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Share Name Share Symbol Market Type Share ISIN Share Description
Barclays Plc LSE:BARC London Ordinary Share GB0031348658 ORD 25P
  Price Change % Change Share Price Shares Traded Last Trade
  -0.24p -0.16% 149.26p 29,139,281 16:35:12
Bid Price Offer Price High Price Low Price Open Price
149.06p 149.14p 151.56p 148.88p 150.78p
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Banks 21,136.00 3,494.00 9.40 15.9 25,733.9

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Date Time Title Posts
25/5/201912:27ACTIVE BARCLAYS TRADERS CLUB130,676
22/5/201916:07THE BANKERS ARE THE WANKERS SOCIETY21
19/4/201908:05Smart Investor Problem70
20/2/201908:13911- THE BIGGEST TV LIE IN HISTORY...THE AIR LINERS WERE FAKED!32
23/2/201808:35BARC and other bank charts43

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Barclays (BARC) Most Recent Trades

Trade Time Trade Price Trade Size Trade Value Trade Type
2019-05-24 15:35:12149.267,124,66210,634,270.50UT
2019-05-24 15:30:04149.10599893.11O
2019-05-24 15:29:59149.06194289.18O
2019-05-24 15:29:59149.068751,304.28O
2019-05-24 15:29:59149.068121,210.37O
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Barclays (BARC) Top Chat Posts

DateSubject
25/5/2019
09:20
Barclays Daily Update: Barclays Plc is listed in the Banks sector of the London Stock Exchange with ticker BARC. The last closing price for Barclays was 149.50p.
Barclays Plc has a 4 week average price of 147.66p and a 12 week average price of 147.66p.
The 1 year high share price is 209.80p while the 1 year low share price is currently 145p.
There are currently 17,240,956,167 shares in issue and the average daily traded volume is 37,145,549 shares. The market capitalisation of Barclays Plc is £25,733,851,174.86.
25/4/2019
17:51
bernie37: Barclays shares: Optimists see an opportunity by Graeme Evans from interactive investor | 25th April 2019 12:24 These results do not impress, but there's lots going on at Barclays and plenty to interest investors. Without the attention generated by activist investor Edward Bramson, it's likely that today's lacklustre investment banking performance at Barclays (LSE:BARC) may have been passed off as just another quarter blighted by difficult market conditions. After all, US rivals such as Goldman Sachs and JP Morgan's corporate and investment banking arm have already reported sharp falls in Q1 profitability in recent days. But with Bramson gunning for a seat on the Barclays board at next week's AGM, today's 11% drop in income in corporate and investment banking serves to heighten scrutiny on his campaign for the division to be shrunk in favour of boosting shareholder returns. Bramson, whose investment vehicle has built up a 5.5% stake in Barclays, believes it is better to refocus the group on its lower-risk retail operations in the same way that rival Lloyds Banking Group (LSE:LLOY) has already done. CEO Jes Staley is sticking by his strategy and points out today that the investment banking division outperformed its rivals in a testing quarter that meant the bank's overall return on tangible equity (RoTE) fell to 9.6% from 11% a year earlier. He insists the bank, whose shares trade with a forward yield of just over 4%, remains well-positioned to increase cash returns to shareholders whilst still maintaining a strong capital position. However, this "jam tomorrow" promise of potential buy-backs has so far failed to convince investors in spite of a large number of 'buy' recommendations. Source: TradingView Past performance is not a guide to future performance Shares have now languished below 200p for almost a year, with the stock down another 2% to 163p today. Broker UBS, however, continues to think the stock has the potential to be trading at 230p, while Shore Capital has reiterated its target price of 290p. UBS analyst Jason Napier believes bombed-out UK bank share prices now offer good value, particularly as retail competition appears to have stabilised and regulators are allowing decent levels of capital returns. Napier expects Barclays, The Royal Bank of Scotland (LSE:RBS) and Standard Chartered (LSE:STAN) to follow the lead of Lloyds and HSBC (LSE:HSBA) in starting buy-backs in the next year. Brexit clarity - if achieved - should also allow margin-enhancing rate hikes, he added. In a note published this week, Napier said UBS had 'buy' recommendations on RBS and Lloyds, with price targets of 80p and 290p respectively. RBS investors will be hoping that today's departure of Ross McEwan triggers an upturn in fortunes for the share price, which is almost a third lower than when he took the helm in October 2013. In fairness to McEwan, he has delivered on the strategy he set out at the time of his arrival by retrenching from many overseas markets and bringing the group back to profit as a much slimmer entity. Investors will hear more about progress in Q1 results tomorrow. UK equity investors might also like these recommended funds ii Super 60 funds for income investors For Barclays, today's performance was a mixed bag after group income came in 3% below consensus but costs were better. Should softer income conditions persist, Barclays said it was in a position to cut costs deeper than the current 2019 spending guidance of between £13.6 billion and £13.9 billion. It is sticking by its core targets to achieve RoTEs of 9% in 2019 and 10% in 2020. The figure was 8.5% in 2018, with Barclays UK achieving a 16.7% RoTE compared with 8.7% for Barclays International. The Barclays retail division nudged underlying profits 1% higher to £600 million in the quarter, with continuing margin pressures offset by growth in mortgages and deposits. The RoTE was 16.4%. In international, a RoTE of 10.6% reflected the drop in investment banking income due to reduced client activity, lower volatility and a smaller banking fee pool across the industry. Markets income decreased 6% to £1.37 billion, while banking fees income declined 17%. UBS said: "After the US reporting season it is not news that industry capital markets income was poor in Q1. Even so, Barclays revenues were weaker than consensus in both key operating divisions." These articles are provided for information purposes only. Occasionally, an opinion about whether to buy or sell a specific investment may be provided by third parties. The content is not intended to be a personal recommendation to buy or sell any financial instrument or product, or to adopt any investment strategy as it is not provided based on an assessment of your investing knowledge and experience, your financial situation or your investment objectives. The value of your investments, and the income derived from them, may go down as well as up. You may not get back all the money that you invest. The investments referred to in this article may not be suitable for all investors, and if in doubt, an investor should seek advice from a qualified investment adviser.
