Legal & General Group (LON:LGEN) Given New GBX 249 Price Target at Citigroup

Key Points

• Citigroup raised its target price on Legal & General to GBX 249 (neutral), implying roughly a 5.0% upside, while the analyst consensus remains a Hold with an average target of GBX 261.67 (2 Buy, 3 Hold, 1 Sell).
• The board has authorized a share repurchase program (amount not specified) and insiders have been buying shares—10,428 shares worth about $2.76 million in the last 90 days—leaving insiders with roughly 0.59% ownership, which may signal insider confidence.

Legal & General Group (LON:LGEN - Get Free Report) had its target price increased by equities researchers at Citigroup from GBX 243 to GBX 249 in a note issued to investors on Tuesday,Digital Look reports. The firm currently has a "neutral" rating on the financial services provider's stock. Citigroup's target price would indicate a potential upside of 5.02% from the company's previous close.

Several other brokerages have also issued reports on LGEN. The Goldman Sachs Group raised their target price on Legal & General Group from GBX 249 to GBX 263 and gave the company a "neutral" rating in a research report on Wednesday, January 21st. Royal Bank Of Canada raised their price target on shares of Legal & General Group from GBX 205 to GBX 220 and gave the stock an "underperform" rating in a research note on Monday. Finally, Berenberg Bank reaffirmed a "buy" rating and issued a GBX 308 price target on shares of Legal & General Group in a report on Thursday, March 12th. Two research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Hold" and an average price target of GBX 261.67.

Legal & General Group Trading Up 0.2%

LON LGEN opened at GBX 237.10 on Tuesday. The company has a market cap of £13.35 billion, a P/E ratio of 53.16, a PEG ratio of 2.34 and a beta of 0.81. The company has a fifty day simple moving average of GBX 261.70 and a 200 day simple moving average of GBX 250.56. Legal & General Group has a 12-month low of GBX 206.80 and a 12-month high of GBX 279.50.

Legal & General Group (LON:LGEN - Get Free Report) last released its quarterly earnings data on Wednesday, March 11th. The financial services provider reported GBX 831 earnings per share for the quarter. Legal & General Group had a net margin of 0.91% and a return on equity of 15.89%. Sell-side analysts predict that Legal & General Group will post 24.2376446 EPS for the current year.

Legal & General Group declared that its board has authorized a stock repurchase program on Wednesday, March 11th that allows the company to repurchase 0 shares. This repurchase authorization allows the financial services provider to buy shares of its stock through open market purchases. Stock repurchase programs are usually a sign that the company's leadership believes its shares are undervalued.

Insider Activity at Legal & General Group

In other Legal & General Group news, insider Mark Jordy acquired 986 shares of the business's stock in a transaction that occurred on Monday, March 2nd. The stock was bought at an average cost of GBX 267 per share, with a total value of £2,632.62. Also, insider Ric Lewis acquired 851 shares of Legal & General Group stock in a transaction that occurred on Monday, March 2nd. The stock was acquired at an average price of GBX 267 per share, with a total value of £2,272.17. Insiders bought a total of 10,428 shares of company stock worth $2,757,069 in the last ninety days. Insiders own 0.59% 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. The LGRI segment offers annuity contracts with guaranteed income for a specified time; and longevity insurance products. The LGIM segment offers index fund management; active fixed income funds and liquidity funds; active equity management; solution and liability driven investment; multi-asset funds; corporate pension scheme solutions; and real assets.

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