California State Teachers Retirement System lessened its position in L Brands Inc (NYSE:LB) by 1.2% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 393,050 shares of the specialty retailer’s stock after selling 4,705 shares during the period. California State Teachers Retirement System owned 0.14% of L Brands worth $10,840,000 at the end of the most recent reporting period.
A number of other institutional investors have also recently made changes to their positions in LB. Oregon Public Employees Retirement Fund raised its holdings in L Brands by 2,272.3% in the fourth quarter. Oregon Public Employees Retirement Fund now owns 637,591 shares of the specialty retailer’s stock worth $25,000 after buying an additional 610,714 shares during the last quarter. JNBA Financial Advisors purchased a new stake in L Brands during the fourth quarter valued at $56,000. Synovus Financial Corp raised its stake in L Brands by 167.8% during the fourth quarter. Synovus Financial Corp now owns 2,394 shares of the specialty retailer’s stock valued at $62,000 after purchasing an additional 1,500 shares in the last quarter. Kessler Investment Group LLC purchased a new stake in L Brands during the first quarter valued at $67,000. Finally, Harel Insurance Investments & Financial Services Ltd. raised its stake in L Brands by 1,594.9% during the first quarter. Harel Insurance Investments & Financial Services Ltd. now owns 3,000 shares of the specialty retailer’s stock valued at $83,000 after purchasing an additional 2,823 shares in the last quarter. 69.08% of the stock is currently owned by institutional investors and hedge funds.
A number of research firms have weighed in on LB. Loop Capital cut their price objective on shares of L Brands to $20.00 and set a “sell” rating on the stock in a research report on Wednesday, May 15th. Royal Bank of Canada set a $35.00 price objective on shares of L Brands and gave the company a “buy” rating in a research report on Friday, May 24th. Bank of America set a $30.00 price objective on shares of L Brands and gave the company a “hold” rating in a research report on Thursday, May 23rd. Barclays upgraded shares of L Brands from an “equal weight” rating to an “overweight” rating and set a $31.00 price objective on the stock in a research report on Friday, March 1st. Finally, Zacks Investment Research cut shares of L Brands from a “hold” rating to a “sell” rating in a research report on Monday, May 13th. Four analysts have rated the stock with a sell rating, fifteen have issued a hold rating and eight have assigned a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average target price of $31.96.
L Brands (NYSE:LB) last issued its earnings results on Wednesday, May 22nd. The specialty retailer reported $0.14 earnings per share (EPS) for the quarter. The company had revenue of $2.63 billion for the quarter, compared to analysts’ expectations of $2.56 billion. L Brands had a net margin of 4.81% and a negative return on equity of 74.29%. The firm’s quarterly revenue was up .1% on a year-over-year basis. During the same period in the prior year, the business earned $0.17 EPS. Sell-side analysts predict that L Brands Inc will post 2.41 earnings per share for the current year.
The company also recently declared a quarterly dividend, which was paid on Friday, June 14th. Shareholders of record on Friday, May 31st were given a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a dividend yield of 4.60%. The ex-dividend date was Thursday, May 30th. L Brands’s payout ratio is 42.55%.
About L Brands
L Brands, Inc operates as a specialty retailer of women's intimate and other apparel, beauty and personal care products, home fragrance products, and accessories. The company operates in three segments: Victoria's Secret, Bath & Body Works, and Victoria's Secret and Bath & Body Works International.
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