Legal & General Group (LON:LGEN) Stock Crosses Above 200-Day Moving Average – Here’s What Happened

Legal & General Group Plc (LON:LGEN)’s share price passed above its two hundred day moving average during trading on Thursday . The stock has a two hundred day moving average of GBX 261.69 and traded as high as GBX 288.90. Legal & General Group shares last traded at GBX 287.25, with a volume of 10,483,418 shares traded.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on LGEN. Berenberg Bank reaffirmed a “buy” rating and set a GBX 308 price objective on shares of Legal & General Group in a research note on Friday, May 1st. Citigroup raised their target price on Legal & General Group from GBX 2,490 to GBX 2,510 and gave the stock a “neutral” rating in a research note on Tuesday, June 9th. Jefferies Financial Group cut Legal & General Group to an “underperform” rating and set a GBX 185 target price on the stock. in a research note on Tuesday, May 5th. Finally, Royal Bank Of Canada boosted their price target on Legal & General Group from GBX 205 to GBX 220 and gave the company an “underperform” rating in a report 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 stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of GBX 573.71.

Legal & General Group Stock Down 0.3%

The company’s fifty day simple moving average is GBX 267.64 and its 200 day simple moving average is GBX 261.86. 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. The firm has a market capitalization of £15.71 billion, a PE ratio of 29.39, a price-to-earnings-growth ratio of 2.34 and a beta of 0.81.

Legal & General Group declared that its Board of Directors has initiated a stock repurchase program on Wednesday, March 11th that permits the company to repurchase 0 shares. This repurchase authorization permits the financial services provider to buy shares of its stock through open market purchases. Shares repurchase programs are generally a sign that the company’s board believes its shares are undervalued.

Insider Buying and Selling

In other news, insider Mark Jordy purchased 1,040 shares of the company’s stock in a transaction that occurred on Friday, May 1st. The shares were bought at an average cost of GBX 253 per share, for a total transaction of £2,631.20. Also, insider John Kingman purchased 650 shares of Legal & General Group stock in a transaction that occurred on Friday, May 1st. The stock was purchased at an average cost of GBX 253 per share, for a total transaction of £1,644.50. Insiders have bought a total of 4,758 shares of company stock worth $1,219,791 over the last quarter. Company 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.