Lloyds Banking Group (LON:LLOY) Cut to Sector perform at Royal Bank Of Canada

Royal Bank Of Canada downgraded shares of Lloyds Banking Group (LON:LLOY) to a sector perform rating in a report published on Friday,Digital Look reports. They currently have GBX 115 price target on the financial services provider’s stock, down from their previous price target of GBX 124.

Other equities analysts have also issued research reports about the company. Berenberg Bank reissued a “hold” rating and issued a GBX 117 target price on shares of Lloyds Banking Group in a report on Wednesday, June 24th. Jefferies Financial Group raised their price target on Lloyds Banking Group from GBX 125 to GBX 127 and gave the company a “buy” rating in a research note on Wednesday, September 2nd. JPMorgan Chase & Co. lifted their price target on Lloyds Banking Group from GBX 121 to GBX 123 and gave the stock a “neutral” rating in a report on Tuesday, September 15th. Finally, Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating and set a GBX 125 price objective on shares of Lloyds Banking Group in a research report on Friday, July 31st. Four research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, Lloyds Banking Group has an average rating of “Hold” and a consensus price target of GBX 116.

Lloyds Banking Group Stock Down 0.9%

LON LLOY opened at GBX 104.85 on Friday. Lloyds Banking Group has a 52 week low of GBX 81.82 and a 52 week high of GBX 123.10. The firm has a 50 day moving average of GBX 109.16 and a two-hundred day moving average of GBX 106.19. The stock has a market capitalization of £60.22 billion, a PE ratio of 13.11, a price-to-earnings-growth ratio of 1.84 and a beta of 0.94.

Lloyds Banking Group (LON:LLOY) last announced its quarterly earnings data on Thursday, July 30th. The financial services provider reported GBX 4.80 earnings per share for the quarter. Lloyds Banking Group had a net margin of 26.73% and a return on equity of 11.05%. On average, equities research analysts expect that Lloyds Banking Group will post 7.32 earnings per share for the current fiscal year.

Insider Buying and Selling at Lloyds Banking Group

In related news, insider Catherine Woods purchased 1,810 shares of the business’s stock in a transaction that occurred on Wednesday, September 23rd. The shares were purchased at an average cost of GBX 110 per share, for a total transaction of £1,991. Also, insider William Chalmers sold 8,445,139 shares of the business’s stock in a transaction on Thursday, August 27th. The shares were sold at an average price of GBX 112, for a total transaction of £9,458,555.68. Corporate insiders own 0.15% of the company’s stock.

More Lloyds Banking Group News

Here are the key news stories impacting Lloyds Banking Group this week:

• Positive Sentiment: Share buyback continues: Lloyds purchased a further 38 million shares under its previously announced buyback program. Continued repurchases can reduce the share count and support earnings per share and the stock price. Lloyds Banking Group Advances Share Buyback with 38 Million Share Purchase
• Neutral Sentiment: Auto businesses being consolidated: Black Horse, Lex Autolease and Tusker are being combined under the Lloyds Auto brand. The move could simplify the group’s vehicle-finance operations and improve cross-selling, although execution and restructuring costs are potential considerations. Black Horse, Lex Autolease and Tusker to become Lloyds Auto
• Neutral Sentiment: Broker platform and brand changes: Halifax Intermediaries is upgrading its broker platform ahead of a Lloyds rebrand, which may improve the mortgage distribution experience but creates implementation risk. Halifax Intermediaries upgrades broker platform ahead of Lloyds rebrand
• Neutral Sentiment: Customer and branch initiatives: Lloyds is trialling a new 10% customer rule, which could eventually reach 28 million customers. The bank is also closing 17 Lloyds and Halifax branches, potentially lowering costs but reducing its physical presence. Lloyds Bank trials new 10% rule for customers Lloyds and Halifax closing 17 high street branches
• Negative Sentiment: RBC downgrades Lloyds: Royal Bank of Canada lowered its rating to “sector perform” from a more bullish stance and cut its price target to GBX 115 from GBX 124. The reduced valuation outlook is the clearest near-term negative catalyst for Lloyds Banking Group. RBC Capital downgrades Lloyds to sector perform

Lloyds Banking Group Company Profile

We are the largest UK retail and commercial financial services provider with over 25 million customers and a presence in nearly every community.

The Group’s main business activities are retail and commercial banking, general insurance and long-term savings, provided through the largest branch network and digital bank in the UK, with well recognised brands including Lloyds Bank, Halifax, Bank of Scotland and Scottish Widows.

Our shares are quoted on the London and New York stock exchanges and we are one of the largest companies in the FTSE 100 index.