Zacks Investment Research Lowers Lloyds Banking Group PLC (LYG) to Hold

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Lloyds Banking Group PLC (NYSE:LYG) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a note issued to investors on Wednesday.
According to Zacks, “Lloyds Banking Group plc, formerly Lloyds TSB Group plc, is a United Kingdom-based financial services company, whose businesses provide a range of banking and financial services in the United Kingdom and a limited number of locations overseas. Headquartered in London, the company operates through three segments: UK Retail Banking, Insurance and Investments, and Wholesale and International Banking. The UK Retail Banking segment provides banking and financial services, mortgages, and private banking services. The Insurance and Investments segment offers life assurance, pensions and savings products, general insurance, and fund management services. The Wholesale and International Banking segment provides banking and related services for companies, small and medium-sized businesses, banks, and financial institutions; and asset finance to personal and corporate customers. “
Several other equities analysts also recently commented on LYG. Beaufort Securities reiterated a “buy” rating on shares of Lloyds Banking Group PLC in a report on Wednesday, August 3rd. Deutsche Bank AG reiterated a “buy” rating on shares of Lloyds Banking Group PLC in a report on Thursday, May 26th. JPMorgan Chase & Co. downgraded shares of Lloyds Banking Group PLC from an “overweight” rating to a “neutral” rating in a report on Monday, June 27th. Bank of America Corp. downgraded shares of Lloyds Banking Group PLC from a “neutral” rating to an “underperform” rating in a report on Monday, June 27th. Finally, Berenberg Bank upgraded shares of Lloyds Banking Group PLC from a “sell” rating to a “hold” rating in a report on Tuesday, July 26th. Four analysts have rated the stock with a sell rating, five have issued a hold rating and nine have given a buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average target price of GBX 79.06 ($1.03).

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Shares of Lloyds Banking Group PLC (NYSE:LYG) traded up 2.35% during trading on Wednesday, reaching $3.05. 3,015,918 shares of the company traded hands. The stock has a market capitalization of $44.24 billion, a PE ratio of 28.24 and a beta of 1.02. Lloyds Banking Group PLC has a 12 month low of $2.47 and a 12 month high of $4.85. The company has a 50-day moving average of $3.03 and a 200-day moving average of $3.54.
The business also recently announced a dividend, which will be paid on Tuesday, October 11th. Stockholders of record on Friday, August 12th will be issued a $0.045 dividend. The ex-dividend date of this dividend is Wednesday, August 10th. Lloyds Banking Group PLC’s dividend payout ratio (DPR) is currently 92.86%.
Several hedge funds and other institutional investors have recently bought and sold shares of the company. Assetmark Inc. increased its position in Lloyds Banking Group PLC by 0.9% in the second quarter. Assetmark Inc. now owns 35,998 shares of the financial services provider’s stock valued at $107,000 after buying an additional 336 shares in the last quarter. Raymond James Trust N.A. increased its position in Lloyds Banking Group PLC by 1.1% in the first quarter. Raymond James Trust N.A. now owns 108,081 shares of the financial services provider’s stock valued at $427,000 after buying an additional 1,152 shares in the last quarter. Frontier Investment Mgmt Co. increased its position in Lloyds Banking Group PLC by 2.0% in the second quarter. Frontier Investment Mgmt Co. now owns 83,936 shares of the financial services provider’s stock valued at $249,000 after buying an additional 1,664 shares in the last quarter. Rehmann Capital Advisory Group increased its position in Lloyds Banking Group PLC by 5.1% in the second quarter. Rehmann Capital Advisory Group now owns 35,894 shares of the financial services provider’s stock valued at $107,000 after buying an additional 1,747 shares in the last quarter. Finally, Checchi Capital Advisers LLC increased its position in Lloyds Banking Group PLC by 6.4% in the second quarter. Checchi Capital Advisers LLC now owns 70,346 shares of the financial services provider’s stock valued at $209,000 after buying an additional 4,240 shares in the last quarter. 1.65% of the stock is owned by hedge funds and other institutional investors.
Lloyds Banking Group PLC Company Profile
LLOYDS BANKING GROUP plc provides financial services to individual and business customers in the United Kingdom but also overseas. The Company’s business activities include retail and commercial banking, long-term savings, protection and investment. It operates through its segments, including Retail, Commercial Banking, Consumer Finance and Insurance.

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