Lloyds Banking Group (NYSE:LYG) Raised to Neutral at JPMorgan Chase & Co.

Key Points

• JPMorgan Chase & Co. has upgraded Lloyds Banking Group from an "underweight" to a "neutral" rating, reflecting a more positive outlook on the stock.
• Shares of Lloyds Banking Group recently traded at $4.38, showing a 1-year performance range between $2.56 and $4.44.
• In its latest earnings report, the company beat consensus estimates with $0.14 EPS and revenue of $6.13 billion, exceeding expectations of $4.86 billion.

JPMorgan Chase & Co. upgraded shares of Lloyds Banking Group (NYSE:LYG - Free Report) from an underweight rating to a neutral rating in a research note issued to investors on Friday, MarketBeat Ratings reports.

Other equities analysts also recently issued reports about the stock. Keefe, Bruyette & Woods upgraded shares of Lloyds Banking Group from a "hold" rating to a "moderate buy" rating in a report on Thursday, July 17th. Wall Street Zen upgraded shares of Lloyds Banking Group from a "hold" rating to a "buy" rating in a report on Saturday, July 26th. Three equities research analysts have rated the stock with a hold rating, five have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy".

Lloyds Banking Group Stock Down 1.9%

Shares of NYSE:LYG traded down $0.09 during trading hours on Friday, reaching $4.33. The stock had a trading volume of 7,506,646 shares, compared to its average volume of 24,211,113. Lloyds Banking Group has a 1 year low of $2.56 and a 1 year high of $4.44. The firm's 50 day moving average is $4.19 and its 200-day moving average is $3.81. 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 stock has a market capitalization of $64.90 billion, a price-to-earnings ratio of 10.81, a P/E/G ratio of 0.69 and a beta of 1.05.

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

Lloyds Banking Group Cuts Dividend

The business also recently declared a semi-annual dividend, which will be paid on Friday, September 19th. Investors of record on Monday, August 4th will be given a dividend of $0.0655 per share. The ex-dividend date is Monday, August 4th. This represents a yield of 370.0%. Lloyds Banking Group's dividend payout ratio is 30.00%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Millennium Management LLC raised its position in shares of Lloyds Banking Group by 225.0% in the 4th quarter. Millennium Management LLC now owns 7,098,940 shares of the financial services provider's stock valued at $19,309,000 after acquiring an additional 4,914,680 shares during the period. Northern Trust Corp raised its holdings in shares of Lloyds Banking Group by 34.7% during the fourth quarter. Northern Trust Corp now owns 15,604,325 shares of the financial services provider's stock worth $42,444,000 after acquiring an additional 4,021,039 shares during the period. Norges Bank acquired a new stake in shares of Lloyds Banking Group during the fourth quarter worth $5,440,000. Goldman Sachs Group Inc. raised its holdings in shares of Lloyds Banking Group by 6.1% during the first quarter. Goldman Sachs Group Inc. now owns 24,154,117 shares of the financial services provider's stock worth $92,269,000 after acquiring an additional 1,397,163 shares during the period. Finally, Assetmark Inc. grew its stake in shares of Lloyds Banking Group by 147.2% during the 2nd quarter. Assetmark Inc. now owns 2,028,677 shares of the financial services provider's stock worth $8,622,000 after acquiring an additional 1,207,960 shares in the last quarter. Institutional investors and hedge funds own 2.15% of the company's stock.

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.