Zacks Investment Research Lowers UBS AG (UBS) to Hold
Zacks Investment Research lowered shares of UBS AG (NYSE:UBS) from a buy rating to a hold rating in a research report sent to investors on Thursday morning.
According to Zacks, “Shares of UBS Group AG have underperformed the industry on NYSE in the last six months. The company’s profitability continues to be challenged by negative interest rates in the domestic economy and strict regulatory framework. However, UBS Group remains focused on building capital levels, global expansion and executing restructuring initiatives. Moreover, management anticipates to achieve CHF 2.1 billion in net cost reductions by the end of 2017. Further, the company’s strong capital position remains a tailwind.”
Several other brokerages also recently weighed in on UBS. J P Morgan Chase & Co raised UBS AG from a neutral rating to an overweight rating in a report on Monday, June 26th. ValuEngine downgraded UBS AG from a strong-buy rating to a buy rating in a report on Friday, September 1st. BidaskClub downgraded UBS AG from a sell rating to a strong sell rating in a report on Thursday, August 24th. BNP Paribas started coverage on UBS AG in a report on Thursday, August 31st. They issued an outperform rating for the company. Finally, Instinet downgraded UBS AG from a buy rating to a neutral rating in a report on Sunday, October 1st. One analyst has rated the stock with a sell rating, four have given a hold rating and seven have assigned a buy rating to the company. UBS AG presently has a consensus rating of Buy and an average price target of $19.00.
UBS AG (UBS) opened at 17.11 on Thursday. The company has a market cap of $63.59 billion, a PE ratio of 15.80 and a beta of 1.26. UBS AG has a 1-year low of $13.21 and a 1-year high of $18.31. The firm’s 50-day moving average is $16.74 and its 200 day moving average is $16.64.
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A number of hedge funds and other institutional investors have recently modified their holdings of UBS. Franklin Resources Inc. boosted its holdings in UBS AG by 21.2% in the second quarter. Franklin Resources Inc. now owns 57,935,725 shares of the bank’s stock worth $981,476,000 after acquiring an additional 10,125,809 shares in the last quarter. Vanguard Group Inc. boosted its holdings in UBS AG by 5.7% in the second quarter. Vanguard Group Inc. now owns 86,199,587 shares of the bank’s stock worth $1,463,669,000 after acquiring an additional 4,634,833 shares in the last quarter. AXA boosted its holdings in UBS AG by 94.1% in the second quarter. AXA now owns 6,299,667 shares of the bank’s stock worth $106,968,000 after acquiring an additional 3,054,657 shares in the last quarter. Fisher Asset Management LLC boosted its holdings in UBS AG by 7.0% in the second quarter. Fisher Asset Management LLC now owns 40,167,025 shares of the bank’s stock worth $682,036,000 after acquiring an additional 2,639,249 shares in the last quarter. Finally, The Manufacturers Life Insurance Company boosted its holdings in UBS AG by 3,116.6% in the second quarter. The Manufacturers Life Insurance Company now owns 2,558,612 shares of the bank’s stock worth $43,446,000 after acquiring an additional 2,479,068 shares in the last quarter. 31.42% of the stock is owned by institutional investors and hedge funds.
About UBS AG
UBS Group AG is a holding company and conducts its operations through UBS AG and its subsidiaries. The Company comprises Corporate Center and five business divisions: Wealth Management, Wealth Management Americas, Personal & Corporate Banking, Asset Management and the Investment Bank. Wealth Management division provides advice and tailored financial services to wealthy private clients around the world, except those served by Wealth Management Americas.
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