15/4/2019
16:31
bernie37: Edward Bramson's stalking of Barclays bank reaps him £7m in fees since securing support from investors Bramson is trying for a place on Barclays' board at its shareholder meeting He helped build a 5.5% stake in the bank with backing from major institutions Bramson will earn a hefty fee from the vehicle he set up to buy his Barclays stake By HELEN CAHILL, FINANCIAL MAIL ON SUNDAY PUBLISHED: 21:57, 13 April 2019 | UPDATED: 10:45, 14 April 2019 e-mail 6 View comments Bramson is trying to win a place on Barclays' board at its annual shareholder meeting Bramson is trying to win a place on Barclays' board at its annual shareholder meeting The corporate raider stalking Barclays bank has made himself an estimated £7million in fees since securing support from investors, according to an analysis seen by The Mail on Sunday. Edward Bramson is trying to win a place on Barclays' board at its annual shareholder meeting on May 2 after building a 5.5 per cent stake in the bank. He raised the funds for the investment from major institutions such as Aviva, Fidelity and Invesco. But it has now emerged that Bramson will earn a hefty fee for his work managing Sherborne Investors Guernsey C, the name of the vehicle he set up to buy his Barclays stake. Bramson earns fees even if he does not secure a board seat at Barclays or execute his turnaround plan. RELATED ARTICLES Previous 1 Next Can it get any worse for Centrica shareholders? Dividend... Finding a replacement for Bank of England boss Mark Carney... Taxi app founder Travis Kalanick poised to join the Uber... Spend it like Meghan (well, maybe not quite): From gender... SHARE THIS ARTICLE Share In an attack on the bank's management last week, he said the decline in Barclays' share price was not solely to do with Brexit. He also warned that Barclays' commitment to its investment bank was 'untenable' and that the bank may need to raise new capital if there was a downturn. In a letter to shareholders, Sherborne said: 'We believe the market's evaluation of Barclays' shares reflects the growing risks that the corporate and investment bank poses to Barclays' overall financial position – and that the market does not share the board's optimism that the hidden merits of its strategy will eventually become apparent.' The activist investor's fees are partly tied to how Barclays' share price performs. Payments will rise further if he secures a seat as an executive director or chairman. Barclays last week admitted that it was 'dissatisfied' with its recent share price performance +1 Barclays last week admitted that it was 'dissatisfied' with its recent share price performance Barclays last week slammed Bramson's letter. The bank admitted that it was 'dissatisfied' with its recent share price performance. But it said Bramson's presence on the board would be destabilising. It added: 'Mr Bramson is not someone the board believes will help either as a board member or as a colleague. 'We believe his letter demonstrates a preconceived viewpoint and a poor understanding of Barclays and its corporate and investment bank. 'Mr Bramson misunderstands the drivers of that business and his analysis is based on a flawed understanding of complex banking organisations and reaches conclusions that are inconsistent with the data.' Bramson is expected to continue his campaign even if he does not win shareholder support in next month's vote. The activist investor normally holds an investment for a period of 28 months, so he could earn as much as £12million in fees even if he does not gain a seat on the Barclays' board. Barclays and Sherborne declined to comment.
26/3/2019
16:52
bernie37: Have Insiders Been Buying Barclays PLC (LON:BARC) Shares? It is not uncommon to see companies perform well in the years after insiders buy shares. Unfortunately, there are also plenty of examples of share prices declining precipitously after insiders have sold shares. So before you buy or sell Barclays PLC (LON:BARC), you may well want to know whether insiders have been buying or selling. What Is Insider Selling? It is perfectly legal for company insiders, including board members, to buy and sell stock in a company. However, such insiders must disclose their trading activities, and not trade on inside information. Insider transactions are not the most important thing when it comes to long-term investing. But logic dictates you should pay some attention to whether insiders are buying or selling shares. As Peter Lynch said, 'insiders might sell their shares for any number of reasons, but they buy them for only one: they think the price will rise.' See our latest analysis for Barclays Barclays Insider Transactions Over The Last Year Ashok Vaswani made the biggest insider sale in the last 12 months. That single transaction was for UK£732k worth of shares at a price of UK£2.06 each. While the sale doesn't make us feel confident, we do note it was conducted at a price well above the current share price, which is UK£1.63. So it is hard to draw any strong conclusion from it. Happily, we note that in the last year insiders paid UK£2.8m for 1.51m shares. On the other hand they divested 435.39k shares, for UK£878k. In the last twelve months there was more buying than selling by Barclays insiders. Their average price was about UK£1.87. These transactions suggest that insiders have considered the current price of UK£1.63 attractive. The chart below shows insider transactions (by individuals) over the last year. If you want to know exactly who sold, for how much, and when, simply click on the graph below! Barclays is not the only stock that insiders are buying. For those who like to find winning investments this free list of growing companies with recent insider purchasing, could be just the ticket. Barclays Insiders Bought Stock Recently Over the last three months, we've seen significantly more insider buying, than insider selling, at Barclays. In total, 13 insiders bought UK£208k worth of shares in that time. On the other hand, Group General Counsel Robert Hoyt netted UK£82k by selling. We think insiders may be optimistic about the future, since insiders have been net buyers of shares. Insider Ownership Looking at the total insider shareholdings in a company can help to inform your view of whether they are well aligned with common shareholders. Usually, the higher the insider ownership, the more likely it is that insiders will be incentivised to build the company for the long term. It appears that Barclays insiders own 0.07% of the company, worth about UK£20m. While this is a strong but not outstanding level of insider ownership, it's enough to indicate some alignment between management and smaller shareholders. So What Does This Data Suggest About Barclays Insiders? The recent insider purchases are heartening. We also take confidence from the longer term picture of insider transactions. When combined with notable insider ownership, these factors suggest Barclays insiders are well aligned, and that they may think the share price is too low. Of course, the future is what matters most. So if you are interested in Barclays, you should check out this free report on analyst forecasts for the company. But note: Barclays may not be the best stock to buy. So take a peek at this free list of interesting companies with high ROE and low debt. We aim to bring you long-term focused research analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material.
R32;If you spot an error that warrants correction, please contact the editor at editorial-team@simplywallst.com. This article by Simply Wall St is general in nature. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. Simply Wall St has no position in the stocks mentioned. Thank you for reading.
