Lloyds Banking Group (NYSE:LYG) Upgraded to Hold at Zacks Investment Research

Zacks Investment Research upgraded shares of Lloyds Banking Group (NYSE:LYG) from a sell rating to a hold rating in a report released on Wednesday, 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. “

A number of other research analysts have also recently issued reports on LYG. Goldman Sachs Group cut Lloyds Banking Group from a neutral rating to a sell rating in a research note on Thursday, September 12th. JPMorgan Chase & Co. cut Lloyds Banking Group from an overweight rating to a neutral rating in a research note on Tuesday, July 16th. Davy Research upgraded Lloyds Banking Group from a neutral rating to an outperform rating in a research note on Tuesday, May 28th. Keefe, Bruyette & Woods cut Lloyds Banking Group from a market perform rating to an underperform rating in a research note on Thursday, September 5th. Finally, Deutsche Bank cut Lloyds Banking Group from a buy rating to a hold rating in a research note on Friday, September 6th. Three research analysts have rated the stock with a sell rating, four have issued a hold rating and two have issued a buy rating to the company’s stock. The stock presently has an average rating of Hold and an average target price of $3.75.

Shares of NYSE:LYG opened at $2.70 on Wednesday. The stock has a fifty day simple moving average of $2.44 and a two-hundred day simple moving average of $2.91. The stock has a market capitalization of $46.16 billion, a price-to-earnings ratio of 5.35 and a beta of 1.04. Lloyds Banking Group has a 12-month low of $2.30 and a 12-month high of $3.46. The company has a current ratio of 1.49, a quick ratio of 1.49 and a debt-to-equity ratio of 2.36.

Lloyds Banking Group (NYSE:LYG) last announced its quarterly earnings data on Wednesday, July 31st. The financial services provider reported $0.12 earnings per share (EPS) for the quarter. The business had revenue of $5.99 billion during the quarter. Lloyds Banking Group had a return on equity of 15.86% and a net margin of 23.57%. As a group, equities research analysts predict that Lloyds Banking Group will post 0.36 EPS for the current year.

Several hedge funds have recently bought and sold shares of LYG. Bank of Montreal Can raised its stake in shares of Lloyds Banking Group by 310.3% in the first quarter. Bank of Montreal Can now owns 214,832 shares of the financial services provider’s stock worth $689,000 after purchasing an additional 162,475 shares during the last quarter. Cornerstone Advisors Inc. raised its stake in shares of Lloyds Banking Group by 69.3% in the first quarter. Cornerstone Advisors Inc. now owns 13,935 shares of the financial services provider’s stock worth $45,000 after purchasing an additional 5,702 shares during the last quarter. Stephens Inc. AR purchased a new position in shares of Lloyds Banking Group in the first quarter worth $37,000. Raymond James Financial Services Advisors Inc. raised its stake in shares of Lloyds Banking Group by 2,043.5% in the first quarter. Raymond James Financial Services Advisors Inc. now owns 334,115 shares of the financial services provider’s stock worth $1,073,000 after purchasing an additional 318,528 shares during the last quarter. Finally, TD Asset Management Inc. raised its stake in shares of Lloyds Banking Group by 39.5% in the first quarter. TD Asset Management Inc. now owns 2,370,002 shares of the financial services provider’s stock worth $8,366,000 after purchasing an additional 670,716 shares during the last quarter. Hedge funds and other institutional investors own 2.01% of the company’s stock.

Lloyds Banking Group Company Profile

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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