Contravisory Investment Management Inc. Buys 438,484 Shares of Barclays PLC $BCS

Key Points

• Contravisory Investment Management Inc. increased its holdings in Barclays PLC by an astonishing 2,893.5%, owning 453,638 shares worth approximately $8.43 million after acquiring 438,484 additional shares in the second quarter.
• A number of institutional investors have also increased their stakes in Barclays, with Acadian Asset Management LLC raising its position by 37.6%, now owning over 33.6 million shares valued at $516.2 million.
• Barclays recently cut its dividend to $0.1557 per share, representing a yield of 210.0%, while also reporting a Q2 EPS of $0.62, surpassing estimates.

Contravisory Investment Management Inc. grew its stake in shares of Barclays PLC (NYSE:BCS - Free Report) by 2,893.5% during the second quarter, according to the company in its most recent disclosure with the SEC. The fund owned 453,638 shares of the financial services provider's stock after buying an additional 438,484 shares during the quarter. Barclays makes up 1.7% of Contravisory Investment Management Inc.'s holdings, making the stock its 26th biggest holding. Contravisory Investment Management Inc.'s holdings in Barclays were worth $8,433,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also recently modified their holdings of BCS. Financial Management Professionals Inc. acquired a new position in shares of Barclays during the first quarter worth $29,000. Elequin Capital LP acquired a new position in shares of Barclays during the first quarter worth $30,000. Wealthquest Corp acquired a new position in shares of Barclays during the first quarter worth $32,000. Zions Bancorporation National Association UT acquired a new position in shares of Barclays during the first quarter worth $40,000. Finally, WPG Advisers LLC acquired a new position in Barclays in the first quarter valued at $40,000. Institutional investors own 3.39% of the company's stock.

Analyst Upgrades and Downgrades

BCS has been the topic of several research reports. Citigroup lowered shares of Barclays from a "buy" rating to a "neutral" rating in a report on Friday, July 18th. Morgan Stanley reissued an "overweight" rating on shares of Barclays in a research report on Tuesday, September 2nd. Wall Street Zen upgraded Barclays from a "hold" rating to a "buy" rating in a research note on Saturday. Finally, Royal Bank Of Canada restated an "outperform" rating on shares of Barclays in a research note on Wednesday, July 16th. Four analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat, Barclays has an average rating of "Moderate Buy".

Barclays Price Performance

Shares of Barclays stock traded down $0.29 on Friday, hitting $20.72. 6,884,134 shares of the company traded hands, compared to its average volume of 8,204,445. The company has a current ratio of 1.38, a quick ratio of 1.38 and a debt-to-equity ratio of 5.70. Barclays PLC has a 12-month low of $11.48 and a 12-month high of $21.13. The firm's 50-day simple moving average is $19.90 and its 200 day simple moving average is $17.67. The company has a market cap of $72.80 billion, a P/E ratio of 9.55, a P/E/G ratio of 0.43 and a beta of 1.14.

Barclays (NYSE:BCS - Get Free Report) last released its earnings results on Tuesday, July 29th. The financial services provider reported $0.62 EPS for the quarter, beating the consensus estimate of $0.50 by $0.12. The company had revenue of $9.58 billion for the quarter, compared to analyst estimates of $7.06 billion. Barclays had a net margin of 22.11% and a return on equity of 8.49%. Analysts expect that Barclays PLC will post 2 earnings per share for the current fiscal year.

Barclays Cuts Dividend

The company also recently declared a semi-annual dividend, which was paid on Tuesday, September 16th. Shareholders of record on Friday, August 8th were issued a $0.1557 dividend. This represents a yield of 210.0%. The ex-dividend date of this dividend was Friday, August 8th. Barclays's dividend payout ratio (DPR) is 14.75%.

Barclays Profile

Barclays PLC provides various financial services in the United Kingdom, Europe, the Americas, Africa, the Middle East, and Asia. The company operates through Barclays UK and Barclays International division segments. It offers financial services, such as retail banking, credit cards, wholesale banking, investment banking, wealth management, and investment management services.