LegacyTexas Financial Group (LTXB) Downgraded by Zacks Investment Research

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Zacks Investment Research cut shares of LegacyTexas Financial Group (NASDAQ:LTXB) from a hold rating to a sell rating in a report released on Thursday.

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 research analysts have also recently commented on the company. BidaskClub cut LegacyTexas Financial Group from a hold rating to a sell rating in a research note on Thursday. ValuEngine cut LegacyTexas Financial Group from a hold rating to a sell rating in a research note on Monday, March 11th. Stephens cut LegacyTexas Financial Group from an overweight rating to an equal weight rating and set a $45.00 price objective on the stock. in a research note on Wednesday, March 6th. Finally, Raymond James cut LegacyTexas Financial Group from an outperform rating to a market perform rating in a research note on Monday, January 7th. Three analysts have rated the stock with a sell rating, five have assigned a hold rating and one has assigned a buy rating to the company’s stock. The stock presently has an average rating of Hold and an average price target of $46.88.

Shares of LTXB opened at $38.80 on Thursday. The stock has a market cap of $1.88 billion, a price-to-earnings ratio of 13.38, a P/E/G ratio of 1.17 and a beta of 1.57. LegacyTexas Financial Group has a 12 month low of $30.18 and a 12 month high of $47.18. The company has a debt-to-equity ratio of 0.88, a quick ratio of 1.14 and a current ratio of 1.14.

LegacyTexas Financial Group (NASDAQ:LTXB) last issued its quarterly earnings data on Tuesday, January 22nd. The financial services provider reported $0.89 EPS for the quarter, topping the Zacks’ consensus estimate of $0.83 by $0.06. The company had revenue of $96.56 million for the quarter, compared to analysts’ expectations of $96.43 million. LegacyTexas Financial Group had a return on equity of 13.45% and a net margin of 33.18%. During the same quarter in the previous year, the firm posted $0.60 earnings per share. As a group, equities research analysts predict that LegacyTexas Financial Group will post 3.33 earnings per share for the current fiscal year.

The firm also recently declared a quarterly dividend, which was paid on Tuesday, February 19th. Investors of record on Tuesday, February 5th were paid a $0.25 dividend. This is a boost from LegacyTexas Financial Group’s previous quarterly dividend of $0.22. The ex-dividend date of this dividend was Monday, February 4th. This represents a $1.00 annualized dividend and a dividend yield of 2.58%. LegacyTexas Financial Group’s payout ratio is 34.48%.

In related news, EVP Charles D. Eikenberg sold 5,000 shares of the business’s stock in a transaction dated Friday, February 1st. The stock was sold at an average price of $40.22, for a total value of $201,100.00. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, EVP Charles D. Eikenberg sold 15,000 shares of the business’s stock in a transaction dated Friday, February 22nd. The stock was sold at an average price of $43.51, for a total value of $652,650.00. The disclosure for this sale can be found here. In the last quarter, insiders sold 48,519 shares of company stock worth $2,015,321. Insiders own 3.20% of the company’s stock.

Several large investors have recently added to or reduced their stakes in LTXB. Millennium Management LLC lifted its stake in shares of LegacyTexas Financial Group by 275.1% in the fourth quarter. Millennium Management LLC now owns 973,575 shares of the financial services provider’s stock worth $31,242,000 after acquiring an additional 713,995 shares in the last quarter. Clearbridge Investments LLC lifted its stake in shares of LegacyTexas Financial Group by 1,095,262.5% in the third quarter. Clearbridge Investments LLC now owns 613,403 shares of the financial services provider’s stock worth $26,131,000 after acquiring an additional 613,347 shares in the last quarter. Norges Bank acquired a new position in shares of LegacyTexas Financial Group in the fourth quarter worth about $13,279,000. BlackRock Inc. lifted its stake in shares of LegacyTexas Financial Group by 4.8% in the third quarter. BlackRock Inc. now owns 6,607,065 shares of the financial services provider’s stock worth $281,461,000 after acquiring an additional 302,659 shares in the last quarter. Finally, Teachers Advisors LLC lifted its stake in shares of LegacyTexas Financial Group by 213.7% in the third quarter. Teachers Advisors LLC now owns 427,258 shares of the financial services provider’s stock worth $18,201,000 after acquiring an additional 291,050 shares in the last quarter. Institutional investors and hedge funds own 85.39% of the company’s stock.

LegacyTexas Financial Group Company Profile

LegacyTexas Financial Group, Inc operates as the holding company for LegacyTexas Bank that provides various banking products and services in the United States. Its deposit products include interest-bearing and non-interest-bearing demand accounts, savings, money market, certificates of deposit, and individual retirement accounts.

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