European Financial Stocks Extend Losses on Monday

Royal Bank of Scotland Continues to Get Thrashed

Royal Bank of Scotland Group PLC (NYSE:RBS)’s stock is also getting slammed on Monday and is down by over 11% so far. Shares of the Edinburgh-based bank, which has lost approximately $13.2 million of its market value since Thursday, went offline on the London Stock Exchange on two separate occasions due to huge losses. A total of 10 funds from our database were long Royal Bank of Scotland Group PLC (NYSE:RBS) at the end of the first quarter. Jim Simons’ Renaissance Technologies owns approximately 1.24 million shares of the company.

UK Government Drops Plan to Sell Lloyds Shares

Lloyds Banking Group PLC (ADR) (NYSE:LYG)’s stock has nosedived by more than 14% so far today. The bank lost a fifth of its value on Friday after the Brexit vote. The UK government has dropped its plans to start the sale of approximately $2.64 billion worth of retail shares it still holds in the bank from the financial crisis following uncertainty after Brexit. However, Jefferies International has reiterated its “Buy” rating for the company.  Among the funds tracked by Insider Monkey, 24 funds were bullish on TransUnion (NYSE:TRU) at the end of the first quarter of 2016. The aggregate value of their stakes was approximately $283.6 million.

JPMorgan Downgrades UBS Group

UBS Group AG (USA) (NYSE:UBS)’s stock has declined by more than 7.50% so far today. The Swiss financial services firm was downgraded by analysts at JPMorgan Chase & Co. “Underweight” from “Neutral” in a report published on Monday following the Brexit. Ken Fisher’s Fisher Asset Management owns more than 30.27 million shares of the company, as of the end of the first quarter. It was one of the 12 hedge funds from our database that held stakes in the company at the end of March.

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