Lloyds Banking Group (NYSE:LYG) Upgraded by Wall Street Zen to “Buy” Rating

Wall Street Zen upgraded shares of Lloyds Banking Group (NYSE:LYG) from a hold rating to a buy rating in a report released on Saturday,Wall Street Zen reports.

Other equities analysts have also recently issued research reports about the stock. Weiss Ratings upgraded shares of Lloyds Banking Group from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Friday, August 21st. Bank of America upgraded shares of Lloyds Banking Group from a “neutral” rating to a “buy” rating in a research report on Tuesday, September 1st. Citigroup reissued a “buy” rating on shares of Lloyds Banking Group in a research note on Thursday, July 16th. Morgan Stanley reaffirmed an “overweight” rating on shares of Lloyds Banking Group in a research note on Wednesday, September 2nd. Finally, Berenberg Bank assumed coverage on Lloyds Banking Group in a report on Wednesday, June 24th. They set a “hold” rating on the stock. Eight research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy”.

Lloyds Banking Group Stock Down 1.9%

LYG opened at $5.83 on Friday. The company has a debt-to-equity ratio of 2.12, a quick ratio of 0.56 and a current ratio of 1.52. The company has a market cap of $84.45 billion, a price-to-earnings ratio of 13.55, a PEG ratio of 0.59 and a beta of 0.87. Lloyds Banking Group has a one year low of $4.36 and a one year high of $6.34. The business’s fifty day moving average is $6.04 and its two-hundred day moving average is $5.63.

Lloyds Banking Group (NYSE:LYG) last announced its quarterly earnings results on Thursday, July 30th. The financial services provider reported $0.13 earnings per share for the quarter, missing analysts’ consensus estimates 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 firm had revenue of $6.57 billion during the quarter, compared to analysts’ expectations of $6.86 billion. Analysts anticipate that Lloyds Banking Group will post 0.55 EPS for the current fiscal year.

Lloyds Banking Group Cuts Dividend

The company also recently announced a dividend, which will be paid on Friday, September 25th. Shareholders of record on Monday, August 10th will be issued a $0.084 dividend. This represents a yield of 273.0%. The ex-dividend date is Monday, August 10th. Lloyds Banking Group’s dividend payout ratio is 37.21%.

Hedge Funds Weigh In On Lloyds Banking Group

A number of institutional investors have recently modified their holdings of the company. Engineers Gate Manager LP raised its holdings in Lloyds Banking Group by 66.0% in the 2nd quarter. Engineers Gate Manager LP now owns 394,145 shares of the financial services provider’s stock valued at $2,298,000 after acquiring an additional 156,739 shares during the last quarter. RFG Advisory LLC purchased a new position in shares of Lloyds Banking Group during the 2nd quarter worth $82,000. NewEdge Advisors LLC boosted its holdings in shares of Lloyds Banking Group by 16.4% during the second quarter. NewEdge Advisors LLC now owns 33,749 shares of the financial services provider’s stock worth $197,000 after purchasing an additional 4,752 shares during the last quarter. Squarepoint Ops LLC grew its position in shares of Lloyds Banking Group by 67.4% in the second quarter. Squarepoint Ops LLC now owns 642,950 shares of the financial services provider’s stock valued at $3,748,000 after purchasing an additional 258,941 shares during the period. Finally, Waverly Advisors LLC grew its position in shares of Lloyds Banking Group by 19.4% in the second quarter. Waverly Advisors LLC now owns 14,833 shares of the financial services provider’s stock valued at $86,000 after purchasing an additional 2,410 shares during the period. Institutional investors and hedge funds own 2.15% of the company’s stock.

Lloyds Banking Group Company Profile

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.