QRG Capital Management Inc. Reduces Stock Holdings in Lloyds Banking Group PLC $LYG

Key Points

• QRG Capital Management Inc. reduced its stake in Lloyds Banking Group PLC by 8.5%, holding approximately 2,186,886 shares worth around $9.3 million after selling 204,099 shares in the second quarter.
• Lloyds Banking Group's stock recently appreciated by 1.2% and reported stronger-than-expected quarterly earnings with an EPS of $0.14, surpassing the consensus estimate of $0.10.
• The company announced a semi-annual dividend of $0.0655 per share, representing a substantial yield of 370%, while maintaining a payout ratio of 32.5%.

QRG Capital Management Inc. lowered its position in Lloyds Banking Group PLC (NYSE:LYG - Free Report) by 8.5% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,186,886 shares of the financial services provider's stock after selling 204,099 shares during the quarter. QRG Capital Management Inc.'s holdings in Lloyds Banking Group were worth $9,294,000 at the end of the most recent quarter.

Other hedge funds have also made changes to their positions in the company. V Square Quantitative Management LLC purchased a new position in shares of Lloyds Banking Group in the second quarter valued at $29,000. Opal Wealth Advisors LLC purchased a new position in shares of Lloyds Banking Group in the second quarter valued at $35,000. Ameritas Advisory Services LLC purchased a new position in shares of Lloyds Banking Group in the second quarter valued at $38,000. Halbert Hargrove Global Advisors LLC increased its position in shares of Lloyds Banking Group by 10,836.3% in the second quarter. Halbert Hargrove Global Advisors LLC now owns 9,952 shares of the financial services provider's stock valued at $42,000 after buying an additional 9,861 shares in the last quarter. Finally, Earned Wealth Advisors LLC purchased a new position in shares of Lloyds Banking Group in the first quarter valued at $38,000. Hedge funds and other institutional investors own 2.15% of the company's stock.

Lloyds Banking Group Stock Up 1.2%

LYG opened at $4.59 on Friday. The company has a debt-to-equity ratio of 1.68, a current ratio of 1.44 and a quick ratio of 0.53. The stock has a market capitalization of $68.32 billion, a price-to-earnings ratio of 11.46, a price-to-earnings-growth ratio of 0.67 and a beta of 1.02. The business has a 50-day moving average of $4.45 and a two-hundred day moving average of $4.15. Lloyds Banking Group PLC has a 12 month low of $2.56 and a 12 month high of $4.63.

Lloyds Banking Group (NYSE:LYG - Get Free Report) last posted its quarterly earnings results on Thursday, July 24th. The financial services provider reported $0.14 EPS for the quarter, beating the consensus estimate of $0.10 by $0.04. The company had revenue of $6.13 billion during the quarter, compared to analysts' expectations of $4.86 billion. Lloyds Banking Group had a return on equity of 9.28% and a net margin of 17.51%. On average, research analysts expect that Lloyds Banking Group PLC will post 0.27 earnings per share for the current year.

Lloyds Banking Group Cuts Dividend

The company also recently announced a semi-annual dividend, which was paid on Friday, September 19th. Stockholders of record on Monday, August 4th were issued a dividend of $0.0655 per share. The ex-dividend date was Monday, August 4th. This represents a dividend yield of 370.0%. Lloyds Banking Group's payout ratio is presently 32.50%.

Wall Street Analyst Weigh In

A number of analysts recently commented on the company. Morgan Stanley reiterated an "overweight" rating on shares of Lloyds Banking Group in a research report on Monday, August 4th. Royal Bank Of Canada upgraded Lloyds Banking Group from a "sector perform" rating to an "outperform" rating in a research report on Monday, August 4th. Keefe, Bruyette & Woods upgraded Lloyds Banking Group from a "hold" rating to a "moderate buy" rating in a research report on Thursday, July 17th. The Goldman Sachs Group upgraded Lloyds Banking Group from a "neutral" rating to a "buy" rating in a research report on Tuesday, August 5th. Finally, Weiss Ratings reiterated a "buy (b-)" rating on shares of Lloyds Banking Group in a research report on Saturday, September 27th. One analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy".

About Lloyds Banking Group

Lloyds Banking Group plc, together with its subsidiaries, provides a range of banking and financial services in the United Kingdom and internationally. It operates in three segments: Retail; Commercial Banking; and Insurance, Pensions and Investments. The Retail segment offers a range of financial service products, including current accounts, savings, mortgages, motor finance, unsecured loans, leasing solutions, and credit cards to personal customers.

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