Nomura Asset Management Co. Ltd. trimmed its stake in shares of L Brands Inc (NYSE:LB) by 7.1% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 272,002 shares of the specialty retailer’s stock after selling 20,918 shares during the period. Nomura Asset Management Co. Ltd. owned about 0.10% of L Brands worth $11,318,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other institutional investors also recently bought and sold shares of the stock. First Personal Financial Services grew 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 purchasing an additional 1,096 shares during the period. Summit Financial Strategies Inc. acquired a new stake in L Brands in the second quarter valued at approximately $214,000. Advisor Partners LLC acquired a new stake in L Brands in the second quarter valued at approximately $215,000. Crescent Grove Advisors LLC acquired a new stake in L Brands in the second quarter valued at approximately $216,000. Finally, First Allied Advisory Services Inc. acquired a new stake in shares of L Brands in the second quarter worth approximately $216,000. 78.51% of the stock is currently owned by hedge funds and other institutional investors.
L Brands Inc (NYSE:LB) traded down $1.80 during trading hours on Wednesday, reaching $55.30. The company’s stock had a trading volume of 2,740,200 shares, compared to its average volume of 4,238,115. L Brands Inc has a 12 month low of $35.00 and a 12 month high of $75.50. The company has a debt-to-equity ratio of -5.10, a current ratio of 1.45 and a quick ratio of 1.05. The stock has a market capitalization of $16,117.34, a P/E ratio of 18.18, a P/E/G ratio of 1.58 and a beta of 0.81.
The firm also recently announced a quarterly dividend, which will be paid on Friday, December 8th. Shareholders 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 4.34%. L Brands’s dividend payout ratio is currently 72.95%.
L Brands announced that its board has initiated a stock buyback 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 reacquire up to 2.2% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s management believes its shares are undervalued.
A number of brokerages have recently issued reports on LB. BMO Capital Markets set a $44.00 price target on L Brands and gave the stock a “hold” rating in a research note on Tuesday, August 8th. Jefferies Group set a $32.00 price target on L Brands and gave the stock a “sell” rating in a research note on Thursday, August 17th. Robert W. Baird set a $52.00 price target on L Brands and gave the stock a “hold” rating in a research note on Friday, December 1st. Instinet lowered their price target 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, Nomura set a $38.00 price target on L Brands and gave the stock a “hold” rating in a research note on Thursday, August 17th. Six analysts have rated the stock with a sell rating, twenty have issued a hold rating and ten have issued a buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $49.07.
In other news, Director David T. Kollat acquired 9,910 shares of the business’s stock in a transaction that occurred on Monday, November 20th. The shares were purchased at an average price of $50.34 per share, for a total transaction of $498,869.40. Following the acquisition, the director now owns 158,878 shares of the company’s stock, valued at $7,997,918.52. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Allan R. Tessler acquired 20,000 shares of the business’s stock in a transaction that occurred on Thursday, September 21st. The stock was purchased at an average price of $37.00 per share, for a total transaction of $740,000.00. Following the acquisition, the director now directly owns 43,342 shares in the company, valued at approximately $1,603,654. The disclosure for this purchase can be found here. 16.68% of the stock is owned by insiders.
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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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