Envestnet Asset Management Inc. Grows Stock Position in Lloyds Banking Group PLC $LYG

Key Points

• Envestnet Asset Management increased its Lloyds Banking Group position by 2.9% in the second quarter, adding 351,626 shares to hold 12.56 million shares valued at approximately $73.25 million.
• Analyst sentiment remains favorable overall, with eight Buy ratings and three Holds giving LYG a “Moderate Buy” consensus, despite recent downgrades by Keefe, Bruyette & Woods and Wall Street Zen.
• Lloyds reported quarterly earnings of $0.13 per share and revenue of $6.57 billion, both below analyst expectations. The company also reduced its dividend to $0.084 from $0.134 per share.

Envestnet Asset Management Inc. increased its position in shares of Lloyds Banking Group PLC (NYSE:LYG - Free Report) by 2.9% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 12,564,633 shares of the financial services provider's stock after purchasing an additional 351,626 shares during the period. Envestnet Asset Management Inc. owned 0.09% of Lloyds Banking Group worth $73,250,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Engineers Gate Manager LP lifted its holdings in Lloyds Banking Group by 66.0% in the 2nd quarter. Engineers Gate Manager LP now owns 394,145 shares of the financial services provider's stock worth $2,298,000 after purchasing an additional 156,739 shares in the last quarter. RFG Advisory LLC bought a new stake in shares of Lloyds Banking Group during the second quarter valued at approximately $82,000. NewEdge Advisors LLC lifted its holdings in shares of Lloyds Banking Group by 16.4% in the second quarter. NewEdge Advisors LLC now owns 33,749 shares of the financial services provider's stock worth $197,000 after buying an additional 4,752 shares in the last quarter. Squarepoint Ops LLC lifted its holdings in shares of Lloyds Banking Group by 67.4% in the second quarter. Squarepoint Ops LLC now owns 642,950 shares of the financial services provider's stock worth $3,748,000 after buying an additional 258,941 shares in the last quarter. Finally, Waverly Advisors LLC boosted its position in shares of Lloyds Banking Group by 19.4% during the second quarter. Waverly Advisors LLC now owns 14,833 shares of the financial services provider's stock worth $86,000 after acquiring an additional 2,410 shares during the last quarter. Institutional investors own 2.15% of the company's stock.

Analyst Ratings Changes

A number of analysts have issued reports on LYG shares. Keefe, Bruyette & Woods downgraded shares of Lloyds Banking Group from a "moderate buy" rating to a "hold" rating in a report on Friday, July 17th. Wall Street Zen downgraded shares of Lloyds Banking Group from a "buy" rating to a "hold" rating in a report on Sunday. Morgan Stanley restated an "overweight" rating on shares of Lloyds Banking Group in a research report on Wednesday, September 2nd. Weiss Ratings upgraded Lloyds Banking Group from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Friday, August 21st. Finally, Bank of America upgraded Lloyds Banking Group from a "neutral" rating to a "buy" rating in a report on Tuesday, September 1st. Eight analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat, the stock has an average rating of "Moderate Buy".

Lloyds Banking Group Stock Performance

Shares of NYSE:LYG opened at $5.78 on Friday. The firm has a fifty day simple moving average of $6.01 and a two-hundred day simple moving average of $5.64. Lloyds Banking Group PLC has a 52 week low of $4.42 and a 52 week high of $6.34. The company has a quick ratio of 0.56, a current ratio of 1.52 and a debt-to-equity ratio of 2.12. The stock has a market capitalization of $83.73 billion, a P/E ratio of 13.43, a PEG ratio of 0.58 and a beta of 0.87.

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

Lloyds Banking Group Cuts Dividend

The company also recently announced a dividend, which was paid on Friday, September 25th. Stockholders of record on Monday, August 10th were issued a $0.0840 dividend. This is a drop from Lloyds Banking Group's previous dividend of $0.1340. The ex-dividend date was Monday, August 10th. This represents a dividend yield of 273.0%. Lloyds Banking Group's dividend payout ratio (DPR) is 39.53%.

Lloyds Banking Group Company Profile

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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