26/3/2019
13:50
portside1: hares"). 1. On 8 March 2019 the Company granted conditional awards to acquire Shares under: a. the Barclays Long Term Incentive Plan ("LTIP"); b. the Barclays Group Share Value Plan ("SVP"); and c. the Barclays Group Deferred Share Value Plan ("DSVP"), in respect of the deferred Share portion of PDMRs' variable remuneration for 2018. These awards are subject to continued employment over the deferral period and, in the case of the LTIP, also to the satisfaction of performance conditions over the 3 year performance period (2019 - 2021). Director/ PDMR SVP/DSVP LTIP Total Gross Gross value Net value (Shares) (Shares) (Shares) at award at award (GBP) (GBP) Jes Staley 443,951 2,681,618 3,125,569 GBP3,956,200 n/a ------------------------- ---------- ------------ -------------- ---------- Tushar Morzaria 220,968 1,806,625 2,027,593 GBP2,549,000 n/a ------------------------- ---------- ------------ -------------- ---------- Paul Compton 1,592,332 1,592,332 GBP2,075,000 n/a ------------------------- ---------- ------------ -------------- ---------- Bob Hoyt 1,132,127 1,132,127 GBP1,560,469 n/a ------------------------- ---------- ------------ -------------- ---------- Laura Padovani 225,828 225,828 GBP277,500 n/a ------------------------- ---------- ------------ -------------- ---------- Tristram Roberts 618,319 618,319 GBP800,000 n/a ------------------------- ---------- ------------ -------------- ---------- Tim Throsby 2,340,536 2,340,536 GBP3,050,000 n/a ------------------------- ---------- ------------ -------------- ---------- Ashok Vaswani 901,682 901,682 GBP1,175,000 n/a ------------------------- ---------- ------------ -------------- ---------- C.S. Venkatakrishnan 805,758 805,758 GBP1,050,000 n/a ------------------------- ---------- ------------ -------------- ---------- Total 8,281,501 4,488,243 12,769,744 GBP16,493,169 n/a ------------------------- ---------- ------------ -------------- ---------- The number of Shares awarded is based on the 10 a.m. Share price on the London Stock Exchange on 8 March 2019 of GBP1.5952, discounted to the spot rate at grant to reflect the absence of dividend equivalents during the deferral period. 2. On 8 March 2019 the trustee of the Barclays Group (PSP) Employees' Benefit Trust ("Trustee") notified the Company that on that date it delivered Shares in respect of the delivery of the non-deferred Share portion of PDMRs' variable remuneration for 2018 performance year (the Share Incentive Award (Holding Period) Shares ("SIA (HP)")). The Shares are subject to a 12 month holding period during which they cannot be charged, pledged, transferred or otherwise encumbered. Director/ PDMR Gross - SIA Net - SIA Gross value Net value (HP) (Shares) (HP) (Shares) (GBP) (GBP) Jes Staley 125,376 53,072 GBP200,000 GBP84,660 ------------------------- --------------- ------------- ----------- Tushar Morzaria 125,376 66,450 GBP200,000 GBP106,001 ------------------------- --------------- ------------- ----------- Paul Compton 125,376 55,580 GBP200,000 GBP88,661 ------------------------- --------------- ------------- ----------- Bob Hoyt 125,376 66,450 GBP200,000 GBP106,001 ------------------------- --------------- ------------- ----------- Laura Padovani 115,972 61,466 GBP185,000 GBP98,051 ------------------------- --------------- ------------- ----------- Tristram Roberts 125,376 66,450 GBP200,000 GBP106,001 ------------------------- --------------- ------------- ----------- Tim Throsby 125,376 66,450 GBP200,000 GBP106,001 ------------------------- --------------- ------------- ----------- Ashok Vaswani 125,376 66,450 GBP200,000 GBP106,001 ------------------------- --------------- ------------- ----------- C.S. Venkatakrishnan 125,376 61,410 GBP200,000 GBP97,961 ------------------------- --------------- ------------- ----------- Total 1,118,980 563,778 GBP1,785,000 GBP899,339 ------------------------- --------------- ------------- ----------- The number of Shares delivered is based on the 10 a.m. Share price on the London Stock Exchange on 8 March 2019 of GBP1.5952. 3. On 8 March 2019 the Trustee notified the Company that on that date it delivered Shares in respect of the quarterly payment of the Share element of PDMRs' fixed remuneration for the three month period to 31 March 2019. The Shares are subject to a holding period with restrictions lifting in equal tranches over five years (20% each year). Director/ PDMR Gross - Fixed Net - Fixed Gross value Net value Pay (Shares) Pay (Shares) (GBP) (GBP) Jes Staley 184,146 77,950 GBP293,750 GBP124,346 -------------------------- -------------- ------------- ------------- Tushar Morzaria 129,294 68,526 GBP206,250 GBP109,313 -------------------------- -------------- ------------- ------------- Paul Compton 172,392 76,422 GBP275,000 GBP121,908 -------------------------- -------------- ------------- ------------- Bob Hoyt 148,884 78,909 GBP237,500 GBP125,876 -------------------------- -------------- ------------- ------------- Laura Padovani 70,524 37,378 GBP112,500 GBP59,625 -------------------------- -------------- ------------- ------------- Tristram Roberts 113,622 60,220 GBP181,250 GBP96,063 -------------------------- -------------- ------------- ------------- Tim Throsby 344,784 182,736 GBP550,000 GBP291,500 -------------------------- -------------- ------------- ------------- Ashok Vaswani 129,294 68,526 GBP206,250 GBP109,313 -------------------------- -------------- ------------- ------------- C.S. Venkatakrishnan 168,474 82,519 GBP268,750 GBP131,634 -------------------------- -------------- ------------- ------------- Total 1,461,414 733,186 GBP2,331,250 GBP1,169,578 -------------------------- -------------- ------------- ------------- The number of Shares delivered is based on the 10 a.m. Share price on the London Stock Exchange on 8 March 2019 of GBP1.5952. 4. On 8 March 2019 the Trustee notified the Company that on that date it delivered Shares in respect of the release of Share awards granted in prior years (including the buy-out of former-employer awards forfeited on joining Barclays) under: a. the LTIP; b. the SVP; c. Schedule 1 to the SVP (the "JSVP"); d. the DSVP; and e. Schedule 1 to the DSVP (the "JDSVP"). Director/ SVP/DSVP JSVP/JDSVP LTIP 2016-2018 Total Total Gross Net value PDMR (Shares) (Shares) (Shares) Gross net (Shares) value (GBP) (Shares) (GBP) Tushar Morzaria 90,671 0 529,660 620,331 328,776 GBP989,552 GBP524,463 ---------- ----------- --------------- ---------- -------------- ------------- ------------- Paul Compton 420,527 924,199 0 1,344,726 596,118 GBP2,145,107 GBP950,927 ---------- ----------- --------------- ---------- -------------- ------------- ------------- Bob Hoyt 239,921 0 0 239,921 127,159 GBP382,722 GBP202,844 ---------- ----------- --------------- ---------- -------------- ------------- ------------- Laura Padovani 21,257 0 0 21,257 11,267 GBP33,909 GBP17,973 ---------- ----------- --------------- ---------- -------------- ------------- ------------- Tristram Roberts 136,814 0 0 136,814 72,512 GBP218,246 GBP115,671 ---------- ----------- --------------- ---------- -------------- ------------- ------------- Tim Throsby 0 2,252,440 0 2,252,440 1,193,793 GBP3,593,092 GBP1,904,339 ---------- ----------- --------------- ---------- -------------- ------------- ------------- Ashok Vaswani 194,015 0 0 194,015 102,828 GBP309,493 GBP164,031 ---------- ----------- --------------- ---------- -------------- ------------- ------------- C.S. Venkatakrishnan 0 393,884 0 393,884 192,925 GBP628,324 GBP307,754 ---------- ----------- --------------- ---------- -------------- ------------- ------------- Total 1,103,203 3,570,523 529,660 5,203,388 2,625,378 GBP8,300,445 GBP4,188,005 ---------- ----------- --------------- ---------- -------------- ------------- ------------- The number of Shares delivered is based on the 10 a.m. Share price on the London Stock Exchange on 8 March 2019 of GBP1.5952. Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them 1 Details of the person discharging managerial responsibilities / person closely associated a) Name Jes Staley -------------------------- --------------------------------------------- 2 Reason for the notification ------------------------------------------------------------------------- a) Position/status Group Chief Executive Officer -------------------------- --------------------------------------------- b) Initial notification Initial notification /Amendment -------------------------- --------------------------------------------- 3 Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor ------------------------------------------------------------------------- a) Name Barclays PLC -------------------------- --------------------------------------------- b) LEI 213800LBQA1Y9L22JB70 -------------------------- --------------------------------------------- 4 Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted ------------------------------------------------------------------------- a) Description of the Ordinary shares with a nominal value financial instrument, of 25 pence each ("Shares") type of instrument GB0031348658 Identification code -------------------------- --------------------------------------------- b) Nature of the transaction The Company granted the individual described above a conditional award to acquire Shares under the Barclays Share Value Plan (the "Award"). Shares under the Award typically vest in two tranches over two years. -------------------------- --------------------------------------------- c) Price(s) and volume(s) Price(s) Volume(s): Number of Shares received GBP1.5952 per share 443,951 -------------------- -------------------------- --------------------------------------------- d) Aggregated information Not applicable - Aggregated volume - Price -------------------------- --------------------------------------------- e) Date of the transaction 2019-03-08 -------------------------- --------------------------------------------- f) Place of the transaction London Stock Exchange (XLON) -------------------------- --------------------------------------------- 1 Details of the person discharging managerial responsibilities / person closely associated a) Name Tushar Morzaria -------------------------- --------------------------------------------- 2 Reason for the notification ------------------------------------------------------------------------- a) Position/status Group Finance Director -------------------------- --------------------------------------------- b) Initial notification Initial notification /Amendment -------------------------- --------------------------------------------- 3 Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor ------------------------------------------------------------------------- a) Name Barclays PLC -------------------------- --------------------------------------------- b) LEI 213800LBQA1Y9L22JB70 -------------------------- --------------------------------------------- 4 Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted ------------------------------------------------------------------------- a) Description of the Ordinary shares with a nominal value financial instrument, of 25 pence each ("Shares") type of instrument GB0031348658 Identification code -------------------------- --------------------------------------------- b) Nature of the transaction The Company granted the individual described above a conditional award to acquire Shares under the Barclays Share Value Plan (the "Award"). Shares under the Award typically vest in two tranches over two years. -------------------------- --------------------------------------------- c) Price(s) and volume(s) Price(s) Volume(s): Number of Shares received GBP1.5952 per share 220,968 -------------------- -------------------------- --------------------------------------------- d) Aggregated information Not applicable - Aggregated volume - Price -------------------------- --------------------------------------------- e) Date of the transaction 2019-03-08 -------------------------- --------------------------------------------- f) Place of the transaction London Stock Exchange (XLON) -------------------------- --------------------------------------------- 1 Details of the person discharging managerial responsibilities / person closely associated a) Name Paul Compton -------------------------- ---------------------------------------------- 2 Reason for the notification -------------------------------------------------------------------------- a) Position/status Group Chief Operating Officer -------------------------- ---------------------------------------------- b) Initial notification Initial notification /Amendment -------------------------- ---------------------------------------------- 3 Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor -------------------------------------------------------------------------- a) Name Barclays PLC -------------------------- ---------------------------------------------- b) LEI 213800LBQA1Y9L22JB70 -------------------------- ---------------------------------------------- 4 Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted -------------------------------------------------------------------------- a) Description of the Ordinary shares with a nominal value financial instrument, of 25 pence each ("Shares") type of instrument Identification code GB0031348658 -------------------------- ---------------------------------------------- b) Nature of the transaction The Company granted the individual described above a conditional award to acquire Shares under the Barclays Deferred Share Value Plan (the "Award"). Shares under the Award typically vest in five tranches over seven years. -------------------------- ---------------------------------------------- c) Price(s) and volume(s) Price(s) Volume(s): Number of Shares received GBP1.5952 per share 1,592,332 -------------------- -------------------------- ---------------------------------------------- d) Aggregated information Not applicable - Aggregated volume - Price -------------------------- ---------------------------------------------- e) Date of the transaction 2019-03-08 -------------------------- ---------------------------------------------- f) Place of the transaction London Stock Exchange (XLON) -------------------------- ---------------------------------------------- 1 Details of the person discharging managerial responsibilities / person closely associated a) Name Bob Hoyt -------------------------- --------------------------------------------- 2 Reason for the notification ------------------------------------------------------------------------- a) Position/status Group General Counsel -------------------------- --------------------------------------------- b) Initial notification Initial notification /Amendment -------------------------- --------------------------------------------- 3 Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor ------------------------------------------------------------------------- a) Name Barclays PLC -------------------------- --------------------------------------------- b) LEI 213800LBQA1Y9L22JB70 -------------------------- --------------------------------------------- 4 Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted ------------------------------------------------------------------------- a) Description of the Ordinary shares with a nominal value financial instrument, of 25 pence each ("Shares") type of instrument Identification code GB0031348658 -------------------------- --------------------------------------------- b) Nature of the transaction The Company granted the individual described above conditional awards to acquire Shares under the Barclays Deferred Share Value Plan (the "Award"). Shares under the Award typically vest in five tranches over five years. -------------------------- --------------------------------------------- c) Price(s) and volume(s) Price(s) Volume(s): Number of Shares received GBP1.5952 per share 1,132,127 -------------------- -------------------------- --------------------------------------------- d) Aggregated information Not applicable - Aggregated volume - Price -------------------------- --------------------------------------------- e) Date of the transaction 2019-03-08 -------------------------- --------------------------------------------- f) Place of the transaction London Stock Exchange (XLON) -------------------------- --------------------------------------------- 1 Details of the person discharging managerial responsibilities / person closely associated a) Name Laura Padovani -------------------------- --------------------------------------------- 2 Reason for the notification ------------------------------------------------------------------------- a) Position/status Group Chief Compliance Officer -------------------------- --------------------------------------------- b) Initial notification Initial notification /Amendment -------------------------- --------------------------------------------- 3 Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor ------------------------------------------------------------------------- a) Name Barclays PLC -------------------------- --------------------------------------------- b) LEI 213800LBQA1Y9L22JB70 -------------------------- --------------------------------------------- 4 Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted ------------------------------------------------------------------------- a) Description of the Ordinary shares with a nominal value financial instrument, of 25 pence each ("Shares") type of instrument GB0031348658 Identification code -------------------------- --------------------------------------------- b) Nature of the transaction The Company granted the individual described above a conditional award to acquire Shares under the Barclays Deferred Share Value Plan (the "Award"). Shares under the Award typically vest in five tranches over seven years. -------------------------- --------------------------------------------- c) Price(s) and volume(s) Price(s) Volume(s): Number of Shares received GBP1.5952 per share 225,828 -------------------- -------------------------- --------------------------------------------- d) Aggregated information Not applicable - Aggregated volume - Price -------------------------- --------------------------------------------- e) Date of the transaction 2019-03-08 -------------------------- --------------------------------------------- f) Place of the transaction London Stock Exchange (XLON) -------------------------- --------------------------------------------- 1 Details of the person discharging managerial responsibilities / person closely associated a) Name Tristram Roberts -------------------------- --------------------------------------------- 2 Reason for the notification ------------------------------------------------------------------------- a) Position/status Group HR Director -------------------------- --------------------------------------------- b) Initial notification Initial notification /Amendment -------------------------- --------------------------------------------- 3 Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor ------------------------------------------------------------------------- a) Name Barclays PLC -------------------------- --------------------------------------------- b) LEI 