Lloyds Banking Group (NYSE:LYG) Upgraded at Bank of America

Bank of America upgraded shares of Lloyds Banking Group (NYSE:LYG) from a neutral rating to a buy rating in a report released on Tuesday morning, MarketBeat Ratings reports.

A number of other analysts also recently commented on LYG. Morgan Stanley reiterated an “overweight” rating on shares of Lloyds Banking Group in a research report on Tuesday, June 30th. Wall Street Zen cut Lloyds Banking Group from a “buy” rating to a “hold” rating in a research report on Saturday, July 4th. Weiss Ratings raised Lloyds Banking Group from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Friday, August 21st. Berenberg Bank assumed coverage on shares of Lloyds Banking Group in a research report on Wednesday, June 24th. They issued a “hold” rating on the stock. Finally, Keefe, Bruyette & Woods cut shares of Lloyds Banking Group from a “moderate buy” rating to a “hold” rating in a research note on Friday, July 17th. Eight investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy”.

Lloyds Banking Group Trading Up 2.0%

Shares of LYG opened at $6.10 on Tuesday. Lloyds Banking Group has a twelve month low of $4.31 and a twelve month high of $6.34. The company has a current ratio of 1.52, a quick ratio of 0.56 and a debt-to-equity ratio of 2.12. The firm has a market capitalization of $88.67 billion, a P/E ratio of 14.19, a PEG ratio of 0.61 and a beta of 0.87. The firm’s 50-day moving average is $6.04 and its two-hundred day moving average is $5.61.

Lloyds Banking Group (NYSE:LYG) last posted its quarterly earnings results on Thursday, July 30th. The financial services provider reported $0.13 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.14 by ($0.01). The company had revenue of $6.57 billion for the quarter, compared to analyst estimates of $6.86 billion. Lloyds Banking Group had a net margin of 24.97% and a return on equity of 10.94%. On average, research analysts predict that Lloyds Banking Group will post 0.55 earnings per share for the current fiscal year.

Lloyds Banking Group Cuts Dividend

The company also recently announced a dividend, which will be paid on Friday, September 25th. Investors of record on Monday, August 10th will be given a dividend of $0.084 per share. The ex-dividend date is Monday, August 10th. This represents a yield of 273.0%. Lloyds Banking Group’s dividend payout ratio (DPR) is 37.21%.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of LYG. Tucker Asset Management LLC acquired a new stake in shares of Lloyds Banking Group during the fourth quarter worth $27,000. Cornerstone Planning Group LLC grew its position in shares of Lloyds Banking Group by 131.2% in the first quarter. Cornerstone Planning Group LLC now owns 5,137 shares of the financial services provider’s stock valued at $27,000 after purchasing an additional 2,915 shares during the period. Harbour Investments Inc. increased its stake in Lloyds Banking Group by 47.3% in the fourth quarter. Harbour Investments Inc. now owns 6,386 shares of the financial services provider’s stock valued at $34,000 after purchasing an additional 2,051 shares during the last quarter. Manchester Capital Management LLC lifted its position in Lloyds Banking Group by 1,216.6% during the fourth quarter. Manchester Capital Management LLC now owns 8,163 shares of the financial services provider’s stock worth $43,000 after buying an additional 7,543 shares during the period. Finally, Geneos Wealth Management Inc. boosted its stake in Lloyds Banking Group by 162.2% in the 1st quarter. Geneos Wealth Management Inc. now owns 11,724 shares of the financial services provider’s stock worth $45,000 after buying an additional 7,253 shares during the last quarter. 2.15% of the stock is currently owned by institutional investors and hedge funds.

About Lloyds Banking Group

Lloyds Banking Group plc is a UK-based banking and financial services company that provides a broad range of retail, commercial and insurance products. Its principal consumer-facing brands include Lloyds Bank, Halifax and Bank of Scotland, through which it offers current accounts, savings, mortgages, credit cards and personal loans. The group also delivers services to small and medium-sized enterprises (SMEs) and larger corporate clients, supplying business accounts, lending, payments and cash-management solutions.

In addition to core banking, Lloyds operates a significant wealth and insurance arm under the Scottish Widows brand, offering life insurance, pensions, investment and retirement planning products.