Directors dealings: Saga boss shows conviction, picks up large batch of shares

A family investment company linked to Saga boss Andrew Goodsell bought a large batch of shares on Tuesday, the company said in a statement.

The investment company purchased 2,564,103 shares at 195.0p apiece on 26 April, for a grand total of £5m.

On 19 April, the company announced alongside its preliminary full-year figures an increase in its full-year dividend to 7.2p a share, versus the 6.5p which the analyst consensus had pencilled in.

Saga also increased its own target for its payout range going forward from 40%-60% to 50%-70%.

"We continue to see Saga as good value, trading in-line with esure and DLG on calendar 2017E EPS, but at a material discount to Admiral. Raised dividends should help close the yield 'gap' with the UK personal lines insurers, with Saga a better diversified and capital light(ish) business for the longer term," Canaccord Genuity analyst Ben Cohen said in a research report sent to clients.

In the same report, Cohen stuck by his 240p target price for the price of the stock and his 'buy' recommendation.

Shares in Saga closed 0.29% higher on Thursday at 210.60p, not far off from a 52-week high of 221.5p, giving the company a market capitalisation of £2,354.52m.

Top Director Buys

Saga (SAGA)
Director name: Goodsell,Andrew
Amount purchased: 2,564,103 @ 195.00p
Value: £5,000,000.97

Home Retail Group (HOME)
Director name: Coombe,John
Amount purchased: 7,996 @ 171.10p
Value: £13,681.16

Sirius Minerals (SXX)
Director name: Harwerth,Elizabeth Noel
Amount purchased: 49,608 @ 18.12p
Value: £8,988.97

Home Retail Group (HOME)
Director name: Keers,Cath
Amount purchased: 4,355 @ 171.10p
Value: £7,451.40

Home Retail Group (HOME)
Director name: de Rojas ,Jacqueline
Amount purchased: 4,160 @ 171.10p
Value: £7,117.76

Home Retail Group (HOME)
Director name: Darcey ,Mike
Amount purchased: 4,160 @ 171.10p
Value: £7,117.76

Home Retail Group (HOME)
Director name: Durant,Ian
Amount purchased: 4,160 @ 171.10p
Value: £7,117.76

Intu Properties (INTU)
Director name: Roberts,Matthew
Amount purchased: 575 @ 313.00p
Value: £1,799.75

Intu Properties (INTU)
Director name: Fischel,David
Amount purchased: 575 @ 313.00p
Value: £1,799.75

Ashley House (ASH)
Director name: Walters,Antony
Amount purchased: 5,001 @ 9.00p
Value: £450.09

Ashley House (ASH)
Director name: Holmes,Jonathan
Amount purchased: 5,001 @ 9.00p
Value: £450.09

Top Director Sells

Jardine Matheson Holdings Ltd (singapore Reg) (JAR)
Director name: Weatherall,E P K
Amount purchased: 65,000 @ $56.43
Value: $3,668,268.39