Zacks Investment Research cut shares of LegacyTexas Financial Group (NASDAQ:LTXB) from a strong-buy rating to a hold rating in a research note published on Wednesday morning.
According to Zacks, “LegacyTexas Financial Group, Inc. is a bank holding company. The company’s holdings include LegacyTexas Bank. The Bank offers commercial, small business, and consumer deposit and lending products, title and insurance services through its bank subsidiaries, LegacyTexas Title and LegacyTexas Insurance. It also offers brokerage services for the purchase and sale of non-deposit investment products. LegacyTexas Financial Group, Inc., formerly known as ViewPoint Financial Group, Inc., is based in Plano, Texas. “
A number of other equities research analysts have also issued reports on the company. Piper Jaffray Companies reaffirmed a buy rating and set a $46.50 target price on shares of LegacyTexas Financial Group in a research report on Thursday, October 19th. SunTrust Banks reaffirmed a buy rating and set a $47.00 target price on shares of LegacyTexas Financial Group in a research report on Wednesday, November 29th. DA Davidson boosted their target price on LegacyTexas Financial Group to $53.00 and gave the stock a buy rating in a research report on Thursday, January 25th. Sandler O’Neill reaffirmed a buy rating and set a $50.00 target price on shares of LegacyTexas Financial Group in a research report on Thursday, January 25th. Finally, Stephens reaffirmed a hold rating and set a $46.00 target price on shares of LegacyTexas Financial Group in a research report on Thursday, January 25th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and five have assigned a buy rating to the stock. The company presently has an average rating of Hold and an average target price of $47.79.
Shares of LegacyTexas Financial Group (NASDAQ LTXB) opened at $43.81 on Wednesday. The stock has a market capitalization of $2,092.83, a price-to-earnings ratio of 23.18, a PEG ratio of 1.38 and a beta of 1.26. The company has a current ratio of 1.16, a quick ratio of 0.99 and a debt-to-equity ratio of 1.23. LegacyTexas Financial Group has a 52-week low of $31.50 and a 52-week high of $46.45.
LegacyTexas Financial Group (NASDAQ:LTXB) last announced its earnings results on Tuesday, January 23rd. The financial services provider reported $0.60 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.62 by ($0.02). The company had revenue of $87.10 million for the quarter, compared to analyst estimates of $91.99 million. LegacyTexas Financial Group had a return on equity of 10.94% and a net margin of 21.80%. The firm’s revenue for the quarter was up .9% on a year-over-year basis. During the same period last year, the firm earned $0.55 earnings per share. research analysts anticipate that LegacyTexas Financial Group will post 3.15 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Friday, February 16th. Stockholders of record on Monday, February 5th were issued a dividend of $0.16 per share. The ex-dividend date of this dividend was Friday, February 2nd. This represents a $0.64 dividend on an annualized basis and a dividend yield of 1.46%. LegacyTexas Financial Group’s dividend payout ratio is 33.86%.
In other news, EVP Charles D. Eikenberg sold 10,000 shares of LegacyTexas Financial Group stock in a transaction on Monday, February 5th. The stock was sold at an average price of $44.01, for a total transaction of $440,100.00. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Director George A. Fisk sold 22,500 shares of LegacyTexas Financial Group stock in a transaction on Wednesday, November 29th. The shares were sold at an average price of $42.00, for a total value of $945,000.00. The disclosure for this sale can be found here. Insiders have sold 47,500 shares of company stock worth $2,046,000 in the last quarter. 3.10% of the stock is currently owned by corporate insiders.
Hedge funds have recently modified their holdings of the company. Piedmont Investment Advisors LLC purchased a new position in shares of LegacyTexas Financial Group during the second quarter valued at $344,000. Comerica Bank grew its stake in LegacyTexas Financial Group by 46.7% in the third quarter. Comerica Bank now owns 194,553 shares of the financial services provider’s stock valued at $7,784,000 after purchasing an additional 61,932 shares in the last quarter. The Manufacturers Life Insurance Company grew its stake in LegacyTexas Financial Group by 8.1% in the second quarter. The Manufacturers Life Insurance Company now owns 36,970 shares of the financial services provider’s stock valued at $1,410,000 after purchasing an additional 2,763 shares in the last quarter. Trexquant Investment LP purchased a new position in LegacyTexas Financial Group in the third quarter valued at about $328,000. Finally, Stevens Capital Management LP purchased a new position in LegacyTexas Financial Group in the third quarter valued at about $891,000. Institutional investors and hedge funds own 84.96% of the company’s stock.
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About LegacyTexas Financial Group
LegacyTexas Financial Group, Inc is a bank holding company. LegacyTexas Bank (the Bank) is the Company’s principal operating subsidiary, which is a commercial bank that is focused on meeting the needs of businesses and consumers in the North Texas area. Its principal business consists of attracting retail deposits from general public and business community and investing those funds, along with borrowed funds, in commercial real estate loans, secured and unsecured commercial and industrial loans, as well as permanent loans secured by first and second mortgages on one- to four-family residences and consumer loans.
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