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Legal & General ( (GB:LGEN) ) just unveiled an announcement.
Legal & General Group Plc announced the repurchase of 2,483,947 of its ordinary shares as part of its ongoing share buyback program. This transaction, executed through Barclays Capital Securities Limited, will result in the cancellation of the repurchased shares, reducing the company’s total number of ordinary shares in issue to 5,718,671,981. The buyback is part of a strategic initiative to optimize the company’s capital structure and potentially enhance shareholder value.
The most recent analyst rating on (GB:LGEN) stock is a Hold with a £2.43 price target. To see the full list of analyst forecasts on Legal & General stock, see the GB:LGEN Stock Forecast page.
Spark’s Take on GB:LGEN Stock
According to Spark, TipRanks’ AI Analyst, GB:LGEN is a Neutral.
Legal & General’s stock score is supported by positive corporate actions like share buybacks, indicating management’s confidence in the company’s financial health. However, financial performance challenges, including declining revenue and profitability, weigh down the overall score. The technical outlook is moderately positive, but the high P/E ratio suggests caution. Despite these issues, the high dividend yield provides a cushion for income-focused investors.
To see Spark’s full report on GB:LGEN stock, click here.
More about Legal & General
Legal & General Group Plc operates in the financial services industry, offering a range of products including life insurance, general insurance, pensions, and investment management services. The company focuses on providing financial security and investment opportunities primarily in the UK market.
Average Trading Volume: 20,137,221
Technical Sentiment Signal: Buy
Current Market Cap: £14.49B
For a thorough assessment of LGEN stock, go to TipRanks’ Stock Analysis page.