Share Repurchase Plan Authorized by Legal & General Group (LON:LGEN) Board

Legal & General Group (LON:LGEN) announced that its board has authorized a stock repurchase program on Wednesday, March 12th, RTT News reports. The company plans to buyback 0 shares. This buyback authorization allows the financial services provider to repurchase shares of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board of directors believes its shares are undervalued.

Legal & General Group Stock Up 0.8 %

LON LGEN traded up GBX 1.90 ($0.02) during mid-day trading on Thursday, hitting GBX 241.20 ($3.12). The company’s stock had a trading volume of 66,361,086 shares, compared to its average volume of 18,437,332. The firm has a market capitalization of £14.14 billion, a price-to-earnings ratio of 44.53, a PEG ratio of 2.34 and a beta of 1.31. The company’s 50 day simple moving average is GBX 237.42 and its 200 day simple moving average is GBX 229.27. The company has a current ratio of 1.50, a quick ratio of 0.50 and a debt-to-equity ratio of 155.18. Legal & General Group has a twelve month low of GBX 211.40 ($2.74) and a twelve month high of GBX 266.20 ($3.45).

Legal & General Group (LON:LGEN) last announced its earnings results on Wednesday, March 12th. The financial services provider reported GBX 2.89 ($0.04) EPS for the quarter. Legal & General Group had a net margin of 0.67% and a return on equity of 7.79%. Analysts anticipate that Legal & General Group will post 24.2376446 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of analysts have weighed in on LGEN shares. JPMorgan Chase & Co. raised their target price on shares of Legal & General Group from GBX 290 ($3.76) to GBX 295 ($3.82) and gave the company an “overweight” rating in a research report on Friday, December 6th. Berenberg Bank reissued a “buy” rating and set a GBX 265 ($3.43) price objective on shares of Legal & General Group in a report on Monday, February 24th. Finally, Deutsche Bank Aktiengesellschaft restated a “top pick” rating on shares of Legal & General Group in a research report on Friday, December 6th. Two analysts have rated the stock with a hold rating, two have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of GBX 267 ($3.46).

Insider Activity

In other news, insider Tushar Morzaria acquired 20,000 shares of the business’s stock in a transaction dated Wednesday, March 12th. The stock was bought at an average cost of GBX 241 ($3.12) per share, for a total transaction of £48,200 ($62,435.23). Also, insider Henrietta Baldock purchased 1,016 shares of Legal & General Group stock in a transaction dated Monday, March 3rd. The shares were purchased at an average price of GBX 243 ($3.15) per share, with a total value of £2,468.88 ($3,198.03). Insiders purchased 23,455 shares of company stock valued at $5,642,935 in the last three months. Company insiders own 0.88% of the company’s stock.

Legal & General Group Company Profile

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.