First Commonwealth Financial Corp PA Lowers Holdings in L Brands, Inc. (LB)
First Commonwealth Financial Corp PA cut its position in L Brands, Inc. (NYSE:LB) by 18.8% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 4,446 shares of the specialty retailer’s stock after selling 1,029 shares during the quarter. First Commonwealth Financial Corp PA’s holdings in L Brands were worth $240,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also recently modified their holdings of LB. First Personal Financial Services raised its stake in shares of L Brands by 127.7% during 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 during the period. FNY Partners Fund LP bought a new stake in shares of L Brands during the 1st quarter valued at $129,000. Investors Asset Management of Georgia Inc. GA ADV raised its stake in shares of L Brands by 11.2% during 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 during the period. Summit Financial Strategies Inc. bought a new stake in shares of L Brands during the 2nd quarter valued at $214,000. Finally, Advisor Partners LLC bought a new stake in shares of L Brands during the 2nd quarter valued at $215,000. Hedge funds and other institutional investors own 79.48% of the company’s stock.
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A number of research firms recently issued reports on LB. Jefferies Group LLC set a $32.00 price objective on L Brands and gave the company a “sell” rating in a research note on Wednesday, July 19th. Royal Bank Of Canada reiterated a “hold” rating and set a $55.00 price objective on shares of L Brands in a research note on Monday, July 24th. Goldman Sachs Group, Inc. (The) set a $59.00 price objective on L Brands and gave the company a “buy” rating in a research note on Thursday, August 17th. Instinet decreased their price objective on L Brands from $43.00 to $38.00 and set a “neutral” rating on the stock in a research note on Thursday, August 17th. Finally, Cowen and Company set a $40.00 price objective on L Brands and gave the company a “buy” rating in a research note on Friday, August 18th. Seven research analysts have rated the stock with a sell rating, eighteen have issued a hold rating and ten have assigned a buy rating to the company. L Brands presently has an average rating of “Hold” and an average price target of $46.41.
In other L Brands news, Director Allan R. Tessler acquired 20,000 shares of L Brands stock in a transaction that occurred on Thursday, September 21st. The stock was bought at an average price of $37.00 per share, with a total value of $740,000.00. Following the completion of the purchase, the director now directly owns 43,342 shares of the company’s stock, valued at approximately $1,603,654. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 16.68% of the company’s stock.
Shares of L Brands, Inc. (NYSE LB) traded up 0.30% on Friday, hitting $42.92. The stock had a trading volume of 4,514,867 shares. L Brands, Inc. has a 52-week low of $35.00 and a 52-week high of $75.50. The company has a market cap of $12.18 billion, a P/E ratio of 12.60 and a beta of 0.68. The company has a 50-day moving average of $38.95 and a 200-day moving average of $46.09. L Brands also was the recipient of some unusual options trading on Thursday. Investors purchased 19,923 put options on the company. This represents an increase of approximately 801% compared to the average daily volume of 2,211 put options.
L Brands (NYSE:LB) last announced its quarterly earnings results on Wednesday, August 16th. The specialty retailer reported $0.48 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.45 by $0.03. The firm had revenue of $2.76 billion during the quarter, compared to analyst estimates of $2.75 billion. L Brands had a negative return on equity of 103.18% and a net margin of 8.04%. L Brands’s quarterly revenue was down 4.7% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.70 earnings per share. On average, equities analysts anticipate that L Brands, Inc. will post $3.14 EPS for the current fiscal year.
L Brands declared that its Board of Directors has approved a share repurchase program on Monday, September 18th that allows the company to repurchase $250.00 million in shares. This repurchase authorization allows the specialty retailer to reacquire up to 2.2% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s leadership believes its stock is undervalued.
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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