LegacyTexas Financial Group (LTXB) Downgraded by Zacks Investment Research to “Hold”
LegacyTexas Financial Group (NASDAQ:LTXB) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a note issued to investors on Tuesday.
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 analysts have also issued reports on LTXB. SunTrust Banks restated a “buy” rating and issued a $47.00 target price on shares of LegacyTexas Financial Group in a report on Wednesday, November 29th. Piper Jaffray Companies restated a “buy” rating and issued a $46.50 target price on shares of LegacyTexas Financial Group in a report on Thursday, October 19th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and five have given a buy rating to the company’s stock. LegacyTexas Financial Group currently has a consensus rating of “Buy” and an average target price of $45.58.
Shares of LegacyTexas Financial Group (NASDAQ LTXB) traded up $0.76 during trading hours on Tuesday, hitting $45.15. The stock had a trading volume of 198,555 shares, compared to its average volume of 263,722. LegacyTexas Financial Group has a one year low of $31.50 and a one year high of $45.17. The firm has a market cap of $2,170.00, a P/E ratio of 21.30, a PEG ratio of 1.36 and a beta of 1.24. The company has a debt-to-equity ratio of 1.19, a current ratio of 1.15 and a quick ratio of 1.15.
LegacyTexas Financial Group (NASDAQ:LTXB) last released its earnings results on Tuesday, October 24th. The financial services provider reported $0.61 earnings per share (EPS) for the quarter, meeting the Zacks’ consensus estimate of $0.61. The company had revenue of $91.10 million during the quarter, compared to analyst estimates of $91.51 million. LegacyTexas Financial Group had a return on equity of 10.85% and a net margin of 24.77%. The company’s revenue for the quarter was up 3.4% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.60 earnings per share. research analysts expect that LegacyTexas Financial Group will post 2.2 earnings per share for the current fiscal year.
In other news, Director George A. Fisk sold 22,500 shares of the company’s 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 transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Greg Wilkinson sold 5,000 shares of the company’s stock in a transaction on Monday, December 4th. The stock was sold at an average price of $43.00, for a total transaction of $215,000.00. The disclosure for this sale can be found here. Insiders sold 50,000 shares of company stock valued at $2,082,500 in the last 90 days. Corporate insiders own 3.10% of the company’s stock.
Hedge funds and other institutional investors have recently bought and sold shares of the company. Riverhead Capital Management LLC increased its stake in shares of LegacyTexas Financial Group by 74.7% in the second quarter. Riverhead Capital Management LLC now owns 2,795 shares of the financial services provider’s stock worth $107,000 after acquiring an additional 1,195 shares during the last quarter. Zions Bancorporation acquired a new position in shares of LegacyTexas Financial Group in the third quarter worth $119,000. WFG Advisors LP increased its stake in shares of LegacyTexas Financial Group by 0.4% in the second quarter. WFG Advisors LP now owns 3,169 shares of the financial services provider’s stock worth $121,000 after acquiring an additional 13 shares during the last quarter. Victory Capital Management Inc. increased its stake in shares of LegacyTexas Financial Group by 17.7% in the second quarter. Victory Capital Management Inc. now owns 3,560 shares of the financial services provider’s stock worth $136,000 after acquiring an additional 535 shares during the last quarter. Finally, Ameritas Investment Partners Inc. increased its stake in shares of LegacyTexas Financial Group by 8.3% in the second quarter. Ameritas Investment Partners Inc. now owns 4,150 shares of the financial services provider’s stock worth $158,000 after acquiring an additional 319 shares during the last quarter. 84.42% of the stock is currently owned by institutional investors and hedge funds.
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LegacyTexas Financial Group Company Profile
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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