Barclays PLC (BCS) Downgraded by Zacks Investment Research to Hold
According to Zacks, “Barclays' sustained progress in lowering expenses will lead to enhanced profitability over time. Further, the company remains on track to achieve targeted cost savings this year and has been divesting non-core operations world-wide. Moreover, balance sheet restructuring will support financials in the long run. However, the company's muted revenue growth remains a major concern. Also, the Brexit storm is likely to have an unprecedented adverse effect on its financials in the quarters ahead. Further, the company's profitability is being affected by legal woes and a stringent regulatory landscape.”
Several other equities analysts have also recently issued reports on the company. HSBC upgraded Barclays PLC from a hold rating to a buy rating and raised their price objective for the stock from $6.76 to $8.62 in a research note on Wednesday. Deutsche Bank AG reiterated a hold rating on shares of Barclays PLC in a research note on Friday, September 16th. Citigroup Inc. reiterated a sell rating on shares of Barclays PLC in a research note on Wednesday, August 31st. Investec upgraded Barclays PLC from a sell rating to a buy rating in a research note on Thursday, August 25th. Finally, Exane BNP Paribas upgraded Barclays PLC from a neutral rating to an outperform rating in a research note on Monday, August 8th. Two research analysts have rated the stock with a sell rating, nine have assigned a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company’s stock. Barclays PLC currently has a consensus rating of Hold and an average price target of $37.34.
Shares of Barclays PLC (NYSE:BCS) traded up 1.68% during midday trading on Wednesday, reaching $9.07. 1,328,702 shares of the company were exchanged. The firm’s 50 day moving average is $8.70 and its 200-day moving average is $9.03. The company’s market capitalization is $31.36 billion. Barclays PLC has a 52-week low of $6.76 and a 52-week high of $15.86.
The business also recently declared a dividend, which was paid on Monday, September 19th. Investors of record on Friday, August 12th were paid a $0.052 dividend. The ex-dividend date of this dividend was Wednesday, August 10th. Barclays PLC’s dividend payout ratio is currently -31.25%.
A number of institutional investors have recently modified their holdings of the company. Green Square Capital LLC bought a new position in shares of Barclays PLC during the second quarter worth $102,000. First Allied Advisory Services Inc. acquired a new position in Barclays PLC during the second quarter valued at $110,000. Cypress Wealth Advisors LLC acquired a new position in Barclays PLC during the second quarter valued at $113,000. Berkeley Capital Partners LLC boosted its position in Barclays PLC by 13.4% in the first quarter. Berkeley Capital Partners LLC now owns 13,533 shares of the financial services provider’s stock valued at $117,000 after buying an additional 1,595 shares during the period. Finally, Oppenheimer & Co. Inc. acquired a new position in Barclays PLC during the second quarter valued at $128,000. 2.95% of the stock is currently owned by hedge funds and other institutional investors.
About Barclays PLC
Barclays PLC is a global financial services holding company. The Company is engaged in retail banking, credit cards, wholesale banking, investment banking, wealth management and investment management services. The Company’s segments include Barclays UK and Barclays Corporate & International. The Barclays UK segment incorporates the UK Personal, small UK Corporate and UK Wealth businesses, and the Barclaycard UK consumer credit cards business.
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