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

Legal & General Group (LON:LGEN) declared that its Board of Directors has initiated a stock repurchase program on Wednesday, March 12th, RTT News reports. The company plans to repurchase 0 outstanding shares. This repurchase authorization permits the financial services provider to buy shares of its stock through open market purchases. Shares repurchase programs are typically an indication that the company’s leadership believes its shares are undervalued.

Legal & General Group Stock Performance

LON LGEN opened at GBX 243.02 ($3.14) on Friday. The stock has a 50-day simple moving average of GBX 237.70 and a two-hundred day simple moving average of GBX 229.36. The firm has a market capitalization of £14.24 billion, a P/E ratio of 44.86, a PEG ratio of 2.34 and a beta of 1.31. Legal & General Group has a fifty-two week low of GBX 211.40 ($2.73) and a fifty-two week high of GBX 266.20 ($3.44). The company has a debt-to-equity ratio of 155.18, a quick ratio of 0.50 and a current ratio of 1.50.

Legal & General Group (LON:LGEN) last released its quarterly earnings data on Wednesday, March 12th. The financial services provider reported GBX 2.89 ($0.04) earnings per share for the quarter. Legal & General Group had a return on equity of 7.79% and a net margin of 0.67%. On average, equities analysts forecast that Legal & General Group will post 24.2376446 earnings per share for the current year.

Analyst Ratings Changes

LGEN has been the subject of a number of analyst reports. Berenberg Bank restated a “buy” rating and set a GBX 265 ($3.43) target price on shares of Legal & General Group in a report on Monday, February 24th. JPMorgan Chase & Co. upped their target price on Legal & General Group from GBX 290 ($3.75) to GBX 295 ($3.82) 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 assigned a strong buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of GBX 267 ($3.45).

Insider Activity at Legal & General Group

In other Legal & General Group news, insider John Kingman purchased 716 shares of the business’s stock in a transaction that occurred on Thursday, January 2nd. The stock was purchased at an average price of GBX 230 ($2.98) per share, for a total transaction of £1,646.80 ($2,130.13). Also, insider Henrietta Baldock acquired 1,016 shares of the business’s stock in a transaction on Monday, March 3rd. The shares were purchased at an average price of GBX 243 ($3.14) per share, with a total value of £2,468.88 ($3,193.48). Insiders acquired a total of 23,455 shares of company stock worth $5,642,935 in the last 90 days. Corporate insiders own 0.88% of the company’s stock.

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.