Lloyds Banking Group (NYSE:LYG) share rating downgraded by Zacks Investment Research

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Lloyds Banking Group (NYSE: LYGGet a rating) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note published on Saturday, Zacks.com reports.

According to Zacks, “Lloyds Banking Group plc, formerly Lloyds TSB Group plc, is a United Kingdom-based financial services company, whose business provides a range of banking and financial services in the United Kingdom and a limited number of overseas locations. 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 provides life insurance, retirement and savings, general insurance and fund management services The Wholesale and International Banking segment provides banking and related services to corporations, small and medium enterprises, banks and financial institutions; and asset finance to individuals and businesses.”

LYG has been the subject of several other reports. UBS Group raised its price target on Lloyds Banking Group shares from GBX 58 ($0.74) to GBX 61 ($0.78) in a report on Thursday. JPMorgan Chase & Co. raised its price target on Lloyds Banking Group shares from GBX 56 ($0.71) to GBX 60 ($0.76) in a Tuesday, March 29 research report. StockNews.com began covering Lloyds Banking Group shares in a research report on Thursday, March 31. They set a “holding” rating for the company. Bank of America upgraded shares of Lloyds Banking Group from a “neutral” rating to a “buy” rating in a research report on Wednesday. Finally, Royal Bank of Canada raised its target price on Lloyds Banking Group shares from GBX 44 ($0.56) to GBX 45 ($0.57) in a research report on Thursday. Two analysts have assigned the stock a sell rating, five have issued a hold rating and ten have assigned the company a buy rating. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $42.19.

NYSE: LYG opened at $2.23 on Friday. Lloyds Banking Group has a one-year minimum of $2.09 and a one-year maximum of $3.00. The company has a debt ratio of 1.59, a quick ratio of 1.46 and a current ratio of 1.46. The company has a market capitalization of $39.12 billion, a P/E ratio of 5.44, a P/E/G ratio of 0.23 and a beta of 1.37. The company has a 50-day simple moving average of $2.42 and a 200-day simple moving average of $2.57.

Lloyds Banking Group (NYSE: LYGGet a rating) last released its quarterly earnings data on Thursday, February 24. The financial services provider reported EPS of $0.02 for the quarter, missing the consensus estimate of $0.06 per ($0.04). Lloyds Banking Group achieved a return on equity of 11.59% and a net margin of 26.61%. The company posted revenue of $13.96 billion for the quarter, versus a consensus estimate of $5.39 billion. On average, research analysts expect Lloyds Banking Group to post an EPS of 0.33 for the current financial year.

A number of institutional investors have recently changed their stock portfolios. Morgan Stanley increased its stake in Lloyds Banking Group by 493.6% during the second quarter. Morgan Stanley now owns 13,779,953 shares of the financial services provider worth $35,139,000 after buying an additional 11,458,529 shares last quarter. Commonwealth Equity Services LLC increased its stake in Lloyds Banking Group shares by 2.9% in Q3. Commonwealth Equity Services LLC now owns 980,854 shares of the financial services provider valued at $2,403,000 after acquiring an additional 27,635 shares during the period. The New York State Common Retirement Fund acquired a new position in shares of Lloyds Banking Group in Q3 worth $295,000. Raymond James & Associates increased its stake in Lloyds Banking Group shares by 7.2% in the third quarter. Raymond James & Associates now owns 340,653 shares of the financial services provider valued at $835,000 after acquiring an additional 22,772 shares during the period. Finally, Raymond James Financial Services Advisors Inc. increased its stake in Lloyds Banking Group shares by 19.8% in the third quarter. Raymond James Financial Services Advisors Inc. now owns 335,738 shares of the financial services provider valued at $823,000 after acquiring an additional 55,545 shares during the period. Institutional investors hold 1.41% of the company’s shares.

About Lloyds Banking Group (Get a rating)

Lloyds Banking Group plc, together with its subsidiaries, provides a range of banking and financial services in the UK. It operates through three segments: Retail; The Commercial Bank; and insurance and heritage. The Retail segment offers a range of financial services products, including current accounts, savings accounts, mortgages, auto finance, unsecured loans, leasing solutions and credit cards to individuals and to small businesses.

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Analyst recommendations for Lloyds Banking Group (NYSE: LYG)



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