.
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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