Lloyds Banking Group (NYSE:LYG) Downgraded by Zacks Investment Research

Zacks Investment Research lowered shares of Lloyds Banking Group (NYSE:LYG) from a hold rating to a sell rating in a research note issued to investors on Wednesday, Zacks.com reports.

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 equities research analysts have also commented on LYG. Keefe, Bruyette & Woods upgraded AEGON from an underperform rating to a market perform rating in a research report on Tuesday, May 28th. Davy Research upgraded Lloyds Banking Group from a neutral rating to an outperform rating in a research report on Tuesday, May 28th. Finally, Bank of America upgraded Royal Bank of Scotland Group from an underperform rating to a neutral rating in a research report on Thursday, April 18th. Two analysts have rated the stock with a sell rating, four have issued a hold rating and four have given a buy rating to the company. The stock presently has a consensus rating of Hold and an average price target of $3.75.

Shares of NYSE LYG opened at $2.87 on Wednesday. The firm has a 50 day moving average price of $2.88. The stock has a market capitalization of $51.71 billion, a price-to-earnings ratio of 5.42 and a beta of 1.04. Lloyds Banking Group has a 52 week low of $2.43 and a 52 week high of $3.46. The company has a current ratio of 1.49, a quick ratio of 1.49 and a debt-to-equity ratio of 2.18.

Lloyds Banking Group (NYSE:LYG) last issued its earnings results on Thursday, May 2nd. The financial services provider reported $0.14 EPS for the quarter. The firm had revenue of $5.98 billion for the quarter. Lloyds Banking Group had a return on equity of 16.28% and a net margin of 23.77%. As a group, sell-side analysts anticipate that Lloyds Banking Group will post 0.43 earnings per share for the current year.

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. MML Investors Services LLC boosted its position in Lloyds Banking Group by 1.3% in the first quarter. MML Investors Services LLC now owns 302,118 shares of the financial services provider’s stock valued at $970,000 after buying an additional 3,919 shares during the last quarter. AMG National Trust Bank lifted its holdings in Lloyds Banking Group by 0.6% in the first quarter. AMG National Trust Bank now owns 781,151 shares of the financial services provider’s stock valued at $2,507,000 after acquiring an additional 4,415 shares during the period. Cetera Advisors LLC lifted its holdings in Lloyds Banking Group by 1.0% in the fourth quarter. Cetera Advisors LLC now owns 509,343 shares of the financial services provider’s stock valued at $1,305,000 after acquiring an additional 4,874 shares during the period. Lourd Capital LLC lifted its holdings in Lloyds Banking Group by 44.9% in the second quarter. Lourd Capital LLC now owns 15,824 shares of the financial services provider’s stock valued at $45,000 after acquiring an additional 4,900 shares during the period. Finally, Cornerstone Advisors Inc. lifted its holdings in Lloyds Banking Group by 69.3% in the first quarter. Cornerstone Advisors Inc. now owns 13,935 shares of the financial services provider’s stock valued at $45,000 after acquiring an additional 5,702 shares during the period. Hedge funds and other institutional investors own 1.94% of the company’s stock.

Lloyds Banking Group Company Profile

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. It 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, unsecured consumer loans, leasing solutions, and credit cards to personal and small business customers.

Read More: What can cause a stock to outperform?

Get a free copy of the Zacks research report on Lloyds Banking Group (LYG)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Analyst Recommendations for Lloyds Banking Group (NYSE:LYG)

Receive News & Ratings for Lloyds Banking Group Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Lloyds Banking Group and related companies with MarketBeat.com's FREE daily email newsletter.