Raymond James Financial Inc. Increases Holdings in Lloyds Banking Group PLC $LYG

Key Points

• Raymond James Financial Inc. increased its stake in Lloyds Banking Group PLC by 5.4%, now holding approximately $16.62 million in shares after acquiring an additional 222,180 shares.
• Lloyds Banking Group reported a better-than-expected quarterly earnings with an EPS of $0.14, surpassing the consensus estimate of $0.10, alongside projected revenue of $6.13 billion.
• The company recently announced a semi-annual dividend of $0.0655, indicating a significant dividend yield of 370.0%, with a payout ratio currently at 32.50%.

Raymond James Financial Inc. boosted its holdings in shares of Lloyds Banking Group PLC (NYSE:LYG - Free Report) by 5.4% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 4,349,389 shares of the financial services provider's stock after purchasing an additional 222,180 shares during the period. Raymond James Financial Inc.'s holdings in Lloyds Banking Group were worth $16,615,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Focus Partners Wealth purchased a new position in Lloyds Banking Group during the 4th quarter valued at about $31,000. Advisor Resource Council purchased a new position in Lloyds Banking Group during the 1st quarter valued at about $37,000. Earned Wealth Advisors LLC purchased a new position in shares of Lloyds Banking Group during the 1st quarter worth approximately $38,000. SYM FINANCIAL Corp purchased a new position in shares of Lloyds Banking Group during the 1st quarter worth approximately $40,000. Finally, Rainey & Randall Wealth Advisors Inc. purchased a new position in shares of Lloyds Banking Group during the 1st quarter worth approximately $41,000. Hedge funds and other institutional investors own 2.15% of the company's stock.

Wall Street Analyst Weigh In

A number of research firms have weighed in on LYG. Keefe, Bruyette & Woods upgraded Lloyds Banking Group from a "hold" rating to a "moderate buy" rating in a report on Thursday, July 17th. The Goldman Sachs Group upgraded Lloyds Banking Group from a "neutral" rating to a "buy" rating in a report on Tuesday, August 5th. Royal Bank Of Canada upgraded Lloyds Banking Group from a "sector perform" rating to an "outperform" rating in a report on Monday, August 4th. Morgan Stanley reiterated an "overweight" rating on shares of Lloyds Banking Group in a report on Monday, August 4th. Finally, Wall Street Zen downgraded Lloyds Banking Group from a "buy" rating to a "hold" rating in a report on Saturday. One analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and two have given a Hold rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy".

Lloyds Banking Group Stock Down 3.2%

Shares of LYG traded down $0.15 during mid-day trading on Monday, reaching $4.33. The company had a trading volume of 8,521,260 shares, compared to its average volume of 8,033,793. The company has a debt-to-equity ratio of 1.68, a quick ratio of 0.53 and a current ratio of 1.44. The firm has a 50-day moving average price of $4.31 and a 200 day moving average price of $4.00. Lloyds Banking Group PLC has a 52 week low of $2.56 and a 52 week high of $4.62. The company has a market capitalization of $64.73 billion, a price-to-earnings ratio of 10.81, a price-to-earnings-growth ratio of 0.66 and a beta of 1.05.

Lloyds Banking Group (NYSE:LYG - Get Free Report) last released its quarterly earnings data on Thursday, July 24th. The financial services provider reported $0.14 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.10 by $0.04. The business had revenue of $6.13 billion for 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, sell-side analysts forecast that Lloyds Banking Group PLC will post 0.27 EPS for the current year.

Lloyds Banking Group Cuts Dividend

The firm also recently disclosed a semi-annual dividend, which will be paid on Friday, September 19th. Investors of record on Monday, August 4th will be given a $0.0655 dividend. The ex-dividend date of this dividend is Monday, August 4th. This represents a yield of 370.0%. Lloyds Banking Group's dividend payout ratio is 32.50%.

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.