Bank of Nova Scotia boosted its stake in L Brands, Inc. (NYSE:LB) by 34.2% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 530,593 shares of the specialty retailer’s stock after purchasing an additional 135,314 shares during the quarter. Bank of Nova Scotia owned about 0.18% of L Brands worth $28,594,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other institutional investors and hedge funds also recently made changes to their positions in the stock. First Personal Financial Services raised its stake in shares of L Brands by 127.7% during the second quarter. First Personal Financial Services now owns 1,954 shares of the specialty retailer’s stock worth $105,000 after acquiring an additional 1,096 shares in the last quarter. FNY Partners Fund LP purchased a new position in shares of L Brands during the first quarter worth approximately $129,000. Investors Asset Management of Georgia Inc. GA ADV raised its stake in shares of 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 worth $200,000 after acquiring an additional 375 shares in the last quarter. Summit Financial Strategies Inc. purchased a new position in shares of L Brands during the second quarter worth approximately $214,000. Finally, Advisor Partners LLC purchased a new position in shares of L Brands during the second quarter worth approximately $215,000. 79.48% of the stock is currently owned by institutional investors and hedge funds.
LB has been the topic of several research reports. Jefferies Group LLC set a $30.00 price target on shares of L Brands and gave the stock a “sell” rating in a research note on Monday, August 28th. Oppenheimer Holdings, Inc. reissued a “buy” rating on shares of L Brands in a research note on Thursday, October 5th. Robert W. Baird reissued a “hold” rating and set a $44.00 price target on shares of L Brands in a research note on Friday, September 1st. Buckingham Research decreased their price target on shares of L Brands from $62.00 to $52.00 and set a “buy” rating on the stock in a research note on Friday, August 4th. Finally, Cowen and Company reissued a “buy” rating and set a $56.00 price target on shares of L Brands in a research note on Tuesday, July 4th. Seven investment analysts have rated the stock with a sell rating, eighteen have assigned a hold rating and ten have issued a buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average target price of $46.41.
Shares of L Brands, Inc. (NYSE:LB) traded down 1.40% during mid-day trading on Wednesday, hitting $42.35. 901,883 shares of the stock were exchanged. L Brands, Inc. has a 12 month low of $35.00 and a 12 month high of $75.50. The stock’s 50 day moving average is $39.31 and its 200 day moving average is $45.98. The firm has a market cap of $12.02 billion, a P/E ratio of 10.64 and a beta of 0.68.
L Brands (NYSE:LB) last issued its quarterly earnings data on Wednesday, August 16th. The specialty retailer reported $0.48 earnings per share for the quarter, beating analysts’ consensus estimates of $0.45 by $0.03. L Brands had a negative return on equity of 103.18% and a net margin of 8.04%. The company had revenue of $2.76 billion for the quarter, compared to the consensus estimate of $2.75 billion. During the same quarter last year, the company earned $0.70 earnings per share. The firm’s revenue for the quarter was down 4.7% compared to the same quarter last year. Analysts expect that L Brands, Inc. will post $3.13 EPS for the current fiscal year.
L Brands announced that its Board of Directors has authorized a share repurchase plan on Monday, September 18th that authorizes the company to buyback $250.00 million in outstanding shares. This buyback authorization authorizes the specialty retailer to buy up to 2.2% of its shares through open market purchases. Shares buyback plans are usually an indication that the company’s board of directors believes its shares are undervalued.
In related news, Director Allan R. Tessler acquired 20,000 shares of the company’s stock in a transaction that occurred on Thursday, September 21st. The shares were bought at an average price 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 in the company, valued at $1,603,654. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 16.68% of the stock is owned by company 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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