Lloyds Banking Group (NYSE:LYG) Downgraded to Sell at Zacks Investment Research
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 brokerages have also commented on LYG. JPMorgan Chase & Co. lowered shares of Lloyds Banking Group from an overweight rating to a neutral rating in a report on Tuesday, July 16th. Bank of America lowered shares of Lloyds Banking Group from a buy rating to an underperform rating in a report on Thursday, April 18th. Davy Research raised shares of Lloyds Banking Group from a neutral rating to an outperform rating in a report on Tuesday, May 28th. Finally, Keefe, Bruyette & Woods lowered shares of Lloyds Banking Group from an outperform rating to a market perform rating in a report on Tuesday, May 28th. Two analysts have rated the stock with a sell rating, five have assigned a hold rating and three have given a buy rating to the stock. The stock currently has a consensus rating of Hold and a consensus target price of $3.75.
Institutional investors have recently made changes to their positions in the company. Massey Quick Simon & CO. LLC purchased a new stake in Lloyds Banking Group during the 1st quarter valued at $26,000. Schroder Investment Management Group purchased a new stake in Lloyds Banking Group during the 2nd quarter valued at $25,000. FLC Capital Advisors purchased a new stake in Lloyds Banking Group during the 2nd quarter valued at $29,000. Andesa Financial Management Inc. purchased a new stake in Lloyds Banking Group during the 1st quarter valued at $32,000. Finally, Arden Trust Co purchased a new stake in Lloyds Banking Group during the 2nd quarter valued at $30,000. 1.93% of the stock is owned by institutional investors.
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.
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