Glenmede Trust Co. NA Grows Position in Lloyds Banking Group PLC $LYG

Key Points

• Glenmede Trust increased its Lloyds Banking Group stake by 156.5% in the first quarter, purchasing 191,523 additional shares and bringing its holdings to 313,887 shares valued at approximately $1.58 million.
• Analyst sentiment remains moderately positive, with six Buy ratings and five Holds. However, several firms recently downgraded the stock to Hold, while the consensus rating remains “Moderate Buy.”
• Lloyds shares opened at $6.25, near their 52-week high, despite the company missing quarterly earnings and revenue estimates. The bank also announced a $0.084 dividend, payable September 25 to shareholders of record August 10.

Glenmede Trust Co. NA lifted its position in shares of Lloyds Banking Group PLC (NYSE:LYG - Free Report) by 156.5% in the first quarter, according to its most recent 13F filing with the SEC. The firm owned 313,887 shares of the financial services provider's stock after purchasing an additional 191,523 shares during the quarter. Glenmede Trust Co. NA's holdings in Lloyds Banking Group were worth $1,579,000 as of its most recent filing with the SEC.

Other hedge funds have also recently bought and sold shares of the company. EverSource Wealth Advisors LLC lifted its position in Lloyds Banking Group by 30.0% during the first quarter. EverSource Wealth Advisors LLC now owns 109,264 shares of the financial services provider's stock valued at $550,000 after buying an additional 25,222 shares in the last quarter. Royal Bank of Canada increased its position in shares of Lloyds Banking Group by 12.0% in the first quarter. Royal Bank of Canada now owns 1,202,823 shares of the financial services provider's stock worth $6,050,000 after acquiring an additional 128,775 shares in the last quarter. Empowered Funds LLC raised its stake in shares of Lloyds Banking Group by 18.4% in the 1st quarter. Empowered Funds LLC now owns 301,065 shares of the financial services provider's stock valued at $1,514,000 after acquiring an additional 46,738 shares during the period. Gateway Wealth Partners LLC acquired a new position in shares of Lloyds Banking Group during the 1st quarter valued at $167,000. Finally, Van Diest Capital LLC boosted its position in Lloyds Banking Group by 372.9% during the 1st quarter. Van Diest Capital LLC now owns 126,384 shares of the financial services provider's stock worth $636,000 after purchasing an additional 99,659 shares during the period. Hedge funds and other institutional investors own 2.15% of the company's stock.

Analysts Set New Price Targets

LYG has been the topic of a number of recent research reports. Keefe, Bruyette & Woods cut Lloyds Banking Group from a "moderate buy" rating to a "hold" rating in a research note on Friday, July 17th. Wall Street Zen downgraded Lloyds Banking Group from a "buy" rating to a "hold" rating in a report on Saturday, July 4th. Berenberg Bank initiated coverage on Lloyds Banking Group in a research report on Wednesday, June 24th. They set a "hold" rating on the stock. Morgan Stanley restated an "overweight" rating on shares of Lloyds Banking Group in a report on Tuesday, June 30th. Finally, UBS Group upgraded shares of Lloyds Banking Group from a "neutral" rating to a "buy" rating in a research note on Thursday, April 30th. Six research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat, Lloyds Banking Group currently has a consensus rating of "Moderate Buy".

Lloyds Banking Group Stock Up 0.6%

LYG opened at $6.25 on Thursday. The company has a debt-to-equity ratio of 2.12, a quick ratio of 0.56 and a current ratio of 1.52. The company has a market capitalization of $91.12 billion, a PE ratio of 14.55, a P/E/G ratio of 0.62 and a beta of 0.87. The stock's fifty day moving average is $5.79 and its 200-day moving average is $5.57. 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 released its earnings results 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 firm had revenue of $6.57 billion for the quarter, compared to analyst estimates of $6.86 billion. On average, equities analysts predict that Lloyds Banking Group PLC will post 0.54 EPS for the current fiscal year.

Lloyds Banking Group Cuts Dividend

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

About Lloyds Banking Group

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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