Polaris Capital Management LLC lowered its stake in shares of L Brands Inc (NYSE:LB) by 10.3% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 1,096,700 shares of the specialty retailer’s stock after selling 125,400 shares during the quarter. L Brands comprises 1.9% of Polaris Capital Management LLC’s portfolio, making the stock its 20th largest position. Polaris Capital Management LLC owned approximately 0.40% of L Brands worth $40,446,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other hedge funds and other institutional investors also recently made changes to their positions in the company. Piedmont Investment Advisors LLC purchased a new position in shares of L Brands during the second quarter valued at about $104,000. Old Mutual Global Investors UK Ltd. purchased a new position in shares of L Brands during the first quarter valued at about $117,000. Camarda Financial Advisors LLC bought a new stake in L Brands during the first quarter worth about $131,000. IBM Retirement Fund boosted its stake in L Brands by 46.8% during the first quarter. IBM Retirement Fund now owns 5,279 shares of the specialty retailer’s stock worth $202,000 after acquiring an additional 1,684 shares in the last quarter. Finally, Norway Savings Bank bought a new stake in L Brands during the second quarter worth about $221,000. Institutional investors own 75.35% of the company’s stock.
Shares of NYSE LB opened at $31.89 on Thursday. The company has a market capitalization of $8.66 billion, a PE ratio of 9.97, a PEG ratio of 0.98 and a beta of 0.58. L Brands Inc has a 52-week low of $30.42 and a 52-week high of $63.10. The company has a debt-to-equity ratio of -5.90, a quick ratio of 0.83 and a current ratio of 1.56.
The company also recently announced a quarterly dividend, which will be paid on Friday, September 7th. Stockholders of record on Friday, August 24th will be paid a $0.60 dividend. The ex-dividend date is Thursday, August 23rd. This represents a $2.40 annualized dividend and a dividend yield of 7.53%. L Brands’s dividend payout ratio is presently 75.00%.
In other news, Director Donna James sold 1,000 shares of the business’s stock in a transaction that occurred on Friday, May 25th. The shares were sold at an average price of $35.29, for a total transaction of $35,290.00. Following the completion of the transaction, the director now directly owns 19,738 shares of the company’s stock, valued at $696,554.02. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 17.32% of the company’s stock.
LB has been the topic of several research reports. Wedbush initiated coverage on shares of L Brands in a research note on Friday, August 10th. They set a “neutral” rating and a $33.00 price objective on the stock. Loop Capital set a $27.00 price objective on shares of L Brands and gave the stock a “sell” rating in a research note on Thursday, August 9th. Nomura dropped their price objective on shares of L Brands from $32.00 to $29.00 and set a “hold” rating on the stock in a research note on Thursday, May 24th. Piper Jaffray Companies set a $29.00 price objective on shares of L Brands and gave the stock a “hold” rating in a research note on Tuesday, August 7th. Finally, Guggenheim reissued a “hold” rating on shares of L Brands in a research note on Thursday, May 24th. Seven research analysts have rated the stock with a sell rating, eighteen have assigned a hold rating and twelve have issued a buy rating to the company. L Brands currently has a consensus rating of “Hold” and a consensus target price of $42.69.
L Brands Company Profile
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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