Bank of New York Mellon Corp Sells 692,552 Shares of Lloyds Banking Group PLC $LYG

Key Points

• Bank of New York Mellon reduced its Lloyds Banking Group stake by 42.1%, selling 692,552 shares and retaining 953,414 shares valued at approximately $4.8 million.
• Despite the sale, several institutions increased their positions, including Janney Montgomery Scott, UBS, Jane Street and Millennium Management; institutional investors own 2.15% of Lloyds’ stock.
• Lloyds reported quarterly EPS of $0.13, below the $0.14 consensus, while revenue of $6.57 billion also missed expectations. Analyst sentiment remains a “Moderate Buy,” although several firms recently downgraded the stock to “Hold.”

Bank of New York Mellon Corp lessened its holdings in Lloyds Banking Group PLC (NYSE:LYG - Free Report) by 42.1% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 953,414 shares of the financial services provider's stock after selling 692,552 shares during the quarter. Bank of New York Mellon Corp's holdings in Lloyds Banking Group were worth $4,796,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. Janney Montgomery Scott LLC grew its stake in shares of Lloyds Banking Group by 2,413.7% in the first quarter. Janney Montgomery Scott LLC now owns 3,113,464 shares of the financial services provider's stock worth $15,661,000 after purchasing an additional 2,989,604 shares during the last quarter. UBS Group AG increased its stake in shares of Lloyds Banking Group by 53.9% in the third quarter. UBS Group AG now owns 6,614,695 shares of the financial services provider's stock valued at $30,031,000 after buying an additional 2,317,927 shares during the period. Jane Street Group LLC raised its position in shares of Lloyds Banking Group by 178.3% during the second quarter. Jane Street Group LLC now owns 2,261,115 shares of the financial services provider's stock worth $9,610,000 after acquiring an additional 1,448,691 shares during the last quarter. Millennium Management LLC lifted its stake in shares of Lloyds Banking Group by 17.4% in the third quarter. Millennium Management LLC now owns 8,815,679 shares of the financial services provider's stock worth $40,023,000 after acquiring an additional 1,309,359 shares during the period. Finally, Fisher Asset Management LLC lifted its stake in shares of Lloyds Banking Group by 0.9% in the fourth quarter. Fisher Asset Management LLC now owns 151,258,982 shares of the financial services provider's stock worth $801,673,000 after acquiring an additional 1,300,718 shares during the period. 2.15% of the stock is owned by institutional investors.

Lloyds Banking Group Trading Up 0.6%

LYG opened at $6.25 on Thursday. Lloyds Banking Group PLC has a 1-year low of $4.20 and a 1-year 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 company has a market cap of $91.12 billion, a P/E ratio of 14.55, a price-to-earnings-growth ratio of 0.62 and a beta of 0.87. The company has a fifty day moving average price of $5.79 and a two-hundred day moving average price of $5.57.

Lloyds Banking Group (NYSE:LYG - Get Free Report) last released its quarterly earnings data 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). Lloyds Banking Group had a return on equity of 10.94% and a net margin of 24.97%.The company had revenue of $6.57 billion for the quarter, compared to the consensus estimate of $6.86 billion. Analysts predict that Lloyds Banking Group PLC will post 0.54 EPS for the current fiscal year.

Lloyds Banking Group Cuts Dividend

The company also recently disclosed a dividend, which will be paid on Friday, September 25th. Stockholders of record on Monday, August 10th will be issued a dividend of $0.084 per share. The ex-dividend date is Monday, August 10th. This represents a dividend yield of 272.0%. Lloyds Banking Group's payout ratio is currently 58.14%.

Analyst Ratings Changes

Several research firms have issued reports on LYG. Citigroup restated a "buy" rating on shares of Lloyds Banking Group in a report on Thursday, July 16th. Morgan Stanley reiterated an "overweight" rating on shares of Lloyds Banking Group in a research report on Tuesday, June 30th. Keefe, Bruyette & Woods downgraded shares of Lloyds Banking Group from a "moderate buy" rating to a "hold" rating in a research note on Friday, July 17th. Wall Street Zen cut shares of Lloyds Banking Group from a "buy" rating to a "hold" rating in a research report on Saturday, July 4th. Finally, Weiss Ratings downgraded Lloyds Banking Group from a "buy (b-)" rating to a "hold (c+)" rating in a report on Monday, May 11th. Six investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat.com, Lloyds Banking Group has an average rating of "Moderate Buy".

Lloyds Banking Group Company 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.

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