WCM Investment Management LLC Invests $128.23 Million in Lloyds Banking Group PLC $LYG

WCM Investment Management LLC acquired a new stake in Lloyds Banking Group PLC (NYSE:LYG) during the 1st quarter, Holdings Channel.com reports. The firm acquired 26,548,234 shares of the financial services provider’s stock, valued at approximately $128,228,000.

Several other hedge funds have also recently bought and sold shares of the company. Tucker Asset Management LLC purchased a new position in Lloyds Banking Group during the 4th quarter valued at about $27,000. Cornerstone Planning Group LLC increased its stake in Lloyds Banking Group by 131.2% during the first quarter. Cornerstone Planning Group LLC now owns 5,137 shares of the financial services provider’s stock worth $27,000 after purchasing an additional 2,915 shares during the period. Harbour Investments Inc. increased its stake in Lloyds Banking Group by 47.3% during the fourth quarter. Harbour Investments Inc. now owns 6,386 shares of the financial services provider’s stock worth $34,000 after purchasing an additional 2,051 shares during the period. Eagle Bay Advisors LLC acquired a new stake in shares of Lloyds Banking Group during the fourth quarter worth about $35,000. Finally, Manchester Capital Management LLC boosted its stake in shares of Lloyds Banking Group by 1,216.6% in the fourth quarter. Manchester Capital Management LLC now owns 8,163 shares of the financial services provider’s stock valued at $43,000 after purchasing an additional 7,543 shares during the period. Institutional investors and hedge funds own 2.15% of the company’s stock.

Analyst Ratings Changes

Several brokerages have commented on LYG. Berenberg Bank began coverage on shares of Lloyds Banking Group in a research report on Wednesday, June 24th. They issued a “hold” rating for the company. Keefe, Bruyette & Woods cut Lloyds Banking Group from a “moderate buy” rating to a “hold” rating in a research note on Friday. Wall Street Zen downgraded Lloyds Banking Group from a “buy” rating to a “hold” rating in a report on Saturday, July 4th. UBS Group raised Lloyds Banking Group from a “neutral” rating to a “buy” rating in a research report on Thursday, April 30th. Finally, Citigroup reiterated a “buy” rating on shares of Lloyds Banking Group in a research note on Thursday. Seven research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company’s stock. According to MarketBeat, Lloyds Banking Group currently has a consensus rating of “Moderate Buy”.

Lloyds Banking Group Price Performance

Shares of LYG opened at $5.97 on Monday. The firm has a market capitalization of $87.04 billion, a price-to-earnings ratio of 13.58, a PEG ratio of 0.62 and a beta of 0.87. The firm’s fifty day simple moving average is $5.59 and its 200-day simple moving average is $5.50. Lloyds Banking Group PLC has a twelve month low of $4.05 and a twelve month high of $6.34. The company has a current ratio of 0.56, a quick ratio of 0.56 and a debt-to-equity ratio of 2.09.

Lloyds Banking Group (NYSE:LYG) last issued its earnings results on Tuesday, March 31st. The financial services provider reported $0.13 EPS for the quarter. The firm had revenue of $6.87 billion during the quarter. Lloyds Banking Group had a net margin of 25.11% and a return on equity of 10.63%. Equities analysts forecast that Lloyds Banking Group PLC will post 0.53 EPS for the current fiscal year.

About Lloyds Banking Group

Lloyds Banking Group plc is a UK-based banking and financial services company that provides a broad range of retail, commercial and insurance products. Its principal consumer-facing brands include Lloyds Bank, Halifax and Bank of Scotland, through which it offers current accounts, savings, mortgages, credit cards and personal loans. The group also delivers services to small and medium-sized enterprises (SMEs) and larger corporate clients, supplying business accounts, lending, payments and cash-management solutions.

In addition to core banking, Lloyds operates a significant wealth and insurance arm under the Scottish Widows brand, offering life insurance, pensions, investment and retirement planning products.