213800LBQA1Y9L22JB70 -------------------------- --------------------------------------------- 4 Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted ------------------------------------------------------------------------- a) Description of the Ordinary shares with a nominal value financial instrument, of 25 pence each ("Shares") type of instrument GB0031348658 Identification code -------------------------- --------------------------------------------- b) Nature of the transaction The Company granted the individual described above a conditional award to acquire Shares under the Barclays Deferred Share Value Plan (the "Award"). Shares under the Award typically vest in five tranches over seven years. -------------------------- --------------------------------------------- c) Price(s) and volume(s) Price(s) Volume(s): Number of Shares received GBP1.5952 per share 618,319 -------------------- -------------------------- --------------------------------------------- d) Aggregated information Not applicable - Aggregated volume - Price -------------------------- --------------------------------------------- e) Date of the transaction 2019-03-08 -------------------------- --------------------------------------------- f) Place of the transaction London Stock Exchange (XLON) -------------------------- --------------------------------------------- 1 Details of the person discharging managerial responsibilities / person closely associated a) Name Tim Throsby -------------------------- --------------------------------------------- 2 Reason for the notification ------------------------------------------------------------------------- a) Position/status President, Barclays International and CEO, Barclays Bank PLC -------------------------- --------------------------------------------- b) Initial notification Initial notification /Amendment -------------------------- --------------------------------------------- 3 Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor ------------------------------------------------------------------------- a) Name Barclays PLC -------------------------- --------------------------------------------- b) LEI 213800LBQA1Y9L22JB70 -------------------------- --------------------------------------------- 4 Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted ------------------------------------------------------------------------- a) Description of the Ordinary shares with a nominal value financial instrument, of 25 pence each ("Shares") type of instrument GB0031348658 Identification code -------------------------- --------------------------------------------- b) Nature of the transaction The Company granted the individual described above a conditional award to acquire Shares under the Barclays Deferred Share Value Plan (the "Award"). Shares under the Award typically vest in five tranches over seven years. -------------------------- --------------------------------------------- c) Price(s) and volume(s) Price(s) Volume(s): Number of Shares received GBP1.5952 per share 2,340,536 -------------------- -------------------------- --------------------------------------------- d) Aggregated information Not applicable - Aggregated volume - Price -------------------------- --------------------------------------------- e) Date of the transaction 2019-03-08 -------------------------- --------------------------------------------- f) Place of the transaction London Stock Exchange (XLON) -------------------------- --------------------------------------------- 1 Details of the person discharging managerial responsibilities / person closely associated a) Name Ashok Vaswani -------------------------- --------------------------------------------- 2 Reason for the notification ------------------------------------------------------------------------- a) Position/status CEO, Barclays Bank UK PLC -------------------------- --------------------------------------------- b) Initial notification Initial notification /Amendment -------------------------- --------------------------------------------- 3 Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor ------------------------------------------------------------------------- a) Name Barclays PLC -------------------------- --------------------------------------------- b) LEI 213800LBQA1Y9L22JB70 -------------------------- --------------------------------------------- 4 Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted ------------------------------------------------------------------------- a) Description of the Ordinary shares with a nominal value financial instrument, of 25 pence each ("Shares") type of instrument GB0031348658 Identification code -------------------------- --------------------------------------------- b) Nature of the transaction The Company granted the individual described above a conditional award to acquire Shares under the Barclays Deferred Share Value Plan (the "Award"). Shares under the Award typically vest in five tranches over seven years. -------------------------- --------------------------------------------- c) Price(s) and volume(s) Price(s) Volume(s): Number of Shares received GBP1.5952 per share 901,682 -------------------- -------------------------- --------------------------------------------- d) Aggregated information Not applicable - Aggregated volume - Price -------------------------- --------------------------------------------- e) Date of the transaction 2019-03-08 -------------------------- --------------------------------------------- f) Place of the transaction London Stock Exchange (XLON) -------------------------- --------------------------------------------- 1 Details of the person discharging managerial responsibilities / person closely associated a) Name C.S. Venkatakrishnan -------------------------- --------------------------------------------- 2 Reason for the notification ------------------------------------------------------------------------- a) Position/status Chief Risk Officer -------------------------- --------------------------------------------- b) Initial notification Initial notification /Amendment -------------------------- --------------------------------------------- 3 Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor ------------------------------------------------------------------------- a) Name Barclays PLC -------------------------- --------------------------------------------- b) LEI 213800LBQA1Y9L22JB70 -------------------------- --------------------------------------------- 4 Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted ------------------------------------------------------------------------- a) Description of the Ordinary shares with a nominal value financial instrument, of 25 pence each ("Shares") type of instrument GB0031348658 Identification code -------------------------- --------------------------------------------- b) Nature of the transaction The Company granted the individual described above a conditional award to acquire Shares under the Barclays Deferred Share Value Plan (the "Award"). Shares under the Award typically vest in five tranches over seven years. -------------------------- --------------------------------------------- c) Price(s) and volume(s) Price(s) Volume(s): Number of Shares received GBP1.5952 per share 805,758 -------------------- -------------------------- --------------------------------------------- d) Aggregated information Not applicable - Aggregated volume - Price -------------------------- --------------------------------------------- e) Date of the transaction 2019-03-08 -------------------------- --------------------------------------------- f) Place of the transaction London Stock Exchange (XLON) -------------------------- --------------------------------------------- 1 Details of the person discharging managerial responsibilities / person closely associated a) Name Jes Staley -------------------------- --------------------------------------------- 2 Reason for the notification ------------------------------------------------------------------------- a) Position/status Group Chief Executive Officer -------------------------- --------------------------------------------- b) Initial notification Initial notification /Amendment -------------------------- --------------------------------------------- 3 Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor ------------------------------------------------------------------------- a) Name Barclays PLC -------------------------- --------------------------------------------- b) LEI 213800LBQA1Y9L22JB70 -------------------------- --------------------------------------------- 4 Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted ------------------------------------------------------------------------- a) Description of the Ordinary shares with a nominal value financial instrument, of 25 pence each ("Shares") type of instrument GB0031348658 Identification code -------------------------- --------------------------------------------- b) Nature of the transaction The Company granted the individual described above a conditional award to acquire Shares under the Barclays Long Term Incentive Plan (the "Award"). Shares under the Award typically vest in five tranches over seven years, subject to performance conditions being met. -------------------------- --------------------------------------------- c) Price(s) and volume(s) Price(s) Volume(s): Number of Shares received GBP1.5952 per share 2,681,618 -------------------- -------------------------- --------------------------------------------- d) Aggregated information Not applicable - Aggregated volume - Price -------------------------- --------------------------------------------- e) Date of the transaction 2019-03-08 -------------------------- --------------------------------------------- f) Place of the transaction London Stock Exchange (XLON) -------------------------- --------------------------------------------- 1 Details of the person discharging managerial responsibilities / person closely associated a) Name Tushar Morzaria -------------------------- --------------------------------------------- 2 Reason for the notification ------------------------------------------------------------------------- a) Position/status Group Finance Director -------------------------- --------------------------------------------- b) Initial notification Initial notification /Amendment -------------------------- --------------------------------------------- 3 Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor ------------------------------------------------------------------------- a) Name Barclays PLC -------------------------- --------------------------------------------- b) LEI 213800LBQA1Y9L22JB70 -------------------------- --------------------------------------------- 4 Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted ------------------------------------------------------------------------- a) Description of the Ordinary shares with a nominal value financial instrument, of 25 pence each ("Shares") type of instrument GB0031348658 Identification code -------------------------- --------------------------------------------- b) Nature of the transaction The Company granted the individual described above a conditional award to acquire Shares under the Barclays Long Term Incentive Plan (the "Award"). Shares under the Award typically vest in five tranches over seven years subject to performance conditions being met. -------------------------- --------------------------------------------- c) Price(s) and volume(s) Price(s) Volume(s): Number of Shares received GBP1.5952 per share 1,806,625 -------------------- -------------------------- --------------------------------------------- d) Aggregated information Not applicable - Aggregated volume - Price -------------------------- --------------------------------------------- e) Date of the transaction 2019-03-08 -------------------------- --------------------------------------------- f) Place of the transaction London Stock Exchange (XLON) -------------------------- --------------------------------------------- 1 Details of the person discharging managerial responsibilities / person closely associated a) Name Jes Staley -------------------------- --------------------------------------------- 2 Reason for the notification ------------------------------------------------------------------------- a) Position/status Group Chief Executive Officer -------------------------- --------------------------------------------- b) Initial notification Initial notification /Amendment -------------------------- --------------------------------------------- 3 Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor ------------------------------------------------------------------------- a) Name Barclays PLC -------------------------- --------------------------------------------- b) LEI 213800LBQA1Y9L22JB70 -------------------------- --------------------------------------------- 4 Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted ------------------------------------------------------------------------- a) Description of the Ordinary shares with a nominal value financial instrument, of 25 pence each ("Shares") type of instrument GB0031348658 Identification code -------------------------- --------------------------------------------- b) Nature of the transaction The trustee of the Barclays Group (PSP) Employees' Benefit Trust delivered Shares to the individual described above. The Shares delivered are in respect of Share Incentive (Holding Period) Shares. The Shares are subject to a 12 month holding period during which they cannot be charged, pledged or otherwise encumbered. After the settlement of tax and social security, the individual described above received 53,072 Shares. -------------------------- --------------------------------------------- c) Price(s) and volume(s) Price(s) Volume(s): Number of Shares received GBP1.5952 per share 125,376 -------------------- -------------------------- --------------------------------------------- d) Aggregated information Not applicable - Aggregated volume - Price -------------------------- --------------------------------------------- e) Date of the transaction 2019-03-08 -------------------------- --------------------------------------------- f) Place of the transaction London Stock Exchange (XLON) -------------------------- --------------------------------------------- 1 Details of the person discharging managerial responsibilities / person closely associated a) Name Tushar Morzaria -------------------------- --------------------------------------------- 2 Reason for the notification ------------------------------------------------------------------------- a) Position/status Group Finance Director -------------------------- --------------------------------------------- b) Initial notification Initial notification /Amendment -------------------------- --------------------------------------------- 3 Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor ------------------------------------------------------------------------- a) Name Barclays PLC -------------------------- --------------------------------------------- b) LEI 213800LBQA1Y9L22JB70 -------------------------- --------------------------------------------- 4 Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted ------------------------------------------------------------------------- a) Description of the Ordinary shares with a nominal value financial instrument, of 25 pence each ("Shares") type of instrument Identification code GB0031348658 -------------------------- --------------------------------------------- b) Nature of the transaction The trustee of the Barclays Group (PSP) Employees' Benefit Trust delivered Shares to the individual described above. The Shares delivered are in respect of Share Incentive (Holding Period) Shares. The Shares are subject to a 12 month holding period during which they cannot be charged, pledged or otherwise encumbered. After the settlement of tax and social security, the individual described above received 66,450 Shares. -------------------------- --------------------------------------------- c) Price(s) and volume(s) Price(s) Volume(s): Number of Shares received GBP1.5952 per share 125,376 -------------------- -------------------------- --------------------------------------------- d) Aggregated information Not applicable - Aggregated volume - Price -------------------------- --------------------------------------------- e) Date of the transaction 2019-03-08 -------------------------- --------------------------------------------- f) Place of the transaction London Stock Exchange (XLON) -------------------------- --------------------------------------------- 1 Details of the person discharging managerial responsibilities / person closely associated a) Name Paul Compton -------------------------- ---------------------------------------------- 2 Reason for the notification -------------------------------------------------------------------------- a) Position/status Group Chief Operating Officer -------------------------- ---------------------------------------------- b) Initial notification Initial notification /Amendment -------------------------- ---------------------------------------------- 3 Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor -------------------------------------------------------------------------- a) Name Barclays PLC -------------------------- ---------------------------------------------- b) LEI 213800LBQA1Y9L22JB70 -------------------------- ---------------------------------------------- 4 Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted -------------------------------------------------------------------------- a) Description of the Ordinary shares with a nominal value financial instrument, of 25 pence each ("Shares") type of instrument Identification code GB0031348658 -------------------------- ---------------------------------------------- b) Nature of the transaction The trustee of the Barclays Group (PSP) Employees' Benefit Trust delivered Shares to the individual described above. The Shares delivered are in respect of Share Incentive (Holding Period) Shares. The Shares are subject to a 12 month holding period lifting during which they cannot be charged, pledged or otherwise encumbered. After the settlement of tax and social security, the individual described above received 55,580 Shares. -------------------------- ---------------------------------------------- c) Price(s) and volume(s) Price(s) Volume(s): Number of Shares received GBP1.5952 per share 125,376 -------------------- -------------------------- ---------------------------------------------- d) Aggregated information Not applicable - Aggregated volume - Price -------------------------- ---------------------------------------------- e) Date of the transaction 2019-03-08 -------------------------- ---------------------------------------------- f) Place of the transaction London Stock Exchange (XLON) -------------------------- ---------------------------------------------- 1 Details of the person discharging managerial responsibilities / person closely associated a) Name Bob Hoyt -------------------------- ---------------------------------------------- 