Toronto Dominion Bank boosted its position in shares of L Brands Inc (NYSE:LB) by 12.6% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 106,189 shares of the specialty retailer’s stock after purchasing an additional 11,844 shares during the period. Toronto Dominion Bank’s holdings in L Brands were worth $6,396,000 at the end of the most recent quarter.
A number of other hedge funds have also recently modified their holdings of LB. Gradient Investments LLC purchased a new stake in shares of L Brands in the 4th quarter valued at approximately $153,000. Steward Partners Investment Advisory LLC purchased a new stake in shares of L Brands in the 3rd quarter valued at approximately $161,000. IFP Advisors Inc raised its stake in shares of L Brands by 52.1% in the 3rd quarter. IFP Advisors Inc now owns 4,725 shares of the specialty retailer’s stock valued at $197,000 after acquiring an additional 1,618 shares during the period. Chesapeake Asset Management LLC acquired a new position in shares of L Brands in the third quarter valued at approximately $205,000. Finally, Check Capital Management Inc. CA acquired a new position in shares of L Brands in the fourth quarter valued at approximately $205,000. 81.05% of the stock is currently owned by institutional investors.
A number of research analysts recently weighed in on LB shares. B. Riley set a $58.00 price objective on shares of L Brands and gave the company a “buy” rating in a report on Thursday, November 16th. Northcoast Research upgraded shares of L Brands from a “neutral” rating to a “buy” rating in a report on Wednesday, February 7th. Deutsche Bank dropped their price objective on shares of L Brands from $67.00 to $65.00 and set a “buy” rating for the company in a report on Monday, February 26th. Robert W. Baird set a $63.00 price objective on shares of L Brands and gave the company a “buy” rating in a report on Wednesday, February 28th. Finally, Royal Bank of Canada reiterated a “buy” rating and set a $52.00 price target on shares of L Brands in a report on Thursday, March 1st. Seven investment analysts have rated the stock with a sell rating, eighteen have assigned a hold rating and eleven have given a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus price target of $50.33.
L Brands (NYSE:LB) last announced its quarterly earnings results on Wednesday, February 28th. The specialty retailer reported $2.11 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $2.05 by $0.06. The business had revenue of $4.82 billion during the quarter, compared to the consensus estimate of $4.72 billion. L Brands had a net margin of 7.78% and a negative return on equity of 96.25%. The business’s revenue was up 7.4% compared to the same quarter last year. During the same quarter last year, the firm posted $2.03 EPS. equities analysts forecast that L Brands Inc will post 3.17 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Friday, March 9th. Stockholders of record on Friday, February 23rd were issued a $0.60 dividend. The ex-dividend date of this dividend was Thursday, February 22nd. This represents a $2.40 dividend on an annualized basis and a dividend yield of 5.81%. L Brands’s dividend payout ratio is presently 69.77%.
L Brands announced that its Board of Directors has approved a share buyback plan on Thursday, March 8th that allows the company to repurchase $226.90 million in outstanding shares. This repurchase authorization allows the specialty retailer to repurchase shares of its stock through open market purchases. Shares repurchase plans are often an indication that the company’s management believes its shares are undervalued.
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About L Brands
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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