Paragon Banking Group (LON:PAG) to Buyback 0 Outstanding Shares

Paragon Banking Group (LON:PAG) declared that its Board of Directors has authorized a share buyback program on Wednesday, December 3rd, RTT News reports. The company plans to repurchase 0 outstanding shares. This repurchase authorization authorizes the company to purchase shares of its stock through open market purchases. Shares repurchase programs are often a sign that the company’s board believes its shares are undervalued.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on the stock. Shore Capital upgraded shares of Paragon Banking Group to a “buy” rating and set a GBX 1,000 price objective for the company in a report on Wednesday. Royal Bank Of Canada increased their target price on shares of Paragon Banking Group from GBX 975 to GBX 1,050 and gave the company an “outperform” rating in a research report on Thursday. Finally, Jefferies Financial Group increased their price objective on Paragon Banking Group from GBX 930 to GBX 1,015 and gave the company a “hold” rating in a report on Tuesday, August 26th. Three research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat.com, Paragon Banking Group currently has a consensus rating of “Moderate Buy” and an average target price of GBX 1,016.50.

Paragon Banking Group Stock Up 1.0%

Shares of LON PAG opened at GBX 788.50 on Friday. The company has a market cap of £1.50 billion, a P/E ratio of 8.17, a P/E/G ratio of 0.50 and a beta of 1.52. Paragon Banking Group has a 52 week low of GBX 650.50 and a 52 week high of GBX 981. The business has a 50-day simple moving average of GBX 831.65 and a two-hundred day simple moving average of GBX 880.86.

Insider Activity at Paragon Banking Group

In other news, insider Nigel S. Terrington bought 30,280 shares of the firm’s stock in a transaction that occurred on Thursday, December 4th. The shares were acquired at an average price of GBX 785 per share, with a total value of £237,698. Also, insider Richard Woodman purchased 18,436 shares of the business’s stock in a transaction on Thursday, December 4th. The stock was purchased at an average cost of GBX 785 per share, with a total value of £144,722.60. In the last ninety days, insiders have purchased 53,660 shares of company stock valued at $42,479,068. 1.99% of the stock is owned by corporate insiders.

Paragon Banking Group Company Profile

Paragon is a specialist banking group. It offers a range of savings accounts and provide finance for landlords and small
and medium-sized businesses (‘SMEs’) and residential property developers in the UK. Founded in 1985 and listed on the
London Stock Exchange, it is a FTSE-250 company. Headquartered in Solihull, it employs more than 1,400 people.