2 Reason for the notification -------------------------------------------------------------------------- a) Position/status Group General Counsel -------------------------- ---------------------------------------------- b) Initial notification Initial notification /Amendment -------------------------- ---------------------------------------------- 3 Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor -------------------------------------------------------------------------- a) Name Barclays PLC -------------------------- ---------------------------------------------- b) LEI 213800LBQA1Y9L22JB70 -------------------------- ---------------------------------------------- 4 Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted -------------------------------------------------------------------------- a) Description of the Ordinary shares with a nominal value financial instrument, of 25 pence each ("Shares") type of instrument Identification code GB0031348658 -------------------------- ---------------------------------------------- b) Nature of the transaction The trustee of the Barclays Group (PSP) Employees' Benefit Trust delivered Shares to the individual described above. The Shares delivered are in respect of Share Incentive (Holding Period) Shares. The Shares are subject to a 12 month holding period during which they cannot be charged, pledged or otherwise encumbered. After the settlement of tax and social security, the individual described above received 66,450 Shares. -------------------------- ---------------------------------------------- c) Price(s) and volume(s) Price(s) Volume(s): Number of Shares received GBP1.5952 per share 125,376 -------------------- -------------------------- ---------------------------------------------- d) Aggregated information Not applicable - Aggregated volume - Price -------------------------- ---------------------------------------------- e) Date of the transaction 2019-03-08 -------------------------- ---------------------------------------------- f) Place of the transaction London Stock Exchange (XLON) -------------------------- ---------------------------------------------- 1 Details of the person discharging managerial responsibilities / person closely associated a) Name Laura Padovani -------------------------- --------------------------------------------- 2 Reason for the notification ------------------------------------------------------------------------- a) Position/status Group Chief Compliance Officer -------------------------- --------------------------------------------- b) Initial notification Initial notification /Amendment -------------------------- --------------------------------------------- 3 Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor ------------------------------------------------------------------------- a) Name Barclays PLC -------------------------- --------------------------------------------- b) LEI 213800LBQA1Y9L22JB70 -------------------------- --------------------------------------------- 4 Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted ------------------------------------------------------------------------- a) Description of the Ordinary shares with a nominal value financial instrument, of 25 pence each ("Shares") type of instrument GB0031348658 Identification code -------------------------- --------------------------------------------- b) Nature of the transaction The trustee of the Barclays Group (PSP) Employees' Benefit Trust delivered Shares to the individual described above. The Shares delivered are in respect of Share Incentive (Holding Period) Shares. The Shares are subject to a 12 month holding period during which they cannot be charged, pledged or otherwise encumbered. After the settlement of tax and social security, the individual described above received 61,466 Shares. -------------------------- --------------------------------------------- c) Price(s) and volume(s) Price(s) Volume(s): Number of Shares received
06/2/2019
12:48
johnwise: "Hurry! I think the Barclays share price buying opportunity is closing fast" There are few companies in the FTSE 100 that look as cheap as Barclays (LSE: BARC). The stock is trading at a forward P/E of seven and a price-to-tangible book ratio of 0.5. These numbers suggest the shares could rise more than 100% from current levels. Indeed, the bank’s international peers, such as Morgan Stanley and JPMorgan, trade at a valuation of more than 10 times forward earnings, and more importantly, a price-to-tangible book ratio of between one and 1.9. At a ratio of 1.9, the Barclays share price could hit 450p+. Realistically, I don’t think the stock will hit this level any time soon. A ratio of 1 might be more appropriate. Even at this level, the Barclays share price could still be worth more than 300p, an increase of around 100% from current levels. Time is running out I think time is running out for investors to snap up the Barclays share price bargain. You see, over the past five years the bank has really struggled to grow, and despite shedding thousands of jobs, profitability has remained depressed. As a result, investors have stayed away. Barclays needs to prove that it has put its mistakes behind it and to return to growth before market confidence returns. It looks as if it is set to do just that in 2019. Analysts have pencilled in earnings growth of 72% for 2018 and if it hits this, then the bank should not have too much trouble achieving the City’s targeted growth rate of 5% for 2019. At present, analysts are expecting the group to generate around £8bn in profit for 2018 and 2019. If it meets the analyst goal, I reckon it won’t be long before the Barclays share price perks up. With this being the case, I reckon now could be the time to buy. https://www.fool.co.uk/investing/2019/02/06/hurry-i-think-the-barclays-share-price-buying-opportunity-is-closing-fast/
07/1/2019
16:43
bernie37: Page 1 Sherborne Investors / Barclays PLC Update Dear ‐‐‐;‐‐ Since we saw you we have increased our position slightly and Sherborne Investors now has an interest of approximately 5.51% in Barclays, spread across the funds that we manage, including, of course, SIGC. Recently, we obtained the official share register from the company and, based on analysis of this detailed data, it appears that we now hold the second largest interest in Barclays. The composition of our holdings has also changed somewhat as we have increased the portion held in derivatives as a way to hedge against declines in Barclays’ share price while retaining a majority of the potential increases. In round numbers we hold, at present, approximately 440 million shares outright, which we purchased for total consideration of slightly less than £900 million in cash, as well as the equivalent of approximately 500 million additional shares through derivatives with maturities stretching out to 2021. As discussed with you, our funds also retain a substantial amount of cash to purchase, at our discretion, our share of any rights offering that Barclays may be required to make or to increase our holdings if this risk begins to abate. Our recent meeting with the Chairman, Senior Independent Director, and the executive directors of Barclays was pleasant and polite, illustrating that it is possible for people to differ in a spirit of goodwill. In the course of extensive correspondence and several meetings with Barclays we have raised many of the points we have discussed with you, including: 1) Valuation: Market multiples of book value for investment banks, like Barclays’ Corporate and Investment Bank (“CIB”) tend to be lower, globally, than for consumer orientated banks. This raises the threshold return that shareholders require from capital invested in investment banking businesses to a level that the CIB, in its current form, is unlikely to meet or be able to maintain so that it will continue to be a long‐term depressant on Barclays’ valuation. 2) Capital Allocation: The diversion of resources from Barclays’ consumer businesses that, in the last 12 months, earned an 18% return to fund an investment banking business that earned at most 7% is, inevitably, destructive of shareholder value and could only be justified by the prospect of a sustainable future level of return that the current CIB business cannot realistically achieve. 3) Strategic Weaknesses: The CIB has legacy strategic weaknesses in customer and product mix that fundamentally limit the yield on assets it can achieve, resulting in uncompetitive returns on capital. The current strategy of adding more and more leverage to generate revenue from low‐ yielding assets does not address these underlying issues. 