Lloyds Banking Group PLC (NYSE:LYG) Upgraded to Buy by 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 Friday, July 14th. The firm currently has $4.00 target price 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. “

Several other equities analysts have also recently commented on the company. Berenberg Bank cut Lloyds Banking Group PLC from a hold rating to a sell rating in a report on Monday, March 27th. Deutsche Bank AG raised Lloyds Banking Group PLC from a hold rating to a buy rating in a report on Monday, May 15th. Sanford C. Bernstein reiterated an underperform rating on shares of Lloyds Banking Group PLC in a research note on Tuesday, May 9th. Goldman Sachs Group, Inc. (The) reiterated a sell rating on shares of Lloyds Banking Group PLC in a research note on Monday, May 8th. Finally, Macquarie lowered Lloyds Banking Group PLC from an outperform rating to a neutral rating in a research note on Friday, April 21st. Six investment analysts have rated the stock with a sell rating, two have assigned a hold rating and ten have issued a buy rating to the stock. Lloyds Banking Group PLC presently has a consensus rating of Hold and an average price target of $4.00.

Lloyds Banking Group PLC (LYG) traded up 0.56% during trading on Friday, reaching $3.62. The company had a trading volume of 3,142,223 shares. The firm has a market capitalization of $71.66 billion, a price-to-earnings ratio of 23.21 and a beta of 0.77. Lloyds Banking Group PLC has a 12 month low of $2.56 and a 12 month high of $3.87. The stock has a 50 day moving average price of $3.55 and a 200 day moving average price of $3.48.

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A number of large investors have recently added to or reduced their stakes in the company. Dimensional Fund Advisors LP raised its stake in Lloyds Banking Group PLC by 13.5% in the fourth quarter. Dimensional Fund Advisors LP now owns 9,067,013 shares of the financial services provider’s stock worth $28,108,000 after buying an additional 1,076,870 shares during the period. Envestnet Asset Management Inc. raised its stake in Lloyds Banking Group PLC by 12.8% in the fourth quarter. Envestnet Asset Management Inc. now owns 149,589 shares of the financial services provider’s stock worth $463,000 after buying an additional 17,015 shares during the period. Ladenburg Thalmann Financial Services Inc. raised its stake in Lloyds Banking Group PLC by 18.2% in the fourth quarter. Ladenburg Thalmann Financial Services Inc. now owns 44,169 shares of the financial services provider’s stock worth $142,000 after buying an additional 6,798 shares during the period. Fulton Bank N.A. acquired a new stake in Lloyds Banking Group PLC during the first quarter worth approximately $111,000. Finally, Raymond James Trust N.A. raised its stake in Lloyds Banking Group PLC by 56.9% in the first quarter. Raymond James Trust N.A. now owns 91,309 shares of the financial services provider’s stock worth $310,000 after buying an additional 33,131 shares during the period. Institutional investors and hedge funds own 2.05% 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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