Renaissance Technologies LLC Has $12.72 Million Stock Position in Lloyds Banking Group PLC $LYG

Key Points

• Renaissance Technologies increased its Lloyds Banking Group stake by 386.4% in the first quarter, acquiring 2.01 million additional shares for a total position valued at approximately $12.72 million.
• Lloyds reported quarterly EPS of $0.13, below the $0.14 consensus estimate, while revenue of $6.57 billion also missed expectations of $6.86 billion. The stock opened at $6.17, near its 52-week high of $6.34.
• Analyst sentiment remains moderately bullish, with seven Buy ratings and five Holds; Citi maintained a Buy rating while several other firms downgraded the stock to Hold. Lloyds also announced a $0.084-per-share dividend, payable September 25 to shareholders of record August 10.

Renaissance Technologies LLC boosted its stake in shares of Lloyds Banking Group PLC (NYSE:LYG - Free Report) by 386.4% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 2,528,180 shares of the financial services provider's stock after acquiring an additional 2,008,380 shares during the quarter. Renaissance Technologies LLC's holdings in Lloyds Banking Group were worth $12,717,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Tucker Asset Management LLC acquired a new position in shares of Lloyds Banking Group during the fourth quarter worth approximately $27,000. Cornerstone Planning Group LLC increased its holdings in shares of Lloyds Banking Group by 131.2% in the first quarter. Cornerstone Planning Group LLC now owns 5,137 shares of the financial services provider's stock valued at $27,000 after purchasing an additional 2,915 shares in the last quarter. Harbour Investments Inc. raised its position in Lloyds Banking Group by 47.3% in the 4th quarter. Harbour Investments Inc. now owns 6,386 shares of the financial services provider's stock worth $34,000 after purchasing an additional 2,051 shares during the last quarter. Eagle Bay Advisors LLC bought a new position in Lloyds Banking Group in the 4th quarter worth approximately $35,000. Finally, Manchester Capital Management LLC lifted its holdings in Lloyds Banking Group by 1,216.6% during the 4th quarter. Manchester Capital Management LLC now owns 8,163 shares of the financial services provider's stock worth $43,000 after buying an additional 7,543 shares in the last quarter. Institutional investors and hedge funds own 2.15% of the company's stock.

Lloyds Banking Group Price Performance

LYG opened at $6.17 on Friday. The company has a fifty day moving average price of $5.75 and a two-hundred day moving average price of $5.55. The firm has a market capitalization of $89.81 billion, a PE ratio of 14.34, a P/E/G ratio of 0.62 and a beta of 0.87. Lloyds Banking Group PLC has a 52 week low of $4.05 and a 52 week high of $6.34. The company has a debt-to-equity ratio of 2.09, a quick ratio of 0.56 and a current ratio of 0.56.

Lloyds Banking Group (NYSE:LYG - Get Free Report) last posted 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). Lloyds Banking Group had a net margin of 24.97% and a return on equity of 10.95%. The company had revenue of $6.57 billion during the quarter, compared to analyst estimates of $6.86 billion. As a group, analysts anticipate that Lloyds Banking Group PLC will post 0.53 earnings per share for the current year.

Lloyds Banking Group Cuts Dividend

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

Analysts Set New Price Targets

LYG has been the subject of several research reports. Weiss Ratings cut Lloyds Banking Group from a "buy (b-)" rating to a "hold (c+)" rating in a research note on Monday, May 11th. Keefe, Bruyette & Woods lowered Lloyds Banking Group from a "moderate buy" rating to a "hold" rating in a research note on Friday, July 17th. Berenberg Bank began coverage on Lloyds Banking Group in a report on Wednesday, June 24th. They issued a "hold" rating on the stock. Morgan Stanley reiterated an "overweight" rating on shares of Lloyds Banking Group in a research report on Tuesday, June 30th. Finally, Citigroup reissued a "buy" rating on shares of Lloyds Banking Group in a report on Thursday, July 16th. Seven analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy".

More Lloyds Banking Group News

Here are the key news stories impacting Lloyds Banking Group this week:

• Positive Sentiment: Lloyds reported first-half statutory pretax profit of £4.3 billion, up 23% from £3.5 billion a year earlier, exceeding expectations. Management also launched a new strategy focused on improving returns through 2030. Lloyds reports first-half profit up 23%, outlines new strategy
• Positive Sentiment: The bank announced a £1 billion share buyback and raised its dividend by 30% to 1.58 pence per share. The U.S.-listed dividend announcement lists a payment of $0.084 per share for investors of record on August 10, with payment scheduled for September 25. Lloyds hikes dividend and launches share buyback
• Positive Sentiment: Analysts viewed Lloyds’ new targets as potentially conservative. Citi maintained a “buy” rating, citing upside from the bank’s planned consumer ecosystem spanning housing, cars, wealth and insurance. Lloyds targets look conservative
• Positive Sentiment: Lloyds plans to use approximately 800 artificial-intelligence models to reduce costs and support its targets of more than 18% return on tangible equity in 2028 and about 20% in 2030. Lloyds mobilizes AI models to reduce costs
• Neutral Sentiment: The results showed a 25.11% net margin and 10.63% return on equity, while management outlined a multi-year plan centered on growth, efficiency and stronger capital returns. Execution against these targets will be important for future valuation.
• Negative Sentiment: Quarterly EPS was $0.13, below the $0.14 consensus estimate, while revenue of $6.57 billion missed expectations of $6.86 billion. The earnings shortfall may be prompting profit-taking after a strong recent rally. Lloyds quarterly earnings results

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.