Published On: Sat, Sep 10th, 2016

Lloyds Banking Group PLC (LYG) Upgraded to “Buy” by Zacks Investment Research

Lloyds Banking Group PLC (NYSE:LYG) was upgraded by Zacks Investment Research from a “sell” rating to a “buy” rating in a note issued to investors on Saturday. The brokerage currently has a $3.50 target price on the financial services provider’s stock.
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. “
A number of other analysts have also commented on LYG. Deutsche Bank AG restated a “buy” rating on shares of Lloyds Banking Group PLC in a report on Thursday, May 26th. Bank of America Corp. lowered Lloyds Banking Group PLC from a “neutral” rating to an “underperform” rating in a report on Monday, June 27th. Barclays PLC lowered Lloyds Banking Group PLC from an “overweight” rating to an “equal weight” rating in a report on Monday, June 27th. JPMorgan Chase & Co. lowered Lloyds Banking Group PLC from an “overweight” rating to a “neutral” rating in a report on Monday, June 27th. Finally, Macquarie upgraded Lloyds Banking Group PLC from a “neutral” rating to an “outperform” rating in a report on Tuesday, July 5th. Four investment analysts have rated the stock with a sell rating, four have assigned a hold rating and ten have issued a buy rating to the company. Lloyds Banking Group PLC currently has an average rating of “Hold” and an average target price of GBX 80.28 ($1.07).

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Shares of Lloyds Banking Group PLC (NYSE:LYG) opened at 3.17 on Friday. The firm has a market cap of $45.98 billion, a price-to-earnings ratio of 29.35 and a beta of 1.02. The firm has a 50-day moving average price of $3.00 and a 200-day moving average price of $3.60. Lloyds Banking Group PLC has a 12-month low of $2.47 and a 12-month high of $4.85.
The company also recently announced a dividend, which will be paid on Tuesday, October 11th. Stockholders of record on Friday, August 12th will be given a $0.045 dividend. The ex-dividend date of this dividend is Wednesday, August 10th. Lloyds Banking Group PLC’s payout ratio is 92.86%.
Several institutional investors have recently bought and sold shares of the stock. Goldman Sachs Group Inc. increased its stake in shares of Lloyds Banking Group PLC by 13.8% in the first quarter. Goldman Sachs Group Inc. now owns 3,661,827 shares of the financial services provider’s stock worth $14,464,000 after buying an additional 442,869 shares in the last quarter. UBS Group AG increased its stake in shares of Lloyds Banking Group PLC by 3.8% in the first quarter. UBS Group AG now owns 519,987 shares of the financial services provider’s stock worth $2,054,000 after buying an additional 19,243 shares in the last quarter. M&T Bank Corp increased its stake in shares of Lloyds Banking Group PLC by 38.0% in the first quarter. M&T Bank Corp now owns 99,529 shares of the financial services provider’s stock worth $393,000 after buying an additional 27,395 shares in the last quarter. JPMorgan Chase & Co. increased its stake in shares of Lloyds Banking Group PLC by 3.0% in the first quarter. JPMorgan Chase & Co. now owns 4,162,387 shares of the financial services provider’s stock worth $16,441,000 after buying an additional 122,442 shares in the last quarter. Finally, Franklin Resources Inc. increased its stake in shares of Lloyds Banking Group PLC by 0.4% in the first quarter. Franklin Resources Inc. now owns 2,557,823 shares of the financial services provider’s stock worth $10,103,000 after buying an additional 11,202 shares in the last quarter. 1.65% of the stock is currently owned by institutional investors.
About Lloyds Banking Group PLC
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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