Barclays PLC (BCS) Downgraded by Zacks Investment Research to Hold
Barclays PLC (NYSE:BCS) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “hold” rating in a note issued to investors on Wednesday.
According to Zacks, “Barclays' sustained progress in lowering expenses will lead to enhanced profitability over time. Further, the company remains on track to achieve targeted cost savings this year and has been divesting non-core operations world-wide. Moreover, balance sheet restructuring will support financials in the long run. However, the company's muted revenue growth remains a major concern. Also, the Brexit storm is likely to have an unprecedented adverse effect on its financials in the quarters ahead. Further, the company's profitability is being affected by legal woes and a stringent regulatory landscape.”
Several other equities analysts also recently weighed in on the stock. HSBC upgraded shares of Barclays PLC from a “hold” rating to a “buy” rating in a report on Wednesday. Deutsche Bank AG restated a “hold” rating on shares of Barclays PLC in a report on Friday, September 16th. Citigroup Inc. reiterated a “sell” rating on shares of Barclays PLC in a report on Wednesday, August 31st. Investec upgraded shares of Barclays PLC from a “sell” rating to a “buy” rating in a report on Thursday, August 25th. Finally, Exane BNP Paribas upgraded shares of Barclays PLC from a “neutral” rating to an “outperform” rating in a report on Monday, August 8th. Two investment analysts have rated the stock with a sell rating, nine have issued a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company’s stock. The stock has an average rating of “Hold” and an average target price of $46.91.
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Barclays PLC (NYSE:BCS) opened at 8.62 on Wednesday. The firm’s market capitalization is $29.80 billion. The firm has a 50-day moving average of $8.67 and a 200 day moving average of $9.03. Barclays PLC has a 12-month low of $6.76 and a 12-month high of $15.86.
The company also recently announced a dividend, which was paid on Monday, September 19th. Stockholders of record on Friday, August 12th were given a dividend of $0.052 per share. The ex-dividend date of this dividend was Wednesday, August 10th. Barclays PLC’s payout ratio is currently -31.25%.
Hedge funds and other institutional investors have recently bought and sold shares of the company. Lincluden Management Ltd. boosted its position in Barclays PLC by 2.1% in the second quarter. Lincluden Management Ltd. now owns 164,524 shares of the financial services provider’s stock worth $1,250,000 after buying an additional 3,402 shares during the last quarter. Sterling Capital Management LLC boosted its position in Barclays PLC by 0.5% in the second quarter. Sterling Capital Management LLC now owns 17,517 shares of the financial services provider’s stock worth $133,000 after buying an additional 83 shares during the last quarter. Cypress Wealth Advisors LLC purchased a new position in Barclays PLC during the second quarter worth approximately $113,000. Brigade Capital Management LP purchased a new position in Barclays PLC during the second quarter worth approximately $7,600,000. Finally, Allen Investment Management LLC purchased a new position in Barclays PLC during the second quarter worth approximately $286,000. 2.95% of the stock is currently owned by institutional investors and hedge funds.
Barclays PLC Company Profile
Barclays PLC is a global financial services holding company. The Company is engaged in retail banking, credit cards, wholesale banking, investment banking, wealth management and investment management services. The Company’s segments include Barclays UK and Barclays Corporate & International. The Barclays UK segment incorporates the UK Personal, small UK Corporate and UK Wealth businesses, and the Barclaycard UK consumer credit cards business.
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