Zacks Investment Research Lowers Lloyds Banking Group (NYSE:LYG) to Sell

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

Several other equities analysts also recently commented on the stock. Bank of America downgraded shares of Lloyds Banking Group from a buy rating to an underperform rating in a research note on Thursday, April 18th. Keefe, Bruyette & Woods downgraded shares of Lloyds Banking Group from an outperform rating to a market perform rating in a research note on Tuesday, May 28th. Davy Research raised shares of Lloyds Banking Group from a neutral rating to an outperform rating in a research note on Tuesday, May 28th. Finally, JPMorgan Chase & Co. downgraded shares of Lloyds Banking Group from an overweight rating to a neutral rating in a research note on Tuesday, July 16th. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating and three have assigned a buy rating to the company’s stock. The stock has a consensus rating of Hold and a consensus target price of $3.75.

Shares of NYSE:LYG traded down $0.05 during midday trading on Wednesday, hitting $2.45. 6,145,684 shares of the stock traded hands, compared to its average volume of 3,050,759. The stock has a market cap of $46.31 billion, a PE ratio of 7.42 and a beta of 1.03. The stock’s 50 day simple moving average is $2.82. The company has a debt-to-equity ratio of 2.18, a current ratio of 1.49 and a quick ratio of 1.49. Lloyds Banking Group has a one year low of $2.43 and a one year high of $3.46.

Lloyds Banking Group (NYSE:LYG) last issued its quarterly earnings data on Thursday, May 2nd. The financial services provider reported $0.14 EPS for the quarter. The firm had revenue of $5.98 billion during the quarter. Lloyds Banking Group had a net margin of 23.77% and a return on equity of 16.28%. Sell-side analysts expect that Lloyds Banking Group will post 0.43 earnings per share for the current year.

A number of hedge funds have recently added to or reduced their stakes in the stock. Cambiar Investors LLC raised its stake in Lloyds Banking Group by 11.2% in the first quarter. Cambiar Investors LLC now owns 43,880,682 shares of the financial services provider’s stock worth $140,857,000 after buying an additional 4,405,176 shares in the last quarter. Parametric Portfolio Associates LLC raised its stake in Lloyds Banking Group by 28.0% in the first quarter. Parametric Portfolio Associates LLC now owns 11,306,872 shares of the financial services provider’s stock worth $36,295,000 after buying an additional 2,476,497 shares in the last quarter. Schafer Cullen Capital Management Inc raised its stake in Lloyds Banking Group by 18.0% in the second quarter. Schafer Cullen Capital Management Inc now owns 10,110,437 shares of the financial services provider’s stock worth $29,017,000 after buying an additional 1,543,978 shares in the last quarter. Deutsche Bank AG raised its stake in Lloyds Banking Group by 2,157.8% in the fourth quarter. Deutsche Bank AG now owns 5,284,852 shares of the financial services provider’s stock worth $13,529,000 after buying an additional 5,050,777 shares in the last quarter. Finally, Morningstar Investment Services LLC raised its stake in Lloyds Banking Group by 1.5% in the first quarter. Morningstar Investment Services LLC now owns 4,714,654 shares of the financial services provider’s stock worth $15,134,000 after buying an additional 69,522 shares in the last quarter. 1.94% of the stock is owned by institutional investors.

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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