Lloyds Banking Group (LYG) Downgraded by Zacks Investment Research

Zacks Investment Research cut shares of Lloyds Banking Group (NYSE:LYG) from a hold rating to a sell rating in a report published on Tuesday morning.

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 research analysts have also commented on LYG. Berenberg Bank upgraded shares of Lloyds Banking Group from a sell rating to a hold rating in a research note on Tuesday, September 4th. Macquarie upgraded shares of Lloyds Banking Group from an underperform rating to a neutral rating in a research note on Thursday, October 25th. Jefferies Financial Group reiterated a buy rating on shares of Lloyds Banking Group in a research note on Tuesday, August 14th. Finally, JPMorgan Chase & Co. reiterated a buy rating on shares of Lloyds Banking Group in a research note on Tuesday, September 4th. Three research analysts have rated the stock with a sell rating, six have given a hold rating and four have assigned a buy rating to the company’s stock. Lloyds Banking Group currently has a consensus rating of Hold and a consensus price target of $4.25.

NYSE LYG opened at $2.80 on Tuesday. The company has a market cap of $49.55 billion, a P/E ratio of 5.09 and a beta of 0.79. Lloyds Banking Group has a 52 week low of $2.73 and a 52 week high of $4.21.

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Millennium Management LLC grew its position in Lloyds Banking Group by 104.9% during the 1st quarter. Millennium Management LLC now owns 204,076 shares of the financial services provider’s stock worth $759,000 after purchasing an additional 104,479 shares during the last quarter. Janney Montgomery Scott LLC grew its position in Lloyds Banking Group by 5.5% during the 2nd quarter. Janney Montgomery Scott LLC now owns 535,687 shares of the financial services provider’s stock worth $1,784,000 after purchasing an additional 27,939 shares during the last quarter. Aperio Group LLC grew its position in Lloyds Banking Group by 19.3% during the 2nd quarter. Aperio Group LLC now owns 2,042,457 shares of the financial services provider’s stock worth $6,801,000 after purchasing an additional 330,879 shares during the last quarter. TD Asset Management Inc. grew its position in Lloyds Banking Group by 6.6% during the 2nd quarter. TD Asset Management Inc. now owns 2,633,687 shares of the financial services provider’s stock worth $9,297,000 after purchasing an additional 163,583 shares during the last quarter. Finally, Commonwealth Equity Services LLC grew its position in Lloyds Banking Group by 8.2% during the 2nd quarter. Commonwealth Equity Services LLC now owns 758,050 shares of the financial services provider’s stock worth $2,524,000 after purchasing an additional 57,334 shares during the last quarter. Hedge funds and other institutional investors own 2.36% of the company’s stock.

About Lloyds Banking Group

Lloyds Banking Group plc provides banking and financial services under the Lloyds Bank, Halifax, Bank of Scotland, and Scottish Widows brands in the United Kingdom and internationally. The company operates through three segments: Retail, Commercial Banking, and Insurance and Wealth. The Retail segment offers a range of financial service products, including current accounts, savings accounts, mortgages, motor finance, and unsecured consumer lending products to personal and small business customers.

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