Truist Financial Corp Purchases 77,050 Shares of L Brands, Inc. (NYSE:LB)


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Truist Financial Corp boosted its position in shares of L Brands, Inc. (NYSE:LB) by 81.1% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 172,080 shares of the specialty retailer’s stock after buying an additional 77,050 shares during the period. Truist Financial Corp owned approximately 0.06% of L Brands worth $6,399,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in LB. Optimum Investment Advisors bought a new position in L Brands during the fourth quarter valued at approximately $26,000. Flagship Private Wealth LLC purchased a new stake in L Brands during the fourth quarter valued at approximately $28,000. International Assets Investment Management LLC purchased a new stake in L Brands during the fourth quarter valued at approximately $30,000. Chiron Capital Management LLC purchased a new stake in L Brands during the third quarter valued at approximately $35,000. Finally, Liberty Wealth Management LLC purchased a new stake in L Brands during the fourth quarter valued at approximately $37,000. 76.09% of the stock is owned by institutional investors.

Shares of NYSE:LB opened at $64.29 on Thursday. L Brands, Inc. has a 52-week low of $8.80 and a 52-week high of $65.16. The stock has a market cap of $17.92 billion, a P/E ratio of -82.42, a price-to-earnings-growth ratio of 1.14 and a beta of 1.66. The business’s 50 day moving average is $57.14 and its 200 day moving average is $43.05.

L Brands (NYSE:LB) last announced its quarterly earnings data on Tuesday, February 23rd. The specialty retailer reported $3.03 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.91 by $0.12. The company had revenue of $4.82 billion for the quarter, compared to analysts’ expectations of $4.95 billion. L Brands had a negative return on equity of 37.40% and a negative net margin of 1.77%. During the same quarter in the prior year, the firm earned $1.88 earnings per share. As a group, sell-side analysts anticipate that L Brands, Inc. will post 3.12 EPS for the current fiscal year.

LB has been the topic of a number of recent research reports. Citigroup upgraded L Brands from a “sell” rating to a “neutral” rating and upped their price objective for the company from $35.00 to $58.00 in a research report on Friday, February 26th. Wells Fargo & Company upped their price objective on L Brands from $65.00 to $75.00 in a research report on Thursday, February 25th. Royal Bank of Canada upped their price objective on L Brands from $63.00 to $65.00 and gave the company a “sector perform” rating in a research report on Monday, March 29th. Barclays increased their price target on L Brands from $61.00 to $66.00 and gave the stock an “equal weight” rating in a report on Monday, March 22nd. Finally, JPMorgan Chase & Co. reiterated an “overweight” rating and issued a $88.00 price target (up from $78.00) on shares of L Brands in a report on Friday, March 26th. One analyst has rated the stock with a sell rating, eight have issued a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the company’s stock. The stock has a consensus rating of “Buy” and an average price target of $59.68.

In other L Brands news, insider James L. Bersani sold 11,279 shares of the stock in a transaction on Friday, February 26th. The stock was sold at an average price of $55.65, for a total transaction of $627,676.35. Following the sale, the insider now owns 205,745 shares of the company’s stock, valued at approximately $11,449,709.25. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Stuart B. Burgdoerfer sold 75,848 shares of the stock in a transaction on Friday, February 26th. The shares were sold at an average price of $54.56, for a total value of $4,138,266.88. Following the sale, the chief financial officer now directly owns 101,490 shares in the company, valued at approximately $5,537,294.40. The disclosure for this sale can be found here. Insiders have sold a total of 3,137,127 shares of company stock worth $182,611,443 in the last ninety days. Insiders own 17.83% of the company’s stock.

L Brands Profile

L Brands, Inc operates as a specialty retailer of women's intimate and other apparel, personal care, and beauty and home fragrance products. The company operates in three segments: Victoria's Secret, Bath & Body Works, and Victoria's Secret and Bath & Body Works International. Its products include bras and panties, loungewear, athletic attire, shower gels and lotions, aromatherapy, soaps and sanitizers, and body care accessories.

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Institutional Ownership by Quarter for L Brands (NYSE:LB)

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