Want to Factory Reset Galaxy Nexus, but dont want to reinstall apps or lose texts

Find a backup utility in the store that does not require rooting and back it all up to your PC. Then reset, then install the backup software again and restore the backup.
 
You could also try Carbon backup. Been hearing good things about it

Sent from my Galaxy Nexus using Android Central Forums
 
SMS Backup +backs up texts to your gmail and works like a charm.

Play store backs up your apps.

I haven't tried carbon for non root data backup....but I'm going to.
 
UIse the Carbon back up app to back all apps and app data and use the SMS Backup+ app mentioned in a above posts to backup SMSes.. :)