LegacyTexas Financial Group (LTXB) Rating Increased to Buy at Zacks Investment Research
LegacyTexas Financial Group (NASDAQ:LTXB) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Thursday. The firm presently has a $49.00 price objective on the financial services provider’s stock. Zacks Investment Research‘s price target indicates a potential upside of 8.58% from the company’s current price.
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. “
LTXB has been the subject of several other reports. Piper Jaffray Companies restated a “buy” rating and issued a $46.50 target price on shares of LegacyTexas Financial Group in a research note on Thursday, October 19th. SunTrust Banks restated a “buy” rating and issued a $44.00 target price on shares of LegacyTexas Financial Group in a research note on Wednesday, October 4th. One analyst has rated the stock with a sell rating, two have issued a hold rating and five have given a buy rating to the company. LegacyTexas Financial Group has a consensus rating of “Buy” and an average target price of $45.58.
LegacyTexas Financial Group (NASDAQ:LTXB) last issued its earnings results on Tuesday, October 24th. The financial services provider reported $0.61 EPS for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.61. The company had revenue of $91.10 million during the quarter, compared to the consensus estimate of $91.51 million. LegacyTexas Financial Group had a return on equity of 10.85% and a net margin of 24.77%. The firm’s revenue for the quarter was up 3.4% compared to the same quarter last year. During the same period last year, the business posted $0.60 EPS. equities research analysts predict that LegacyTexas Financial Group will post 2.2 earnings per share for the current fiscal year.
In related news, Director Greg Wilkinson sold 5,000 shares of the firm’s stock in a transaction dated Monday, December 4th. The shares were sold at an average price of $43.00, for a total value of $215,000.00. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director George A. Fisk sold 22,500 shares of the firm’s stock in a transaction dated Friday, October 27th. The shares were sold at an average price of $41.00, for a total transaction of $922,500.00. The disclosure for this sale can be found here. In the last ninety days, insiders sold 50,000 shares of company stock worth $2,082,500. 3.10% of the stock is owned by insiders.
A number of hedge funds and other institutional investors have recently made changes to their positions in LTXB. Balyasny Asset Management LLC bought a new position in LegacyTexas Financial Group in the 2nd quarter valued at about $10,648,000. Phocas Financial Corp. bought a new position in shares of LegacyTexas Financial Group during the 2nd quarter worth approximately $9,212,000. Wells Fargo & Company MN lifted its position in shares of LegacyTexas Financial Group by 33.3% during the 2nd quarter. Wells Fargo & Company MN now owns 755,477 shares of the financial services provider’s stock worth $28,807,000 after buying an additional 188,910 shares in the last quarter. Westwood Holdings Group Inc. lifted its position in shares of LegacyTexas Financial Group by 46.3% during the 2nd quarter. Westwood Holdings Group Inc. now owns 528,607 shares of the financial services provider’s stock worth $20,156,000 after buying an additional 167,230 shares in the last quarter. Finally, State Street Corp lifted its position in shares of LegacyTexas Financial Group by 6.5% during the 2nd quarter. State Street Corp now owns 1,551,238 shares of the financial services provider’s stock worth $59,150,000 after buying an additional 94,017 shares in the last quarter. 84.42% of the stock is currently owned by institutional investors and hedge funds.
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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