Raymond James Financial Services Advisors Inc. Has $438,000 Holdings in L Brands Inc (LB)
Raymond James Financial Services Advisors Inc. lessened its stake in L Brands Inc (NYSE:LB) by 81.1% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 10,519 shares of the specialty retailer’s stock after selling 45,248 shares during the quarter. Raymond James Financial Services Advisors Inc.’s holdings in L Brands were worth $438,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. BlackRock Inc. boosted its holdings in L Brands by 1.3% in the 2nd quarter. BlackRock Inc. now owns 19,257,392 shares of the specialty retailer’s stock worth $1,037,783,000 after acquiring an additional 256,464 shares during the period. Vanguard Group Inc. boosted its holdings in L Brands by 3.1% in the 2nd quarter. Vanguard Group Inc. now owns 16,435,626 shares of the specialty retailer’s stock worth $885,716,000 after acquiring an additional 495,987 shares during the period. FMR LLC boosted its holdings in L Brands by 2.8% in the 2nd quarter. FMR LLC now owns 11,403,917 shares of the specialty retailer’s stock worth $614,558,000 after acquiring an additional 305,365 shares during the period. State Street Corp boosted its holdings in L Brands by 0.3% in the 2nd quarter. State Street Corp now owns 10,388,390 shares of the specialty retailer’s stock worth $559,827,000 after acquiring an additional 33,815 shares during the period. Finally, Northern Trust Corp boosted its holdings in L Brands by 0.6% in the 2nd quarter. Northern Trust Corp now owns 2,667,007 shares of the specialty retailer’s stock worth $143,725,000 after acquiring an additional 17,157 shares during the period. Hedge funds and other institutional investors own 78.51% of the company’s stock.
In related news, Director Allan R. Tessler bought 20,000 shares of the company’s stock in a transaction on Thursday, September 21st. The shares were purchased at an average cost of $37.00 per share, with a total value of $740,000.00. Following the completion of the transaction, the director now directly owns 43,342 shares of the company’s stock, valued at $1,603,654. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director David T. Kollat bought 9,910 shares of the company’s stock in a transaction on Monday, November 20th. The stock was bought at an average cost of $50.34 per share, for a total transaction of $498,869.40. Following the completion of the transaction, the director now directly owns 158,878 shares of the company’s stock, valued at $7,997,918.52. The disclosure for this purchase can be found here. 16.68% of the stock is owned by company insiders.
L Brands Inc (NYSE LB) traded down $0.09 during mid-day trading on Thursday, hitting $55.21. The company had a trading volume of 3,066,100 shares, compared to its average volume of 4,233,128. The company has a debt-to-equity ratio of -5.10, a quick ratio of 1.05 and a current ratio of 1.45. The firm has a market cap of $15,609.27, a price-to-earnings ratio of 17.61, a P/E/G ratio of 1.53 and a beta of 0.81. L Brands Inc has a twelve month low of $35.00 and a twelve month high of $75.50.
L Brands (NYSE:LB) last posted its quarterly earnings results on Wednesday, November 15th. The specialty retailer reported $0.30 earnings per share (EPS) for the quarter, meeting the Thomson Reuters’ consensus estimate 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 negative return on equity of 101.19% and a net margin of 7.73%. The business’s revenue was up 1.4% compared to the same quarter last year. During the same period in the prior year, the company posted $0.42 EPS. equities research analysts forecast that L Brands Inc will post 3.14 earnings per share for the current fiscal year.
L Brands announced that its Board of Directors has authorized a stock buyback program on Monday, September 18th that authorizes the company to repurchase $250.00 million in outstanding shares. This repurchase authorization authorizes the specialty retailer to repurchase up to 2.2% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company’s board of directors believes its shares are undervalued.
The company also recently declared a quarterly dividend, which will be paid on Friday, December 8th. Investors of record on Friday, November 24th will be given a dividend of $0.60 per share. This represents a $2.40 annualized dividend and a dividend yield of 4.35%. The ex-dividend date is Wednesday, November 22nd. L Brands’s dividend payout ratio is currently 72.95%.
A number of brokerages have issued reports on LB. Robert W. Baird set a $52.00 target price on L Brands and gave the company a “hold” rating in a research report on Friday, December 1st. Telsey Advisory Group upped their target price on L Brands from $60.00 to $64.00 and gave the company an “outperform” rating in a research report on Monday. B. Riley reaffirmed a “buy” rating and issued a $58.00 target price on shares of L Brands in a research report on Wednesday, November 29th. Buckingham Research upped their target price on L Brands from $40.00 to $50.00 and gave the company a “neutral” rating in a research report on Friday, November 17th. Finally, Piper Jaffray Companies set a $47.00 target price on L Brands and gave the company a “hold” rating in a research report on Thursday, November 16th. Six investment analysts have rated the stock with a sell rating, twenty have assigned a hold rating and ten have issued a buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus price target of $49.07.
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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