On July 29, Barclays PLC fell 3.08% in regular trading, trading at $26.15/share, with turnover of $86.33 million.
On the news front, RBC cut its price target on Barclays to GBP5.50 from GBP5.75 while maintaining its Outperform rating. Meanwhile, selling pressure from the Q2 earnings report released the prior trading day continued to weigh on shares. Although Q2 EPS of $0.90 slightly beat the $0.89 consensus and revenue of $11.184 billion topped estimates, the beat margins were limited. Operating costs rose to GBP4.52 billion above expectations, while credit impairment charges climbed 22% year-over-year to GBP571 million, fueling concerns over rising cost and credit risk pressures.
The broader Diversified Banks sector traded lower in tandem, with JPMorgan Chase down 2.29%, Citigroup down 2.92%, Wells Fargo down 2.12%, Bank of Montreal down 2.44%, and Bank of America down 1.39%.
(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)
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