Lufax (NYSE:LU) Downgraded by Macquarie

Macquarie cut shares of Lufax (NYSE:LU – Get Rating) from a neutral rating to an underperform rating in a report issued on Tuesday morning, The Fly reports. The brokerage currently has $1.50 target price on the stock.

LU has been the subject of a number of other reports. Credit Suisse Group cut Lufax from a neutral rating to an underperform rating and cut their price objective for the company from $1.70 to $1.40 in a research report on Friday, November 25th. Daiwa Capital Markets cut Lufax from a buy rating to a hold rating in a research report on Friday, November 25th. CLSA raised Lufax from a sell rating to a buy rating in a research report on Monday, November 14th. Citigroup cut Lufax from a buy rating to a neutral rating and cut their price objective for the company from $3.52 to $2.04 in a research report on Monday. Finally, HSBC cut their price objective on Lufax from $4.00 to $3.00 in a research report on Tuesday. Three research analysts have rated the stock with a sell rating, five have assigned a hold rating and two have assigned a buy rating to the company. According to MarketBeat, the stock has a consensus rating of Hold and an average target price of $2.57.

Lufax Stock Performance

Shares of NYSE LU opened at $1.98 on Tuesday. The stock has a 50 day moving average price of $2.53 and a 200 day moving average price of $2.42. Lufax has a 52 week low of $1.26 and a 52 week high of $7.05. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.44 and a current ratio of 1.44. The stock has a market capitalization of $4.53 billion, a PE ratio of 3.60 and a beta of 0.57.

Lufax Cuts Dividend

The business also recently disclosed a semi-annual dividend, which will be paid on Friday, April 21st. Shareholders of record on Friday, April 7th will be paid a dividend of $0.05 per share. The ex-dividend date of this dividend is Wednesday, April 5th. This represents a yield of 9.9%. Lufax’s dividend payout ratio (DPR) is presently 54.55%.

Hedge Funds Weigh In On Lufax

A number of hedge funds have recently added to or reduced their stakes in LU. PNC Financial Services Group Inc. increased its stake in shares of Lufax by 1,344.9% in the 1st quarter. PNC Financial Services Group Inc. now owns 5,693 shares of the company’s stock valued at $31,000 after purchasing an additional 5,299 shares during the last quarter. Mackenzie Financial Corp bought a new position in shares of Lufax in the 4th quarter valued at $31,000. Balentine LLC bought a new position in shares of Lufax in the 3rd quarter valued at $34,000. EverSource Wealth Advisors LLC bought a new position in shares of Lufax in the 3rd quarter valued at $40,000. Finally, Platinum Investment Management Ltd. bought a new position in shares of Lufax in the 2nd quarter valued at $43,000. Institutional investors own 15.24% of the company’s stock.

Lufax Company Profile

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Lufax Holding Ltd operates a technology-empowered personal financial services platform in China. It offers loan products, including unsecured loans and secured loans, as well as consumer finance loans. The company also provides wealth management platforms, such as Lufax (Lu.com), Lu International (Singapore), and Lu International (Hong Kong) to the middle class and affluent investors to invest in products and portfolios; retail credit facilitation services platform that offers small business owners with lending solutions; and technology empowerment solutions for financial institutions.