Lloyds Banking Group (NYSE:LYG) Cut to Hold at Wall Street Zen

Wall Street Zen cut shares of Lloyds Banking Group (NYSE:LYG) from a buy rating to a hold rating in a research report sent to investors on Sunday,Wall Street Zen reports.

A number of other equities analysts have also weighed in on LYG. Berenberg Bank started coverage on Lloyds Banking Group in a research report on Wednesday, June 24th. They set a “hold” rating on the stock. Morgan Stanley reaffirmed an “overweight” rating on shares of Lloyds Banking Group in a research note on Wednesday, September 2nd. Bank of America raised shares of Lloyds Banking Group from a “neutral” rating to a “buy” rating in a research report on Tuesday, September 1st. Weiss Ratings raised shares of Lloyds Banking Group from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Friday, August 21st. Finally, Keefe, Bruyette & Woods downgraded Lloyds Banking Group from a “moderate buy” rating to a “hold” rating in a research note on Friday, July 17th. Eight equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy”.

Lloyds Banking Group Trading Down 0.4%

LYG opened at $5.70 on Friday. The company has a fifty day moving average price of $6.00 and a two-hundred day moving average price of $5.65. Lloyds Banking Group has a 1-year low of $4.42 and a 1-year high of $6.34. The company has a market cap of $82.57 billion, a P/E ratio of 13.24, a price-to-earnings-growth ratio of 0.58 and a beta of 0.87. The company has a current ratio of 1.52, a quick ratio of 0.56 and a debt-to-equity ratio of 2.12.

Lloyds Banking Group (NYSE:LYG) last released its quarterly earnings data on Thursday, July 30th. The financial services provider reported $0.13 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.14 by ($0.01). Lloyds Banking Group had a return on equity of 10.94% and a net margin of 24.97%.The company had revenue of $6.57 billion for the quarter, compared to the consensus estimate of $6.86 billion. Analysts predict that Lloyds Banking Group will post 0.55 EPS for the current fiscal year.

Lloyds Banking Group Cuts Dividend

The firm also recently declared a dividend, which was paid on Friday, September 25th. Investors of record on Monday, August 10th were paid a dividend of $0.0840 per share. This represents a dividend yield of 273.0%. The ex-dividend date was Monday, August 10th. This is a decrease from Lloyds Banking Group’s previous dividend of $0.1340. Lloyds Banking Group’s dividend payout ratio is currently 39.53%.

Hedge Funds Weigh In On Lloyds Banking Group

Several hedge funds have recently made changes to their positions in LYG. QRG Capital Management Inc. increased its holdings in shares of Lloyds Banking Group by 12.0% in the second quarter. QRG Capital Management Inc. now owns 1,731,571 shares of the financial services provider’s stock worth $10,095,000 after purchasing an additional 185,523 shares during the period. Envestnet Portfolio Solutions Inc. boosted its stake in Lloyds Banking Group by 9.0% during the second quarter. Envestnet Portfolio Solutions Inc. now owns 53,421 shares of the financial services provider’s stock valued at $311,000 after buying an additional 4,424 shares during the period. Envestnet Asset Management Inc. grew its position in Lloyds Banking Group by 2.9% during the second quarter. Envestnet Asset Management Inc. now owns 12,564,633 shares of the financial services provider’s stock worth $73,250,000 after buying an additional 351,626 shares in the last quarter. Engineers Gate Manager LP increased its stake in Lloyds Banking Group by 66.0% in the 2nd quarter. Engineers Gate Manager LP now owns 394,145 shares of the financial services provider’s stock worth $2,298,000 after acquiring an additional 156,739 shares during the last quarter. Finally, RFG Advisory LLC purchased a new stake in shares of Lloyds Banking Group in the 2nd quarter valued at about $82,000. 2.15% of the stock is currently owned by hedge funds and other institutional investors.

About Lloyds Banking Group

Lloyds Banking Group plc is a United Kingdom-based financial services company headquartered in London. Its principal businesses include retail banking, commercial banking, insurance, pensions and long-term savings. The group serves individuals, small and medium-sized businesses, commercial clients and institutional customers primarily across the United Kingdom.

The group operates through well-known brands including Lloyds Bank, Halifax, Bank of Scotland and Scottish Widows. Its products and services include current and savings accounts, mortgages, credit cards, personal loans, business banking, corporate lending, investment products, insurance and retirement planning.