Zacks Investment Research upgraded shares of Barclays (NYSE:BCS) from a strong sell rating to a hold rating in a research note published on Tuesday.
According to Zacks, “Barclays' shares on NYSE have underperformed the industry over the past six months. Also, the company has surpassed the Zacks Consensus Estimate for earnings in only one of the trailing four quarters. It has been facing pressure on revenues owing to weak capital market performance, low interest rates and uncertainty related to Brexit. Further, the U.S. tax act will result in a one-time charge of $1.3 billion in the fourth quarter, thereby hurting the bank's profitability in 2017. However, the bank's restructuring and business simplifying efforts have ended successfully and will likely continue to result in decrease in expenses. Also, the gradually improving profitability is expected to lead to enhanced capital deployment activities.”
Several other brokerages have also weighed in on BCS. Investec lowered shares of Barclays from a buy rating to a hold rating in a research note on Friday, December 15th. UBS Group reaffirmed a buy rating on shares of Barclays in a research note on Monday, December 11th. Goldman Sachs Group reaffirmed a sell rating on shares of Barclays in a research note on Tuesday, December 5th. ValuEngine raised shares of Barclays from a hold rating to a buy rating in a research note on Monday, October 2nd. Finally, BNP Paribas lowered shares of Barclays from an outperform rating to a neutral rating in a research note on Thursday, October 5th. Three investment analysts have rated the stock with a sell rating, seven have given a hold rating and seven have issued a buy rating to the stock. The stock has a consensus rating of Hold and an average price target of $11.25.
Large investors have recently modified their holdings of the stock. Park National Corp OH acquired a new stake in Barclays in the third quarter valued at approximately $109,000. HPM Partners LLC raised its holdings in Barclays by 1.8% during the second quarter. HPM Partners LLC now owns 11,545 shares of the financial services provider’s stock worth $122,000 after purchasing an additional 203 shares in the last quarter. Well Done LLC acquired a new stake in Barclays during the third quarter worth approximately $130,000. ACG Wealth acquired a new stake in Barclays during the third quarter worth approximately $130,000. Finally, Strategic Global Advisors LLC raised its holdings in Barclays by 0.6% during the second quarter. Strategic Global Advisors LLC now owns 16,415 shares of the financial services provider’s stock worth $174,000 after purchasing an additional 94 shares in the last quarter. 2.47% of the stock is currently owned by hedge funds and other institutional investors.
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