LGGNF - Legal & General: Negative Response To New Strategy Makes It More Attractive With 9.4% Yield
2024-06-15 05:45:45 ET
Summary
- Legal & General Group presented a revamped strategy under new CEO Antonio Simoes in June 2024.
- The company announced reduced dividend growth from 5% to 2% starting in 2025, causing disappointment among income investors.
- Legal & General plans to focus on enhancing capital returns through a combination of dividends and buybacks. The expected total return is about 13-16% including a 9.4% forward yield.
On June 12, Legal & General Group (LGGNY) (LGGNF) (LGEN on LSE) delivered its revamped strategy under the new boss. Mr. Antonio Simoes became the company's CEO on Jan 1, 2024, and presented LGEN's results for 2023 a couple of months later. At that point, he was not prepared to discuss changes in strategy yet and delayed the presentation of his vision until June....
Legal & General: Negative Response To New Strategy Makes It More Attractive With 9.4% Yield