Lloyds Banking Group (NYSE:LYG) Downgraded to Market Perform Rating by Keefe, Bruyette & Woods

Keefe, Bruyette & Woods downgraded shares of Lloyds Banking Group (NYSE:LYG) from an outperform rating to a market perform rating in a report released on Tuesday, Marketbeat reports.

Separately, Morgan Stanley upgraded Lloyds Banking Group from an “equal weight” rating to an “overweight” rating in a research report on Tuesday, March 4th. Seven investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $2.75.

Lloyds Banking Group Stock Performance

Shares of Lloyds Banking Group stock opened at $3.54 on Tuesday. Lloyds Banking Group has a one year low of $2.42 and a one year high of $3.91. The company has a market cap of $53.69 billion, a price-to-earnings ratio of 10.71 and a beta of 1.25. The business’s 50 day moving average price is $3.15 and its 200 day moving average price is $2.99.

Lloyds Banking Group (NYSE:LYG) last announced its quarterly earnings data on Thursday, February 20th. The financial services provider reported $0.05 EPS for the quarter, missing analysts’ consensus estimates of $0.08 by ($0.03). Lloyds Banking Group had a return on equity of 8.46% and a net margin of 11.45%. The company had revenue of $9.46 billion for the quarter, compared to analysts’ expectations of $4.76 billion. On average, analysts predict that Lloyds Banking Group will post 0.27 EPS for the current fiscal year.

Lloyds Banking Group Increases Dividend

The company also recently disclosed a semi-annual dividend, which will be paid on Friday, May 30th. Investors of record on Friday, April 11th will be issued a $0.1035 dividend. This represents a dividend yield of 4%. The ex-dividend date is Friday, April 11th. This is an increase from Lloyds Banking Group’s previous semi-annual dividend of $0.05. Lloyds Banking Group’s payout ratio is currently 60.61%.

Institutional Investors Weigh In On Lloyds Banking Group

Several institutional investors and hedge funds have recently modified their holdings of the company. Aegis Wealth Management LLC purchased a new stake in shares of Lloyds Banking Group in the 4th quarter valued at $269,000. Forum Financial Management LP raised its holdings in shares of Lloyds Banking Group by 35.6% in the 4th quarter. Forum Financial Management LP now owns 181,796 shares of the financial services provider’s stock valued at $494,000 after buying an additional 47,752 shares during the period. Continuum Advisory LLC raised its holdings in shares of Lloyds Banking Group by 5.0% in the 4th quarter. Continuum Advisory LLC now owns 95,882 shares of the financial services provider’s stock valued at $261,000 after buying an additional 4,585 shares during the period. Millennium Management LLC raised its holdings in shares of Lloyds Banking Group by 225.0% in the 4th quarter. Millennium Management LLC now owns 7,098,940 shares of the financial services provider’s stock valued at $19,309,000 after buying an additional 4,914,680 shares during the period. Finally, Logan Capital Management Inc. raised its holdings in shares of Lloyds Banking Group by 1.8% in the 4th quarter. Logan Capital Management Inc. now owns 1,078,041 shares of the financial services provider’s stock valued at $2,932,000 after buying an additional 18,584 shares during the period. Hedge funds and other institutional investors own 2.15% of the company’s stock.

About Lloyds Banking Group

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.