Lloyds Banking Group PLC (LYG) Raised to Buy at Zacks Investment Research

Zacks Investment Research upgraded shares of Lloyds Banking Group PLC (NYSE:LYG) from a hold rating to a buy rating in a research note issued to investors on Tuesday. The brokerage currently has $4.00 price target on the financial services provider’s stock.

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. “

A number of other analysts have also issued reports on LYG. Keefe, Bruyette & Woods lowered Lloyds Banking Group PLC from a market perform rating to an underperform rating in a research note on Wednesday, May 31st. ValuEngine lowered Lloyds Banking Group PLC from a buy rating to a hold rating in a research note on Friday, June 2nd. BidaskClub lowered Lloyds Banking Group PLC from a hold rating to a sell rating in a research note on Thursday, June 22nd. Finally, Goldman Sachs Group, Inc. (The) reiterated a sell rating on shares of Lloyds Banking Group PLC in a research note on Wednesday, September 6th. Six analysts have rated the stock with a sell rating, two have assigned a hold rating and nine have given a buy rating to the company’s stock. Lloyds Banking Group PLC has a consensus rating of Hold and a consensus price target of $4.00.

Shares of Lloyds Banking Group PLC (NYSE LYG) opened at 3.66 on Tuesday. The firm has a market capitalization of $58.26 billion, a price-to-earnings ratio of 32.68 and a beta of 0.76. Lloyds Banking Group PLC has a 12-month low of $2.56 and a 12-month high of $3.87. The stock’s 50 day moving average price is $3.41 and its 200 day moving average price is $3.50.

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The company also recently disclosed a None dividend, which will be paid on Tuesday, October 10th. Stockholders of record on Friday, August 11th will be issued a $0.052 dividend. This is a boost from Lloyds Banking Group PLC’s previous None dividend of $0.05. This represents a dividend yield of 2.98%. The ex-dividend date of this dividend is Wednesday, August 9th. Lloyds Banking Group PLC’s dividend payout ratio is presently 100.00%.

Institutional investors and hedge funds have recently bought and sold shares of the company. Wells Fargo & Company MN boosted its holdings in shares of Lloyds Banking Group PLC by 8.9% in the 1st quarter. Wells Fargo & Company MN now owns 3,167,070 shares of the financial services provider’s stock worth $10,768,000 after purchasing an additional 259,440 shares in the last quarter. Fisher Asset Management LLC boosted its holdings in shares of Lloyds Banking Group PLC by 12.8% in the 2nd quarter. Fisher Asset Management LLC now owns 116,593,046 shares of the financial services provider’s stock worth $411,573,000 after purchasing an additional 13,255,507 shares in the last quarter. Dimensional Fund Advisors LP boosted its holdings in shares of Lloyds Banking Group PLC by 18.7% in the 1st quarter. Dimensional Fund Advisors LP now owns 10,764,956 shares of the financial services provider’s stock worth $36,601,000 after purchasing an additional 1,697,943 shares in the last quarter. Stifel Financial Corp boosted its holdings in shares of Lloyds Banking Group PLC by 4.3% in the 1st quarter. Stifel Financial Corp now owns 163,457 shares of the financial services provider’s stock worth $572,000 after purchasing an additional 6,808 shares in the last quarter. Finally, Creative Planning boosted its holdings in shares of Lloyds Banking Group PLC by 27.1% in the 2nd quarter. Creative Planning now owns 176,848 shares of the financial services provider’s stock worth $624,000 after purchasing an additional 37,708 shares in the last quarter. Hedge funds and other institutional investors own 2.11% of the company’s stock.

Lloyds Banking Group PLC Company Profile

Lloyds Banking Group plc is a provider of financial services to individual and business customers in the United Kingdom. The Company’s main business activities are retail and commercial banking, general insurance, and long-term savings, protection and investment. The Company’s segments are Retail, Commercial Banking, Consumer Finance, Insurance and Other.

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Analyst Recommendations for Lloyds Banking Group PLC (NYSE:LYG)

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