Bank of America Corp DE Grows Stock Holdings in Lloyds Banking Group PLC $LYG

Key Points

• Bank of America increased its Lloyds Banking Group stake by 2.9% in the second quarter, adding 222,310 shares for a total holding of 8.01 million shares valued at approximately $46.7 million.
• Other institutions also built positions, including WCM Investment Management’s new $128.2 million stake; institutional investors collectively own about 2.15% of LYG.
• Lloyds reported quarterly revenue of $6.57 billion and earnings of $0.13 per share, slightly below analyst expectations. Despite mixed results, analysts maintain a “Moderate Buy” consensus, with eight Buy ratings and four Holds.

Bank of America Corp DE raised its stake in Lloyds Banking Group PLC (NYSE:LYG - Free Report) by 2.9% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 8,005,022 shares of the financial services provider's stock after acquiring an additional 222,310 shares during the period. Bank of America Corp DE owned approximately 0.06% of Lloyds Banking Group worth $46,669,000 as of its most recent SEC filing.

Several other hedge funds have also recently made changes to their positions in the stock. WCM Investment Management LLC purchased a new position in shares of Lloyds Banking Group during the 1st quarter worth $128,228,000. Equitable Trust Co. purchased a new stake in shares of Lloyds Banking Group in the first quarter worth $1,906,000. PNC Financial Services Group Inc. raised its position in shares of Lloyds Banking Group by 70.7% during the 1st quarter. PNC Financial Services Group Inc. now owns 482,149 shares of the financial services provider's stock valued at $2,425,000 after purchasing an additional 199,701 shares during the period. Assetmark Inc. raised its position in shares of Lloyds Banking Group by 12.7% during the 1st quarter. Assetmark Inc. now owns 3,849,993 shares of the financial services provider's stock valued at $19,365,000 after purchasing an additional 433,849 shares during the period. Finally, Cetera Investment Advisers lifted its stake in shares of Lloyds Banking Group by 9.6% during the 1st quarter. Cetera Investment Advisers now owns 1,970,659 shares of the financial services provider's stock valued at $9,912,000 after buying an additional 172,594 shares in the last quarter. 2.15% of the stock is owned by hedge funds and other institutional investors.

Lloyds Banking Group Stock Performance

NYSE:LYG opened at $5.89 on Tuesday. The firm has a market capitalization of $85.40 billion, a PE ratio of 13.70, a PEG ratio of 0.59 and a beta of 0.87. The stock's fifty day moving average is $6.04 and its 200 day moving average is $5.63. Lloyds Banking Group PLC has a fifty-two week low of $4.36 and a fifty-two week high of $6.34. The company has a debt-to-equity ratio of 2.12, a quick ratio of 0.56 and a current ratio of 1.52.

Lloyds Banking Group (NYSE:LYG - Get Free Report) last posted its quarterly earnings data on Thursday, July 30th. The financial services provider reported $0.13 earnings per share for the quarter, missing analysts' consensus estimates of $0.14 by ($0.01). Lloyds Banking Group had a net margin of 24.97% and a return on equity of 10.94%. The firm had revenue of $6.57 billion for the quarter, compared to the consensus estimate of $6.86 billion. On average, sell-side analysts anticipate that Lloyds Banking Group PLC will post 0.55 earnings per share for the current year.

Lloyds Banking Group Cuts Dividend

The business also recently declared a dividend, which will be paid on Friday, September 25th. Stockholders of record on Monday, August 10th will be paid a dividend of $0.084 per share. This represents a dividend yield of 273.0%. The ex-dividend date of this dividend is Monday, August 10th. Lloyds Banking Group's payout ratio is currently 39.53%.

Analyst Ratings Changes

LYG has been the topic of several recent analyst reports. Bank of America raised Lloyds Banking Group from a "neutral" rating to a "buy" rating in a research note on Tuesday, September 1st. Keefe, Bruyette & Woods lowered shares of Lloyds Banking Group from a "moderate buy" rating to a "hold" rating in a report on Friday, July 17th. Morgan Stanley reaffirmed an "overweight" rating on shares of Lloyds Banking Group in a research note on Wednesday, September 2nd. Wall Street Zen upgraded shares of Lloyds Banking Group from a "hold" rating to a "buy" rating in a report on Saturday. Finally, Citigroup reiterated a "buy" rating on shares of Lloyds Banking Group in a research note on Thursday, July 16th. Eight analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy".

About Lloyds Banking Group

Lloyds Banking Group plc is a major United Kingdom financial services provider whose shares trade on the New York Stock Exchange under the symbol LYG. The group serves individuals, families, small businesses and larger commercial customers through a range of banking, lending, insurance, investment and wealth-management services.

Its principal brands include Lloyds Bank, Halifax, Bank of Scotland and Scottish Widows. Products and services include current and savings accounts, mortgages, personal loans, credit cards, business banking, commercial lending, investment products, pensions and life insurance.

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