Legal & General Group (LON:LGEN) Board Declares Share Buyback Plan

Legal & General Group (LON:LGEN - Get Free Report) announced that its board has approved a stock repurchase program on Wednesday, March 12th, RTT News reports. The company plans to buyback 0 outstanding shares. This buyback authorization allows the financial services provider to purchase shares of its stock through open market purchases. Stock buyback programs are often an indication that the company's board of directors believes its shares are undervalued.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on the stock. Berenberg Bank reiterated a "buy" rating and set a GBX 265 ($3.44) target price on shares of Legal & General Group in a research report on Monday, February 24th. JPMorgan Chase & Co. raised their price target on shares of Legal & General Group from GBX 290 ($3.77) to GBX 295 ($3.83) and gave the stock an "overweight" rating in a report on Friday, December 6th. Finally, Deutsche Bank Aktiengesellschaft restated a "top pick" rating on shares of Legal & General Group in a report on Friday, December 6th. Two analysts have rated the stock with a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Legal & General Group has a consensus rating of "Moderate Buy" and a consensus price target of GBX 267 ($3.47).

Legal & General Group Stock Up 0.9 %

LGEN traded up GBX 2.18 ($0.03) during mid-day trading on Monday, reaching GBX 245.50 ($3.19). 18,529,092 shares of the stock were exchanged, compared to its average volume of 17,571,582. The company has a debt-to-equity ratio of 155.18, a quick ratio of 0.50 and a current ratio of 1.50. The stock has a market capitalization of £14.39 billion, a PE ratio of 45.32, a price-to-earnings-growth ratio of 2.34 and a beta of 1.31. The company has a 50 day moving average price of GBX 237.70 and a two-hundred day moving average price of GBX 229.34. Legal & General Group has a 1 year low of GBX 211.40 ($2.75) and a 1 year high of GBX 266.20 ($3.46).

Remove Ads

Legal & General Group (LON:LGEN - Get Free Report) last posted its quarterly earnings data on Wednesday, March 12th. The financial services provider reported GBX 2.89 ($0.04) earnings per share (EPS) for the quarter. Legal & General Group had a net margin of 0.67% and a return on equity of 7.79%. As a group, research analysts anticipate that Legal & General Group will post 24.2376446 EPS for the current year.

Insider Buying and Selling

In related news, insider John Kingman purchased 716 shares of the business's stock in a transaction that occurred on Thursday, January 2nd. The shares were bought at an average cost of GBX 230 ($2.99) per share, with a total value of £1,646.80 ($2,138.98). Also, insider Tushar Morzaria purchased 20,000 shares of the business's stock in a transaction that occurred on Wednesday, March 12th. The stock was bought at an average cost of GBX 241 ($3.13) per share, for a total transaction of £48,200 ($62,605.53). In the last ninety days, insiders have purchased 23,455 shares of company stock valued at $5,642,935. 0.88% of the stock is owned by insiders.

About Legal & General Group

Legal & General Group Plc provides various insurance products and services in the United Kingdom, the United States, and internationally. It operates in Legal & General Retirement Institutional (LGRI), Legal & General Investment Management (LGIM), Legal & General Capital (LGC), and Retail segments.