Barclays (LON:BARC) Posts Quarterly Earnings Results

Barclays (LON:BARC) announced its quarterly earnings data on Thursday. The financial services provider reported GBX 12.30 earnings per share (EPS) for the quarter, Digital Look Earnings reports. Barclays had a return on equity of 10.11% and a net margin of 25.61%.

Barclays Stock Performance

Shares of BARC traded down GBX 0.04 during mid-day trading on Thursday, reaching GBX 418.90. The stock had a trading volume of 60,734,355 shares, compared to its average volume of 47,749,660. Barclays has a 12 month low of GBX 361.35 and a 12 month high of GBX 538.30. The firm has a market cap of £55.93 billion, a price-to-earnings ratio of 8.67, a PEG ratio of 1.15 and a beta of 0.91. The business has a fifty day moving average of GBX 468.35 and a 200 day moving average of GBX 472.51.

Key Barclays News

Here are the key news stories impacting Barclays this week:

• Positive Sentiment: Barclays reported a 12% year-over-year increase in third-quarter pretax profit to approximately £2.3 billion, broadly in line with expectations. Strong equities trading and disciplined costs helped offset weaker fixed-income revenue. Barclays Q3 profit rises 12% and announces buyback
• Positive Sentiment: The bank announced a £500 million share buyback, which could support earnings per share and signal confidence in its capital position. Barclays also published third-quarter Pillar 3 capital and liquidity metrics, providing investors with additional balance-sheet information. Barclays publishes Q3 capital and liquidity metrics
• Positive Sentiment: One analyst maintained a Buy rating following the results, while Barclays said its Middle East expansion remains on track. Barclays maintaining Buy rating following Q3 earnings
• Neutral Sentiment: Barclays plans to eliminate about 5,000 positions, or roughly 5% of its workforce, as it expands artificial-intelligence and automation initiatives. Management expects productivity and cost benefits, but investors may focus on execution risks, employee disruption and the possibility that savings will take time to materialize. Barclays plans 5,000 job cuts
• Negative Sentiment: Bank of America maintained a Hold rating and cut its price target to GBX 580, citing an earnings miss and weaker investment-banking revenue. The cautious view may limit the positive effect of the profit growth and buyback. Barclays price target cut

Insider Activity

In related news, insider Julia Wilson acquired 2,033 shares of the business’s stock in a transaction on Tuesday, July 28th. The stock was acquired at an average cost of GBX 497 per share, with a total value of £10,104.01. Also, insider Robert Berry bought 1,908 shares of the company’s stock in a transaction that occurred on Tuesday, July 28th. The shares were bought at an average price of GBX 497 per share, with a total value of £9,482.76. Insiders have bought a total of 27,498 shares of company stock valued at $13,666,506 in the last three months. 0.34% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on BARC shares. Berenberg Bank reiterated a “buy” rating and set a GBX 620 price objective on shares of Barclays in a report on Thursday, September 3rd. Citigroup decreased their price target on Barclays from GBX 510 to GBX 500 and set a “neutral” rating on the stock in a research report on Wednesday, September 23rd. Deutsche Bank Aktiengesellschaft reiterated a “buy” rating and set a GBX 570 target price on shares of Barclays in a research report on Wednesday, July 29th. JPMorgan Chase & Co. lifted their price target on Barclays from GBX 610 to GBX 620 and gave the stock an “overweight” rating in a research note on Tuesday, September 15th. Finally, Royal Bank Of Canada reiterated an “outperform” rating and issued a GBX 550 target price on shares of Barclays in a research report on Wednesday, August 12th. Six research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of GBX 576.67.

Barclays Company Profile

Barclays PLC provides various financial services in the United Kingdom, Europe, the Americas, Africa, the Middle East, and Asia. The company operates through Barclays UK and Barclays International division segments. It offers financial services, such as retail banking, credit cards, wholesale banking, investment banking, wealth management, and investment management services. In addition, the company engages in securities dealing activities. The company was formerly known as Barclays Bank Limited and changed its name to Barclays PLC in January 1985.