Bank of America Corp DE Sells 1,257,041 Shares of Lloyds Banking Group PLC $LYG

Key Points

• Bank of America reduced its Lloyds Banking Group stake by 13.9%, selling 1,257,041 shares and retaining 7,782,712 shares worth approximately $39.1 million. Institutional investors collectively own 2.15% of the company.
• Analyst sentiment remains positive overall, with six Buy ratings and five Holds producing a “Moderate Buy” consensus. UBS upgraded the stock to Buy, while Berenberg and other firms maintained Hold ratings.
• Lloyds reported quarterly earnings of $0.13 per share, slightly below the $0.14 consensus, while revenue of $6.57 billion also missed estimates. Shares recently opened at $6.21, near their 52-week high of $6.34.

Bank of America Corp DE trimmed its stake in shares of Lloyds Banking Group PLC (NYSE:LYG - Free Report) by 13.9% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 7,782,712 shares of the financial services provider's stock after selling 1,257,041 shares during the quarter. Bank of America Corp DE owned approximately 0.05% of Lloyds Banking Group worth $39,147,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Tucker Asset Management LLC acquired a new position in shares of Lloyds Banking Group during the fourth quarter worth $27,000. Cornerstone Planning Group LLC lifted its holdings in Lloyds Banking Group by 131.2% during the 1st quarter. Cornerstone Planning Group LLC now owns 5,137 shares of the financial services provider's stock worth $27,000 after buying an additional 2,915 shares during the period. Harbour Investments Inc. grew its position in shares of Lloyds Banking Group by 47.3% in the 4th quarter. Harbour Investments Inc. now owns 6,386 shares of the financial services provider's stock valued at $34,000 after buying an additional 2,051 shares during the last quarter. Manchester Capital Management LLC grew its position in shares of Lloyds Banking Group by 1,216.6% in the 4th quarter. Manchester Capital Management LLC now owns 8,163 shares of the financial services provider's stock valued at $43,000 after buying an additional 7,543 shares during the last quarter. Finally, Brown Brothers Harriman & Co. increased its stake in shares of Lloyds Banking Group by 149.6% in the fourth quarter. Brown Brothers Harriman & Co. now owns 9,523 shares of the financial services provider's stock valued at $50,000 after buying an additional 5,707 shares during the period. 2.15% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

LYG has been the topic of a number of recent analyst reports. Berenberg Bank assumed coverage on Lloyds Banking Group in a research note on Wednesday, June 24th. They issued a "hold" rating on the stock. Wall Street Zen lowered shares of Lloyds Banking Group from a "buy" rating to a "hold" rating in a report on Saturday, July 4th. Weiss Ratings restated a "hold (c+)" rating on shares of Lloyds Banking Group in a research report on Friday, August 7th. Morgan Stanley reaffirmed an "overweight" rating on shares of Lloyds Banking Group in a research note on Tuesday, June 30th. Finally, UBS Group upgraded shares of Lloyds Banking Group from a "neutral" rating to a "buy" rating in a research report on Thursday, April 30th. Six analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy".

Lloyds Banking Group Stock Performance

Shares of LYG opened at $6.21 on Friday. The company has a debt-to-equity ratio of 2.12, a current ratio of 1.52 and a quick ratio of 0.56. The stock has a 50-day moving average of $5.88 and a 200-day moving average of $5.60. The company has a market cap of $90.53 billion, a PE ratio of 14.45, a P/E/G ratio of 0.62 and a beta of 0.87. Lloyds Banking Group PLC has a one year low of $4.20 and a one year high of $6.34.

Lloyds Banking Group (NYSE:LYG - Get Free Report) last posted its quarterly earnings results 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 return on equity of 10.94% and a net margin of 24.97%.The firm had revenue of $6.57 billion for the quarter, compared to analyst estimates of $6.86 billion. On average, equities research analysts predict that Lloyds Banking Group PLC will post 0.55 EPS for the current fiscal year.

Lloyds Banking Group Cuts Dividend

The firm also recently declared a dividend, which will be paid on Friday, September 25th. Shareholders of record on Monday, August 10th will be paid a dividend of $0.084 per share. This represents a yield of 273.0%. The ex-dividend date is Monday, August 10th. Lloyds Banking Group's payout ratio is 37.21%.

Lloyds Banking Group Profile

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.

Want to see what other hedge funds are holding LYG? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Lloyds Banking Group PLC (NYSE:LYG - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source