Legal & General Group (LON:LGEN) Hits New 52-Week High Following Insider Buying Activity

Legal & General Group Plc (LON:LGEN)’s share price hit a new 52-week high during trading on Thursday after an insider bought additional shares in the company. The stock traded as high as GBX 291.90 and last traded at GBX 288.51, with a volume of 15934198 shares traded. The stock had previously closed at GBX 286.40.

Specifically, insider Mark Jordy acquired 3,683 shares of Legal & General Group stock in a transaction on Wednesday, July 1st. The shares were purchased at an average cost of GBX 287 per share, for a total transaction of £10,570.21.

Analysts Set New Price Targets

Several analysts recently weighed in on the company. Jefferies Financial Group downgraded Legal & General Group to an “underperform” rating and set a GBX 185 price objective for the company. in a research report on Tuesday, May 5th. Berenberg Bank reissued a “buy” rating and set a GBX 308 target price on shares of Legal & General Group in a research note on Friday, May 1st. Citigroup increased their target price on shares of Legal & General Group from GBX 2,490 to GBX 2,510 and gave the stock a “neutral” rating in a report on Tuesday, June 9th. Finally, 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 note on Monday, March 23rd. Two equities research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat.com, the company has an average rating of “Hold” and an average price target of GBX 573.71.

Legal & General Group Stock Performance

The stock has a market capitalization of £15.83 billion, a price-to-earnings ratio of 29.62, a price-to-earnings-growth ratio of 2.34 and a beta of 0.81. The company has a 50 day simple moving average of GBX 268.56 and a 200-day simple moving average of GBX 262.79. The company has a quick ratio of 0.50, a current ratio of 59.08 and a debt-to-equity ratio of 1,100.04.

Legal & General Group announced that its board has authorized a stock repurchase plan on Wednesday, March 11th that authorizes the company to repurchase 0 shares. This repurchase authorization authorizes the financial services provider to purchase shares of its stock through open market purchases. Shares repurchase plans are typically an indication that the company’s management believes its stock is undervalued.

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.