Legal & General Group (LON:LGEN) Hits New 52-Week High - Here's Why

Key Points

• Legal & General Group shares reached a new 52-week high of GBX 398.19 before trading at GBX 297.70, down 0.9% from the previous close.
• Analyst sentiment remains cautious: two analysts rate the stock Buy, one Hold, and four Sell, producing an average “Reduce” rating and a consensus target price of GBX 276.86.
• The company reported quarterly earnings of GBX 8.01 per share, while insiders purchased 11,042 shares worth approximately £3.24 million during the last quarter.

Legal & General Group Plc (LON:LGEN - Get Free Report)'s stock price hit a new 52-week high on Thursday. The stock traded as high as GBX 398.19 and last traded at GBX 297.70, with a volume of 16,466,510 shares trading hands. The stock had previously closed at GBX 300.85.

Wall Street Analysts Forecast Growth

LGEN has been the subject of several recent analyst reports. Berenberg Bank lifted their price objective on shares of Legal & General Group from GBX 353 to GBX 385 and gave the stock a "buy" rating in a research report on Thursday, August 6th. JPMorgan Chase & Co. dropped their target price on Legal & General Group from GBX 285 to GBX 270 and set an "underweight" rating on the stock in a report on Thursday, August 13th. Royal Bank Of Canada restated an "underperform" rating and issued a GBX 270 price target on shares of Legal & General Group in a research note on Wednesday, September 2nd. Jefferies Financial Group reaffirmed an "underperform" rating and set a GBX 185 price target on shares of Legal & General Group in a report on Wednesday, August 5th. Finally, Citigroup cut Legal & General Group to a "sell" rating and lowered their price objective for the stock from GBX 251 to GBX 245 in a research report on Monday, August 10th. Two equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and four have issued a Sell rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Reduce" and a consensus target price of GBX 276.86.

Legal & General Group Trading Down 0.9%

The company has a 50 day simple moving average of GBX 293.19 and a 200 day simple moving average of GBX 282.86. The stock has a market capitalization of £16.01 billion, a PE ratio of 8.32, a P/E/G ratio of 2.34 and a beta of 0.81.

Legal & General Group (LON:LGEN - Get Free Report) last posted its quarterly earnings data on Wednesday, August 5th. The financial services provider reported GBX 8.01 earnings per share for the quarter. Legal & General Group had a net margin of 0.91% and a return on equity of 27.28%. On average, equities research analysts predict that Legal & General Group Plc will post 24.24 EPS for the current year.

Insider Activity

In other news, insider Mark Jordy purchased 3,671 shares of the company's stock in a transaction dated Thursday, October 1st. The shares were acquired at an average cost of GBX 288 per share, for a total transaction of £10,572.48. Insiders have bought 11,042 shares of company stock worth $3,240,907 in the last quarter. 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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