First Eagle Investment Management LLC Sells 402,396 Shares of Lloyds Banking Group PLC $LYG

Key Points

• First Eagle Investment Management reduced its Lloyds Banking Group stake by 5.4%, selling 402,396 shares in the second quarter and retaining 7.0 million shares valued at approximately $40.8 million. Institutional investors collectively own 2.15% of the stock.
• Analyst sentiment remains moderately positive, with eight Buy ratings and four Hold ratings. MarketBeat reports a consensus rating of “Moderate Buy,” despite mixed individual updates.
• Lloyds shares opened at $6.07, near their 12-month high of $6.34, while the company’s latest quarterly earnings and revenue fell slightly short of analyst expectations. Analysts forecast full-year earnings of $0.55 per share, and the company declared a $0.084 dividend.

First Eagle Investment Management LLC lessened its stake in Lloyds Banking Group PLC (NYSE:LYG - Free Report) by 5.4% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 7,001,757 shares of the financial services provider's stock after selling 402,396 shares during the quarter. First Eagle Investment Management LLC's holdings in Lloyds Banking Group were worth $40,820,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in the company. HB Wealth Management LLC raised its holdings in shares of Lloyds Banking Group by 8.6% in the 2nd quarter. HB Wealth Management LLC now owns 89,313 shares of the financial services provider's stock valued at $521,000 after purchasing an additional 7,050 shares during the period. Angeles Wealth Management LLC boosted its stake in shares of Lloyds Banking Group by 5.1% during the 2nd quarter. Angeles Wealth Management LLC now owns 41,818 shares of the financial services provider's stock worth $244,000 after acquiring an additional 2,031 shares during the period. William John Sempolinski acquired a new position in shares of Lloyds Banking Group during the 2nd quarter worth approximately $426,000. Greenspring Advisors LLC increased its holdings in shares of Lloyds Banking Group by 4.6% during the 2nd quarter. Greenspring Advisors LLC now owns 61,884 shares of the financial services provider's stock worth $361,000 after acquiring an additional 2,738 shares during the last quarter. Finally, Aletheian Wealth Advisors LLC bought a new stake in Lloyds Banking Group in the 2nd quarter valued at $71,000. 2.15% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on the stock. 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. Citigroup reissued a "buy" rating on shares of Lloyds Banking Group in a research report on Thursday, July 16th. Berenberg Bank started coverage on shares of Lloyds Banking Group in a research note on Wednesday, June 24th. They set a "hold" rating for the company. Weiss Ratings upgraded shares of Lloyds Banking Group from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Friday, August 21st. Finally, Morgan Stanley reissued an "overweight" rating on shares of Lloyds Banking Group in a report on Wednesday. Eight investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy".

Lloyds Banking Group Stock Performance

Shares of NYSE:LYG opened at $6.07 on Monday. Lloyds Banking Group PLC has a 12-month low of $4.31 and a 12-month high of $6.34. The company's 50 day moving average price is $6.05 and its two-hundred day moving average price is $5.61. The firm has a market cap of $88.24 billion, a PE ratio of 14.12, a PEG ratio of 0.62 and a beta of 0.87. The company has a quick ratio of 0.56, a current ratio of 1.52 and a debt-to-equity ratio of 2.12.

Lloyds Banking Group (NYSE:LYG - Get Free Report) last released 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). The business had revenue of $6.57 billion during the quarter, compared to analyst estimates of $6.86 billion. Lloyds Banking Group had a net margin of 24.97% and a return on equity of 10.94%. Equities research analysts predict 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 disclosed a dividend, which will be paid on Friday, September 25th. Shareholders of record on Monday, August 10th will be issued a $0.084 dividend. The ex-dividend date of this dividend is Monday, August 10th. This represents a yield of 273.0%. Lloyds Banking Group's payout ratio is currently 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.

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