Lloyds Banking Group (NYSE:LYG) Downgraded by Zacks Investment Research

Zacks Investment Research lowered shares of Lloyds Banking Group (NYSE:LYG) from a hold rating to a sell rating in a research report released on Tuesday morning, Zacks.com reports.

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. “

LYG has been the topic of a number of other research reports. Keefe, Bruyette & Woods cut shares of Lloyds Banking Group from an outperform rating to a market perform rating in a report on Tuesday, May 28th. Davy Research raised shares of Lloyds Banking Group from a neutral rating to an outperform rating in a report on Tuesday, May 28th. Finally, JPMorgan Chase & Co. cut shares of Lloyds Banking Group from an overweight rating to a neutral rating in a report on Tuesday, July 16th. Two research analysts have rated the stock with a sell rating, five have given a hold rating and two have given a buy rating to the stock. Lloyds Banking Group presently has an average rating of Hold and a consensus price target of $3.75.

LYG stock opened at $2.39 on Tuesday. The company has a quick ratio of 1.49, a current ratio of 1.49 and a debt-to-equity ratio of 2.36. Lloyds Banking Group has a fifty-two week low of $2.30 and a fifty-two week high of $3.46. The firm’s 50-day simple moving average is $2.62 and its 200 day simple moving average is $2.99. The stock has a market cap of $42.52 billion, a PE ratio of 4.82 and a beta of 1.03.

Several hedge funds have recently added to or reduced their stakes in the stock. Quadrant Capital Group LLC grew its position in Lloyds Banking Group by 57.1% in the 1st quarter. Quadrant Capital Group LLC now owns 134,784 shares of the financial services provider’s stock valued at $418,000 after buying an additional 49,015 shares in the last quarter. Enterprise Bank & Trust Co bought a new position in Lloyds Banking Group in the 1st quarter valued at about $219,000. KCS Wealth Advisory grew its position in Lloyds Banking Group by 9.0% in the 1st quarter. KCS Wealth Advisory now owns 280,931 shares of the financial services provider’s stock valued at $902,000 after buying an additional 23,229 shares in the last quarter. First Republic Investment Management Inc. grew its position in Lloyds Banking Group by 25.5% in the 1st quarter. First Republic Investment Management Inc. now owns 394,110 shares of the financial services provider’s stock valued at $1,265,000 after buying an additional 80,136 shares in the last quarter. Finally, AMG National Trust Bank grew its position in Lloyds Banking Group by 0.6% in the 1st quarter. AMG National Trust Bank now owns 781,151 shares of the financial services provider’s stock valued at $2,507,000 after buying an additional 4,415 shares in the last quarter. 1.96% of the stock is currently owned by institutional investors and hedge funds.

About Lloyds Banking Group

Lloyds Banking Group plc provides banking and financial services under the Lloyds Bank, Halifax, Bank of Scotland, and Scottish Widows brands in the United Kingdom and internationally. It operates through three segments: Retail, Commercial Banking, and Insurance and Wealth. The Retail segment offers a range of financial service products, including current accounts, savings accounts, mortgages, motor finance, unsecured consumer loans, leasing solutions, and credit cards to personal and small business customers.

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Analyst Recommendations for Lloyds Banking Group (NYSE:LYG)

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