Legal & General Group (LON:LGEN) Shares Pass Above 200 Day Moving Average - Here's What Happened

Key Points

• Shares moved above the 200‑day moving average, trading as high as GBX 273.45 and last at GBX 272.20 on volume of 33,795,063 shares, above the 200‑day MA of GBX 252.64.
• Analysts updated targets but remain cautious: the consensus rating is "Hold" with an average target of GBX 261.67, while individual reports range from Buy to Sell and several firms have recently adjusted their targets.
• Corporate actions and insider activity: the board approved a share buyback program, and insiders disclosed transactions — one bought 938 shares at GBX 267 while another sold 85,011 shares at GBX 255.

Shares of Legal & General Group Plc (LON:LGEN - Get Free Report) passed above its two hundred day moving average during trading on Friday . The stock has a two hundred day moving average of GBX 252.64 and traded as high as GBX 273.45. Legal & General Group shares last traded at GBX 272.20, with a volume of 33,795,063 shares changing hands.

Analysts Set New Price Targets

LGEN has been the topic of a number of recent research reports. Berenberg Bank restated a "buy" rating and issued a GBX 308 target price on shares of Legal & General Group in a report on Thursday, March 12th. Royal Bank Of Canada raised their price target on shares of Legal & General Group from GBX 205 to GBX 220 and gave the company an "underperform" rating in a research report on Monday, March 23rd. The Goldman Sachs Group raised their price target on shares of Legal & General Group from GBX 249 to GBX 263 and gave the company a "neutral" rating in a research report on Wednesday, January 21st. Finally, Citigroup raised their price target on shares of Legal & General Group from GBX 243 to GBX 249 and gave the company a "neutral" rating in a research report on Tuesday, March 24th. Two equities research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, Legal & General Group presently has an average rating of "Hold" and a consensus target price of GBX 261.67.

Legal & General Group Price Performance

The stock has a fifty day moving average of GBX 257.77 and a 200 day moving average of GBX 252.64. The firm has a market capitalization of £15.28 billion, a P/E ratio of 27.95, a price-to-earnings-growth ratio of 2.34 and a beta of 0.81.

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

Legal & General Group announced that its Board of Directors has approved a share buyback program on Wednesday, March 11th that allows the company to buyback 0 outstanding shares. This buyback authorization allows the financial services provider to repurchase shares of its stock through open market purchases. Stock buyback programs are usually a sign that the company's management believes its stock is undervalued.

Insider Buying and Selling at Legal & General Group

In other Legal & General Group news, insider Laura Wade-Gery purchased 938 shares of the company's stock in a transaction that occurred on Monday, March 2nd. The shares were acquired at an average cost of GBX 267 per share, for a total transaction of £2,504.46. Also, insider Andrew Kail sold 85,011 shares of Legal & General Group stock in a transaction dated Tuesday, April 7th. The stock was sold at an average price of GBX 255, for a total transaction of £216,778.05. Insiders purchased a total of 6,884 shares of company stock valued at $1,831,202 in the last ninety days. 0.59% of the stock is owned by corporate 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. 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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