Lufax (NYSE:LU) Shares Down 6.1%

Lufax Holding Ltd (NYSE:LU)’s share price dropped 6.1% during trading on Monday . The stock traded as low as $1.03 and last traded at $1.04. Approximately 6,517,331 shares changed hands during trading, a decline of 45% from the average daily volume of 11,813,177 shares. The stock had previously closed at $1.11.

Analyst Upgrades and Downgrades

LU has been the topic of several recent analyst reports. UBS Group lowered Lufax from a “neutral” rating to a “sell” rating and dropped their price target for the company from $1.60 to $1.00 in a research note on Thursday, August 24th. The Goldman Sachs Group cut their price target on Lufax from $1.90 to $1.70 and set a “neutral” rating on the stock in a report on Wednesday, August 23rd. Bank of America lowered their target price on Lufax from $2.50 to $1.80 in a research report on Thursday, July 6th. CLSA decreased their price target on shares of Lufax from $2.70 to $1.40 in a research note on Friday, September 1st. Finally, Sanford C. Bernstein initiated coverage on shares of Lufax in a research note on Thursday, June 8th. They issued an “outperform” rating and a $2.50 price objective on the stock. Three research analysts have rated the stock with a sell rating, five have assigned a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $1.84.

Lufax Stock Performance

The firm has a market capitalization of $2.40 billion, a PE ratio of 8.39, a P/E/G ratio of 1.64 and a beta of 0.80. The company has a debt-to-equity ratio of 0.06, a current ratio of 1.61 and a quick ratio of 1.61. The company’s fifty day simple moving average is $1.44 and its 200 day simple moving average is $1.62.

Lufax (NYSE:LU) last released its quarterly earnings data on Monday, August 21st. The company reported $0.06 earnings per share for the quarter, beating analysts’ consensus estimates of $0.05 by $0.01. The business had revenue of $1.28 billion during the quarter, compared to analyst estimates of $1.54 billion. Lufax had a net margin of 4.69% and a return on equity of 2.20%. As a group, equities research analysts expect that Lufax Holding Ltd will post 0.19 EPS for the current fiscal year.

Lufax Cuts Dividend

The business also recently declared a Semi-Annual dividend, which will be paid on Monday, October 30th. Stockholders of record on Thursday, October 12th will be given a dividend of $0.039 per share. This represents a dividend yield of 6.2%. The ex-dividend date is Wednesday, October 11th. Lufax’s dividend payout ratio is presently 69.24%.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. BlackRock Inc. grew its stake in Lufax by 1,298.8% in the 1st quarter. BlackRock Inc. now owns 28,468,748 shares of the company’s stock worth $158,571,000 after buying an additional 26,433,557 shares in the last quarter. Norges Bank purchased a new stake in Lufax during the fourth quarter valued at about $29,422,000. Renaissance Technologies LLC lifted its stake in Lufax by 201.2% during the fourth quarter. Renaissance Technologies LLC now owns 14,218,752 shares of the company’s stock worth $27,584,000 after purchasing an additional 9,497,776 shares during the last quarter. Yunqi Capital Ltd increased its position in shares of Lufax by 130.1% during the 2nd quarter. Yunqi Capital Ltd now owns 14,895,523 shares of the company’s stock valued at $21,301,000 after purchasing an additional 8,423,243 shares during the last quarter. Finally, State Street Corp lifted its position in Lufax by 260.0% in the 1st quarter. State Street Corp now owns 10,097,656 shares of the company’s stock worth $56,243,000 after buying an additional 7,292,397 shares during the last quarter. 17.40% of the stock is owned by institutional investors.

About Lufax

Lufax Holding Ltd operates a technology-empowered personal financial services platform in China. The company offers loan products, including unsecured loans and secured loans, as well as consumer finance loans. It 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.