Barclays (LON:BARC) Shares Cross Above Two Hundred Day Moving Average – Here’s Why

Barclays PLC (LON:BARC)’s share price crossed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of GBX 462.89 and traded as high as GBX 502.60. Barclays shares last traded at GBX 494.75, with a volume of 18,391,555 shares.

Barclays News Roundup

Here are the key news stories impacting Barclays this week:

• Positive Sentiment: India private banking expansion: Barclays is targeting India’s wealthiest clients as competition for billionaires and other high-net-worth customers intensifies. The strategy could support growth in fee-based wealth management and deepen the bank’s presence in one of the world’s fastest-growing wealth markets. Barclays Targets India’s Richest 1% in Private Banking Boom
• Positive Sentiment: Technical breakout: Barclays shares moved above the 200-day moving average, a level commonly viewed as an indicator of longer-term momentum. The move may attract technical buyers, although the stock is still below its 50-day average. Barclays Shares Pass Above 200-Day Moving Average
• Neutral Sentiment: Heat-related consumer research: Barclays said extreme heat is changing spending patterns among U.K. consumers and businesses. The research could provide useful economic insight, but it does not appear to materially alter Barclays’ earnings outlook. Barclays Says Extreme Heat Is Altering the Behavior of UK Businesses and Consumers
• Negative Sentiment: Former CEO testimony: Former Barclays chief executive Jes Staley’s congressional testimony concerning Jeffrey Epstein keeps reputational and governance issues in the news. Because the matter involves a former executive and no new operational action by Barclays was reported, the direct financial impact appears limited, but continued coverage may weigh modestly on sentiment. Jes Staley Told Congress About Epstein Abuse

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on the company. Jefferies Financial Group restated a “buy” rating and set a GBX 590 price target on shares of Barclays in a research report on Wednesday, July 29th. Deutsche Bank Aktiengesellschaft restated a “buy” rating and issued a GBX 570 target price on shares of Barclays in a research note on Wednesday, July 29th. Royal Bank Of Canada reiterated an “outperform” rating and set a GBX 550 price target on shares of Barclays in a research report on Wednesday, August 12th. Citigroup increased their price objective on shares of Barclays from GBX 505 to GBX 510 and gave the stock a “neutral” rating in a report on Wednesday, July 29th. Finally, JPMorgan Chase & Co. upped their target price on shares of Barclays from GBX 600 to GBX 610 and gave the stock an “overweight” rating in a research report on Wednesday, July 29th. Six investment analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of GBX 575.

Barclays Price Performance

The firm has a market capitalization of £66.98 billion, a P/E ratio of 10.28, a P/E/G ratio of 1.15 and a beta of 0.88. The stock’s 50 day moving average is GBX 512.59 and its two-hundred day moving average is GBX 463.13.

Barclays (LON:BARC) last released its earnings results on Tuesday, July 28th. The financial services provider reported GBX 30.70 EPS for the quarter. Barclays had a net margin of 25.61% and a return on equity of 10.11%. As a group, equities research analysts expect that Barclays PLC will post 39.1062802 EPS for the current year.

Insider Activity

In other news, insider Dawn Fitzpatrick acquired 2,307 shares of Barclays stock in a transaction that occurred on Tuesday, July 28th. The shares were acquired at an average price of GBX 497 per share, with a total value of £11,465.79. Also, insider Nigel Higgins acquired 7,604 shares of the firm’s stock in a transaction that occurred on Tuesday, July 28th. The shares were purchased at an average price of GBX 497 per share, with a total value of £37,791.88. In the last 90 days, insiders have purchased 27,498 shares of company stock valued at $13,666,506. Insiders own 0.35% of the company’s stock.

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.