Millennium Management LLC Reduces Stake in Lloyds Banking Group plc (NYSE:LYG)

Millennium Management LLC cut its holdings in shares of Lloyds Banking Group plc (NYSE:LYG) by 40.1% in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 3,433,596 shares of the financial services provider’s stock after selling 2,302,675 shares during the quarter. Millennium Management LLC’s holdings in Lloyds Banking Group were worth $9,374,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of LYG. Decatur Capital Management Inc. acquired a new stake in shares of Lloyds Banking Group in the second quarter worth $118,000. Drucker Wealth 3.0 LLC purchased a new stake in Lloyds Banking Group in the second quarter valued at $2,059,000. AQR Capital Management LLC grew its position in Lloyds Banking Group by 323.3% during the 2nd quarter. AQR Capital Management LLC now owns 136,599 shares of the financial services provider’s stock worth $373,000 after purchasing an additional 104,326 shares during the period. Insigneo Advisory Services LLC purchased a new position in shares of Lloyds Banking Group during the 2nd quarter valued at about $42,000. Finally, Bank of Montreal Can lifted its holdings in shares of Lloyds Banking Group by 126.6% in the 2nd quarter. Bank of Montreal Can now owns 140,574 shares of the financial services provider’s stock valued at $395,000 after buying an additional 78,530 shares during the period. 2.15% of the stock is currently owned by institutional investors and hedge funds.

Lloyds Banking Group Stock Performance

LYG opened at $3.04 on Wednesday. The firm’s fifty day simple moving average is $3.01 and its two-hundred day simple moving average is $2.84. Lloyds Banking Group plc has a 52-week low of $1.88 and a 52-week high of $3.18. The company has a market cap of $47.44 billion, a price-to-earnings ratio of 7.99 and a beta of 1.34. The company has a quick ratio of 1.48, a current ratio of 1.45 and a debt-to-equity ratio of 1.89.

Lloyds Banking Group (NYSE:LYG) last issued its quarterly earnings results on Thursday, July 25th. The financial services provider reported $0.09 earnings per share for the quarter. Lloyds Banking Group had a net margin of 12.40% and a return on equity of 10.34%. The firm had revenue of $9.55 billion for the quarter. Equities analysts anticipate that Lloyds Banking Group plc will post 0.32 earnings per share for the current fiscal year.

Lloyds Banking Group Increases Dividend

The company also recently declared a semi-annual dividend, which was paid on Friday, September 20th. Investors of record on Monday, August 5th were given a dividend of $0.0546 per share. This represents a dividend yield of 4.4%. This is a boost from Lloyds Banking Group’s previous semi-annual dividend of $0.05. The ex-dividend date was Monday, August 5th. Lloyds Banking Group’s payout ratio is presently 26.32%.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on the company. Royal Bank of Canada downgraded Lloyds Banking Group from an “outperform” rating to a “sector perform” rating in a report on Friday, July 26th. Citigroup downgraded shares of Lloyds Banking Group from a “buy” rating to a “neutral” rating in a report on Monday, August 5th. BNP Paribas raised shares of Lloyds Banking Group from a “neutral” rating to an “outperform” rating in a report on Friday, July 5th. Kepler Capital Markets began coverage on shares of Lloyds Banking Group in a research note on Thursday, September 5th. They set a “hold” rating on the stock. Finally, The Goldman Sachs Group began coverage on Lloyds Banking Group in a research report on Friday, October 4th. They set a “neutral” rating on the stock. Six equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat.com, Lloyds Banking Group currently has an average rating of “Hold” and a consensus price target of $2.75.

Lloyds Banking Group Company Profile

Lloyds Banking Group plc, together with its subsidiaries, provides a range of banking and financial services in the United Kingdom and internationally. It operates in three segments: Retail; Commercial Banking; and Insurance, Pensions and Investments. The Retail segment offers a range of financial service products, including current accounts, savings, mortgages, motor finance, unsecured loans, leasing solutions, and credit cards to personal customers.