4) Capital Structure: Barclays PLC, the entity that issues shares to the public, is no longer a “bank,” but has become a financial holding company that owns interests in ring‐fenced subsidiary banks. As a result its risk and liquidity profile is profoundly different than it was in the past and ought to be managed more prudently. Four years ago Barclays PLC had relatively immaterial borrowings, but it has now borrowed £47 billion to fund regulatory capital requirements of the CIB. These borrowings are a prior claim on the assets and cash flow of the holding company which, self‐evidently, increases the risk to shareholders of dividend volatility or material capital losses. As a result, Moody’s has lowered Barclays PLC’s credit rating to Baa3, which is only one step above “junk” and is the lowest of any UK or US banking peer. 5) Shareholder Base: Many institutions that would typically have significant shareholdings in Barclays do not, because it has lower equity capital and higher leverage ratios than any UK peer but, despite this added risk, still is expected to generate the lowest consensus returns. The CIB has been described to us as a “black box with too much leverage” and this deters many long‐ term investors from acquiring shares even at an exceptionally large discount to tangible book value. In response to certain of these points, Barclays has told us that the improvement in its most recent reported 9 month group returns demonstrates that its strategy is working. However, it is widely recognised that more than 100% of the reported improvement in Core profit in this period resulted from approximately £900 million of net non‐recurring items of income, without which Core attributable profit would actually have declined from the prior year. Less well reported is the fact we pointed out to you that, although Q3 CIB revenues declined from the prior year and pre‐tax profits fell by approximately £70 million, what appears to have been a fortunately timed income tax benefit transformed this decline into a reported increase in CIB’s attributable profit. As we also discussed with you, it appears that the CIB’s Markets segment revenue increase and market share gain in Q3, which the company has highlighted, resulted from deploying substantially greater assets to “buy” revenue at prices that competitors did not feel compelled to match, rather than from any change in Barclays’ long‐term strategic competitiveness. With respect to the capital structure and financial position of the holding company, Barclays told us that they have heard similar concerns from other shareholders, but that the board disagrees and considers the parent company credit rating to be strong, pointing, inter alia, to the various stress tests that Barclays has passed. However, this overlooks the fact that it is quite possible to pass a stress test, but still devastate shareholders by virtue of the structure and magnitude of the holding company borrowings that Barclays continues to incur. It seems clear to us that, in order for the board to protect the long‐term interests of Barclays PLC’s shareholders, it will be required to adopt more conservative capital, leverage, and liquidity levels than strictly required by the regulators. The most expedient way of meeting this objective is through a judicious reduction in the CIB’s assets, which should, we believe, be accomplished before market conditions, now relatively benign, deteriorate. The capital that is released should be retained to make Barclays’ capital strength undoubted and to protect shareholders over a full cycle. Barclays has attractive consumer businesses that unquestionably merit additional attention and resources. The same is true of segments of the CIB. However, we believe that the CIB must become a realistically viable business that can contribute positive shareholder value to Barclays, but without the credit support and subsidies from other parts of the company on which it currently depends. Importantly, the resulting business should no longer threaten the overall stability of the group. In an interesting exchange about holding company leverage, Barclays argued that the more conservative financial policy we have suggested would lower its returns from levels that are already uncompetitive and that shareholders, therefore, have no choice other than to continue to accept the added level of risk. This captures, rather succinctly, the dilemma that is presented by the strategic weaknesses noted above. In our view, the better course would be to re‐evaluate the strategy of the CIB and balance the business so that excessive leverage is no longer the default option. We have listened to and considered all of the problems, potentially prohibitive costs, product interdependency, et cetera, that make it too hard for Barclays to make any changes. As we discussed with you, there are common sense approaches to dealing with all of these business issues to produce a positive outcome for all stakeholders, and we would be happy to work with the board to develop them. In this regard, we made a written proposal to the board in September to appoint me as a non‐executive director, on the basis that it would add relevant experience and broaden the board’s range of perspectives. We felt that this would allow us to participate with the other Barclays directors, in a low‐ key way, to address the concerns that we have raised, as well as any others that might present themselves in the future. After our meeting, we were told that the directors would look forward to continued engagement with us but that board representation would not be “needed”. At the same time, Barclays proposed a meeting following the announcement of their annual results, and we have confirmed an appointment with the CEO at our offices in New York on the 12th of March. We have undertaken a long process of consistent engagement, deliberately allowing ample time and opportunity for Barclays to respond to our concerns and to demonstrate that the strategy that it has pursued since 2015 will produce appropriate returns at a reasonable risk. After considering the situation carefully we do not have confidence that continued engagement with the company, strictly as an outsider, will produce any more measurable results in the future than it has to date. It seems increasingly likely that, for any progress to be made on our concerns, we will be required to seek a shareholder vote to make changes in the composition of the board. Were we to do so, the most pragmatic approach, in view of the calendar, appears to be for us to present resolutions to be voted on at the Annual General Meeting, but if circumstances were to change we could requisition a separate General Meeting instead. We continue to believe that it is possible to increase Barclays’ shareholder value in line with our customary return objective, and Stephen and I will be coming to see you in the New Year to update you. In the meantime, both of us wish you the very best for the season and the New Year. Kind regards, Ed
29/11/2018
18:13
bernie37: You’ll see a lot of articles extolling the virtues of Barclays (LSE: BARC), and the argument tends to go something like ‘Barclays is turning itself around, yet the shares look cheap, so I’d buy the shares.’ However, it has looked cheap for a long time, but the truth is that the shares are more than 50% lower than they were nine years ago. Indeed, September 2009 marked the top of Barclays’ bounce-back from the stock’s dip following the credit crunch last decade. For most of that period, people have been saying Barclays is recovering and it’s selling cheap. But if you’d bought the shares in September 2009 you’d have collected 46p in dividends and lost around 170p per share on the share price, for an overall loss close to 37%. At first glance, Barclays looks like it has been a value trap over the past nine years, but that’s only true if you believe it has been displaying indicators that suggest good value. I don’t. What is good value? With many trading companies, a low price-to-earnings (P/E) ratio, rising earnings, a high yield and a discount to net asset value would flag good value. But I think it’s different for the banks because they operate very cyclical businesses. That’s easy for me to say with the benefit of hindsight, but it first dawned on me during 2013 when I turned cautious on Barclays. I think we need to read the valuation indicators backwards for the banks. High earnings and a low valuation could spell danger for shareholders because it could mean we are getting closer to a cyclical peak in earnings. Then, if earnings fall and the valuation looks higher, the indicators could be flagging better value. Within the broad downtrend in the Barclays share price since 2009, we can see the phenomenon playing out. Earnings dipped in 2012 and the P/E rating shot up. The shares were down, but it was time to buy despite the higher P/E multiple because earnings recovered, the P/E declined again, and the share price rose around 95% over seven months. A similar thing happened in 2016 too. Looking forward, City analysts continue to forecast advances in normalised earnings and the dividend is moving up too. Yesterday the firm confirmed its intention to pay a 2018 dividend of 6.5p, subject to regulatory approvals, which takes the payout back to where it was in 2015. But the stock market appears to be in no mood to raise its valuation of Barclays. The opposite is true, and the valuation continues to fall. Indeed, the recovery in the share price in 2016 failed to reach the recovery peak of 2013 and the downtrend looks intact. I think the stock market sees ever greater danger in the recovery at Barclays because each advance takes the firm closer to its cyclical peak in earnings. So, the market keeps marking the valuation down. With Barclays today, I see a capped upside for shareholders with lots of downside, cyclical risk, so I think it is more of a value trap than an unmissable bargain.
29/11/2018
08:33
diku: Head of investment strategy??...it is a casino out there...hence look at the Barc share price...
29/8/2018
08:34
diku: Barc share price is just struggling...think we might just see lower lows coming...
09/4/2018
08:42
portside1: diku 8 Apr '18 - 18:35 - 125283 of 125289 0 0 0 porty...didn't mack the knife or whatever his name is say Barc share price was going to double in price when the price was around 240p!!?...what happened to that???...just talk up their own egos to support their cause as we are all mugs!!... no diku it was 262p
Barclays share price data is direct from the London Stock Exchange
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