People s United Financial Inc. Has $842,000 Position in L Brands, Inc. (LB)
People s United Financial Inc. boosted its position in shares of L Brands, Inc. (NYSE:LB) by 3,344.7% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 15,639 shares of the specialty retailer’s stock after buying an additional 15,185 shares during the quarter. People s United Financial Inc.’s holdings in L Brands were worth $842,000 at the end of the most recent reporting period.
A number of other hedge funds have also recently added to or reduced their stakes in LB. First Personal Financial Services lifted its holdings in L Brands by 127.7% during the second 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 purchased a new position in L Brands during the first quarter valued at $129,000. Investors Asset Management of Georgia Inc. GA ADV lifted its holdings in L Brands by 11.2% during the second 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. purchased a new position in L Brands during the second quarter valued at $214,000. Finally, Advisor Partners LLC purchased a new position in L Brands during the second quarter valued at $215,000. Institutional investors own 79.48% of the company’s stock.
L Brands, Inc. (NYSE LB) opened at 41.36 on Thursday. L Brands, Inc. has a one year low of $35.00 and a one year high of $75.50. The firm has a market cap of $11.74 billion, a PE ratio of 12.14 and a beta of 0.68. The company has a 50 day moving average of $38.71 and a 200-day moving average of $46.17.
L Brands (NYSE:LB) last announced its quarterly earnings data on Wednesday, August 16th. The specialty retailer reported $0.48 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.45 by $0.03. The business had revenue of $2.76 billion for the quarter, compared to analyst estimates of $2.75 billion. L Brands had a net margin of 8.04% and a negative return on equity of 103.18%. The company’s revenue was down 4.7% on a year-over-year basis. During the same period in the prior year, the firm posted $0.70 EPS. On average, equities research analysts predict that L Brands, Inc. will post $3.14 earnings per share for the current year.
L Brands announced that its board has initiated a share buyback program on Monday, September 18th that allows the company to buyback $250.00 million in shares. This buyback authorization allows the specialty retailer to buy up to 2.2% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s board believes its shares are undervalued.
Several equities analysts have issued reports on LB shares. Jefferies Group LLC set a $30.00 price objective on shares of L Brands and gave the company a “sell” rating in a report on Monday, August 28th. FBR & Co reissued an “outperform” rating and issued a $60.00 price target on shares of L Brands in a research note on Thursday, July 27th. Credit Suisse Group set a $47.00 price target on shares of L Brands and gave the stock a “hold” rating in a research note on Wednesday, July 19th. Sanford C. Bernstein started coverage on shares of L Brands in a research note on Tuesday, September 12th. They issued an “outperform” rating and a $57.00 price target on the stock. Finally, Robert W. Baird reissued a “hold” rating and issued a $44.00 price target on shares of L Brands in a research note on Friday, September 1st. Seven research analysts have rated the stock with a sell rating, seventeen have given a hold rating and eleven have assigned a buy rating to the company. L Brands has a consensus rating of “Hold” and an average price target of $46.71.
In other L Brands news, Director Allan R. Tessler bought 20,000 shares of the company’s stock in a transaction that occurred on Thursday, September 21st. The stock was purchased at an average price of $37.00 per share, with a total value of $740,000.00. Following the transaction, the director now owns 43,342 shares in the company, valued at $1,603,654. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. 16.68% of the stock is currently owned by corporate insiders.
L Brands 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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