Lloyds Banking Group (NYSE:LYG) Upgraded by Morgan Stanley to “Overweight” Rating

Lloyds Banking Group (NYSE:LYG) was upgraded by Morgan Stanley from an “equal weight” rating to an “overweight” rating in a report released on Tuesday, Marketbeat.com reports.

Lloyds Banking Group Stock Down 2.1 %

Shares of LYG stock opened at $3.67 on Tuesday. The company’s fifty day simple moving average is $3.02 and its two-hundred day simple moving average is $2.96. Lloyds Banking Group has a 52 week low of $2.35 and a 52 week high of $3.81. The stock has a market cap of $55.74 billion, a P/E ratio of 11.12 and a beta of 1.31.

Lloyds Banking Group (NYSE:LYG) last posted its earnings results on Thursday, February 20th. The financial services provider reported $0.05 EPS for the quarter, missing analysts’ consensus estimates of $0.08 by ($0.03). The firm had revenue of $9.46 billion during the quarter, compared to analysts’ expectations of $4.76 billion. Lloyds Banking Group had a return on equity of 8.46% and a net margin of 11.45%. On average, analysts anticipate that Lloyds Banking Group will post 0.27 EPS for the current fiscal year.

Institutional Investors Weigh In On Lloyds Banking Group

A number of hedge funds have recently bought and sold shares of the business. Apollon Wealth Management LLC increased its holdings in shares of Lloyds Banking Group by 2.8% in the 4th quarter. Apollon Wealth Management LLC now owns 122,641 shares of the financial services provider’s stock worth $334,000 after buying an additional 3,346 shares during the last quarter. Independent Advisor Alliance lifted its holdings in shares of Lloyds Banking Group by 4.8% in the 4th quarter. Independent Advisor Alliance now owns 75,049 shares of the financial services provider’s stock valued at $204,000 after acquiring an additional 3,420 shares during the last quarter. Rehmann Capital Advisory Group grew its position in Lloyds Banking Group by 9.9% in the fourth quarter. Rehmann Capital Advisory Group now owns 38,339 shares of the financial services provider’s stock worth $104,000 after acquiring an additional 3,451 shares in the last quarter. OneDigital Investment Advisors LLC increased its stake in Lloyds Banking Group by 3.5% during the fourth quarter. OneDigital Investment Advisors LLC now owns 109,799 shares of the financial services provider’s stock worth $299,000 after acquiring an additional 3,728 shares during the last quarter. Finally, Brio Consultants LLC raised its position in Lloyds Banking Group by 30.2% during the fourth quarter. Brio Consultants LLC now owns 16,735 shares of the financial services provider’s stock valued at $46,000 after purchasing an additional 3,880 shares during the period. Hedge funds and other institutional investors own 2.15% of the company’s stock.

Lloyds Banking Group Company Profile

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.