Suntrust Banks Inc. Buys New Holdings in L Brands Inc (LB)
Suntrust Banks Inc. bought a new stake in L Brands Inc (NYSE:LB) during the fourth quarter, HoldingsChannel.com reports. The fund bought 4,191 shares of the specialty retailer’s stock, valued at approximately $251,000.
A number of other institutional investors have also recently modified their holdings of LB. Tower Research Capital LLC TRC boosted its holdings in L Brands by 182.8% in the fourth quarter. Tower Research Capital LLC TRC now owns 2,110 shares of the specialty retailer’s stock valued at $128,000 after acquiring an additional 1,364 shares during the last quarter. Gradient Investments LLC acquired a new position in L Brands in the fourth quarter valued at $153,000. Steward Partners Investment Advisory LLC acquired a new position in L Brands in the third quarter valued at $161,000. Chesapeake Asset Management LLC acquired a new position in L Brands in the third quarter valued at $205,000. Finally, Check Capital Management Inc. CA acquired a new position in L Brands in the fourth quarter valued at $205,000. Hedge funds and other institutional investors own 80.13% of the company’s stock.
Shares of L Brands Inc (NYSE LB) opened at $42.26 on Friday. The company has a quick ratio of 0.60, a current ratio of 1.45 and a debt-to-equity ratio of -5.10. The firm has a market capitalization of $11,928.52, a PE ratio of 12.28, a P/E/G ratio of 1.16 and a beta of 0.59. L Brands Inc has a fifty-two week low of $35.00 and a fifty-two week high of $63.10.
The company also recently disclosed a quarterly dividend, which was paid on Friday, March 9th. Investors of record on Friday, February 23rd were issued a $0.60 dividend. This represents a $2.40 annualized dividend and a yield of 5.68%. The ex-dividend date was Thursday, February 22nd. L Brands’s dividend payout ratio is currently 69.77%.
L Brands announced that its Board of Directors has authorized a stock buyback plan on Thursday, March 8th that permits the company to repurchase $226.90 million in shares. This repurchase authorization permits the specialty retailer to repurchase shares of its stock through open market purchases. Shares repurchase plans are usually an indication that the company’s leadership believes its shares are undervalued.
A number of brokerages have commented on LB. Loop Capital began coverage on L Brands in a research note on Thursday. They set a “hold” rating and a $45.00 price objective on the stock. Robert W. Baird restated a “buy” rating on shares of L Brands in a research note on Wednesday. Morgan Stanley reduced their price objective on L Brands from $76.00 to $55.00 and set an “overweight” rating on the stock in a research note on Friday, March 2nd. BMO Capital Markets reduced their price objective on L Brands from $56.00 to $45.00 and set a “market perform” rating on the stock in a research note on Friday, March 2nd. Finally, Cowen set a $45.00 price objective on L Brands and gave the stock a “hold” rating in a research note on Thursday, March 1st. Six investment analysts have rated the stock with a sell rating, nineteen have issued a hold rating and eleven have issued a buy rating to the company’s stock. L Brands has a consensus rating of “Hold” and an average price target of $50.40.
TRADEMARK VIOLATION WARNING: This report was first posted by The Cerbat Gem and is the property of of The Cerbat Gem. If you are reading this report on another publication, it was illegally copied and reposted in violation of international trademark and copyright law. The original version of this report can be read at https://www.thecerbatgem.com/2018/03/11/suntrust-banks-inc-buys-new-holdings-in-l-brands-inc-lb.html.
L Brands Company 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.
Want to see what other hedge funds are holding LB? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for L Brands Inc (NYSE:LB).
Receive News & Ratings for L Brands Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for L Brands and related companies with MarketBeat.com's FREE daily email newsletter.