JPMorgan Chase & Co. Cuts Lloyds Banking Group (LON:LLOY) Price Target to GBX 60

Lloyds Banking Group (LON:LLOY) had its price objective trimmed by JPMorgan Chase & Co. from GBX 70 ($0.91) to GBX 60 ($0.78) in a research note published on Friday morning, Borsen Zeitung reports. The brokerage currently has a neutral rating on the financial services provider’s stock.

LLOY has been the subject of several other reports. Barclays reaffirmed an overweight rating on shares of Lloyds Banking Group in a research report on Wednesday, July 17th. Morgan Stanley reissued an overweight rating on shares of Lloyds Banking Group in a research report on Friday, July 26th. Jefferies Financial Group reissued a buy rating and issued a GBX 99 ($1.29) target price on shares of Lloyds Banking Group in a research report on Wednesday, July 31st. Deutsche Bank reissued a buy rating on shares of Lloyds Banking Group in a research report on Thursday, August 1st. Finally, Goldman Sachs Group decreased their target price on Lloyds Banking Group from GBX 67 ($0.88) to GBX 61 ($0.80) and set a neutral rating for the company in a research report on Wednesday, August 14th. One research analyst has rated the stock with a sell rating, eight have given a hold rating and eleven have given a buy rating to the company’s stock. Lloyds Banking Group presently has an average rating of Buy and an average target price of GBX 68.06 ($0.89).

LON:LLOY opened at GBX 49.94 ($0.65) on Friday. The stock has a 50-day simple moving average of GBX 54.40 and a 200-day simple moving average of GBX 59.18. The stock has a market cap of $35.11 billion and a P/E ratio of 9.42. Lloyds Banking Group has a 1 year low of GBX 48.16 ($0.63) and a 1 year high of GBX 66.79 ($0.87).

The business also recently disclosed a dividend, which will be paid on Friday, September 13th. Shareholders of record on Thursday, August 8th will be given a dividend of GBX 1.12 ($0.01) per share. The ex-dividend date is Thursday, August 8th. This represents a yield of 2.03%. Lloyds Banking Group’s payout ratio is 0.57%.

In other Lloyds Banking Group news, insider William Chalmers sold 384,733 shares of the stock in a transaction that occurred on Thursday, August 1st. The stock was sold at an average price of GBX 53 ($0.69), for a total transaction of £203,908.49 ($266,442.56). Also, insider Antonio Horta-Osorio sold 374,554 shares of the stock in a transaction that occurred on Thursday, June 27th. The stock was sold at an average price of GBX 57 ($0.74), for a total value of £213,495.78 ($278,970.05). Insiders have sold a total of 842,868 shares of company stock valued at $46,588,125 over the last ninety days.

About Lloyds Banking Group

Lloyds Banking Group plc provides banking and financial services under the Lloyds Bank, Halifax, Bank of Scotland, and Scottish Widows brands in the United Kingdom and internationally. It operates through three segments: Retail, Commercial Banking, and Insurance and Wealth. The Retail segment offers a range of financial service products, including current accounts, savings accounts, mortgages, motor finance, unsecured consumer loans, leasing solutions, and credit cards to personal and small business customers.

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