Lloyds Banking Group (NYSE:LYG) Stock Rating Cut to “Hold” at Wall Street Zen

Wall Street Zen downgraded shares of Lloyds Banking Group (NYSE:LYG) from a buy rating to a hold rating in a research report report published on Sunday,Wall Street Zen reports.

Several other equities analysts have also recently commented on LYG. Keefe, Bruyette & Woods cut shares of Lloyds Banking Group from a “moderate buy” rating to a “hold” rating in a research report on Friday, July 17th. Citigroup reaffirmed a “buy” rating on shares of Lloyds Banking Group in a research report on Thursday, July 16th. Berenberg Bank started coverage on Lloyds Banking Group in a report on Wednesday, June 24th. They issued a “hold” rating for the company. Bank of America raised Lloyds Banking Group from a “neutral” rating to a “buy” rating in a research note on Tuesday, September 1st. Finally, Weiss Ratings upgraded Lloyds Banking Group from a “hold (c+)” rating to a “buy (b-)” rating in a report on Friday, August 21st. Eight investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy”.

Lloyds Banking Group Stock Up 0.1%

Shares of NYSE:LYG opened at $5.78 on Friday. The firm has a market capitalization of $83.73 billion, a PE ratio of 13.43, a price-to-earnings-growth ratio of 0.58 and a beta of 0.87. Lloyds Banking Group has a 1 year low of $4.42 and a 1 year high of $6.34. The company has a debt-to-equity ratio of 2.12, a current ratio of 1.52 and a quick ratio of 0.56. The firm’s 50-day moving average is $6.01 and its two-hundred day moving average is $5.65.

Lloyds Banking Group (NYSE:LYG) last posted its quarterly earnings data on Thursday, July 30th. The financial services provider reported $0.13 EPS for the quarter, missing the consensus estimate of $0.14 by ($0.01). Lloyds Banking Group had a net margin of 24.97% and a return on equity of 10.94%. The business had revenue of $6.57 billion during the quarter, compared to analysts’ expectations of $6.86 billion. Analysts predict that Lloyds Banking Group will post 0.55 EPS for the current year.

Lloyds Banking Group Cuts Dividend

The company also recently disclosed a dividend, which was paid on Friday, September 25th. Stockholders of record on Monday, August 10th were issued a $0.0840 dividend. This represents a dividend yield of 273.0%. The ex-dividend date was Monday, August 10th. This is a negative change from Lloyds Banking Group’s previous dividend of $0.1340. Lloyds Banking Group’s dividend payout ratio (DPR) is 39.53%.

Hedge Funds Weigh In On Lloyds Banking Group

A number of institutional investors and hedge funds have recently modified their holdings of the company. QRG Capital Management Inc. increased its holdings in Lloyds Banking Group by 12.0% in the second quarter. QRG Capital Management Inc. now owns 1,731,571 shares of the financial services provider’s stock valued at $10,095,000 after buying an additional 185,523 shares during the last quarter. Envestnet Portfolio Solutions Inc. lifted its holdings in Lloyds Banking Group by 9.0% during the 2nd quarter. Envestnet Portfolio Solutions Inc. now owns 53,421 shares of the financial services provider’s stock worth $311,000 after buying an additional 4,424 shares during the last quarter. Envestnet Asset Management Inc. boosted its position in shares of Lloyds Banking Group by 2.9% during the 2nd quarter. Envestnet Asset Management Inc. now owns 12,564,633 shares of the financial services provider’s stock worth $73,250,000 after acquiring an additional 351,626 shares in the last quarter. Engineers Gate Manager LP boosted its position in shares of Lloyds Banking Group by 66.0% during the 2nd quarter. Engineers Gate Manager LP now owns 394,145 shares of the financial services provider’s stock worth $2,298,000 after acquiring an additional 156,739 shares in the last quarter. Finally, RFG Advisory LLC purchased a new position in shares of Lloyds Banking Group in the 2nd quarter valued at about $82,000. Institutional investors and hedge funds own 2.15% of the company’s stock.

About Lloyds Banking Group

Lloyds Banking Group plc is a major United Kingdom financial services provider whose shares trade on the New York Stock Exchange under the symbol LYG. The group serves individuals, families, small businesses and larger commercial customers through a range of banking, lending, insurance, investment and wealth-management services.

Its principal brands include Lloyds Bank, Halifax, Bank of Scotland and Scottish Widows. Products and services include current and savings accounts, mortgages, personal loans, credit cards, business banking, commercial lending, investment products, pensions and life insurance.