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

Zacks Investment Research upgraded shares of Lloyds Banking Group (NYSE:LYG) from a sell rating to a hold rating in a research note published on Friday, 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. “

Other analysts have also recently issued reports about the company. Deutsche Bank cut Lloyds Banking Group from a buy rating to a hold rating in a research report on Friday, September 6th. JPMorgan Chase & Co. cut Lloyds Banking Group from an overweight rating to a neutral rating in a research report on Tuesday, July 16th. Goldman Sachs Group cut Lloyds Banking Group from a neutral rating to a sell rating in a research report on Thursday, September 12th. UBS Group reiterated a buy rating on shares of Lloyds Banking Group in a research report on Tuesday, October 15th. Finally, Keefe, Bruyette & Woods cut Lloyds Banking Group from a market perform rating to an underperform rating in a research report on Thursday, September 5th. Four investment analysts have rated the stock with a sell rating, four have issued a hold rating and three have assigned a buy rating to the company. The company has a consensus rating of Hold and an average price target of $3.75.

Shares of Lloyds Banking Group stock opened at $3.13 on Friday. The company has a current ratio of 1.49, a quick ratio of 1.49 and a debt-to-equity ratio of 2.36. The business’s 50 day simple moving average is $2.66 and its 200-day simple moving average is $2.83. The stock has a market capitalization of $54.09 billion, a price-to-earnings ratio of 9.48 and a beta of 1.06. Lloyds Banking Group has a twelve month low of $2.30 and a twelve month high of $3.46.

Lloyds Banking Group (NYSE:LYG) last announced its quarterly earnings results on Wednesday, July 31st. The financial services provider reported $0.12 earnings per share for the quarter. The business had revenue of $5.99 billion for the quarter. Lloyds Banking Group had a return on equity of 15.86% and a net margin of 23.57%. Sell-side analysts predict that Lloyds Banking Group will post 0.38 earnings per share for the current year.

Institutional investors have recently made changes to their positions in the company. Schroder Investment Management Group bought a new position in Lloyds Banking Group in the 2nd quarter worth approximately $25,000. FLC Capital Advisors bought a new position in Lloyds Banking Group in the 2nd quarter worth approximately $29,000. Assetmark Inc. bought a new position in Lloyds Banking Group in the 2nd quarter worth approximately $29,000. Private Trust Co. NA bought a new position in Lloyds Banking Group in the 2nd quarter worth approximately $30,000. Finally, Arden Trust Co bought a new position in Lloyds Banking Group in the 2nd quarter worth approximately $30,000. Institutional investors and hedge funds 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.

Read More: What is the market perform rating?

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Analyst Recommendations for Lloyds Banking Group (NYSE:LYG)

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