10 Best Affordable Stocks Under $40 According to Short Sellers

2) Barclays PLC (NYSE:BCS)

Forward P/E Ratio as of 26 August: 7.37x

Share Price as of 26 August: $12.21

Number of Hedge Fund Holders: 20

Short % of Shares Outstanding (31 July 2024): 0.17%

Barclays PLC (NYSE:BCS) is a global financial services provider, which is engaged in retail banking, credit cards, wholesale banking, wealth management, investment banking and investment management services.

Barclays PLC (NYSE:BCS) continues to focus on improving returns and enhancing shareholder value and is on track to exceed its return on tangible equity goal of 10% for 2024. This is evident as it has achieved 11.1% in 1H 2024. The bank has increased its net interest income guidance for 2024 to ~GBP11 billion, up from GBP10.7 billion. This is mainly because of favorable interest rate dynamics and efficient cost management.

Barclays PLC (NYSE:BCS) focuses on cost savings and credit management as its total costs were up only 1% in 2Q 2024. Shares of the company have seen a strong run-up of over ~54% on the YTD basis. Much of this rally was because of its announcement in early 2024 about maintaining cost efficiency. It also plans to simplify its operations and maintain focus on core operations.

For example, it recently announced that it was selling its German consumer finance business to an Austrian bank. This should help Barclays PLC (NYSE:BCS) free up some cash. It also has a strategic focus on capital distribution. This is evident via its substantial shareholder returns.

Barclays PLC (NYSE:BCS) announced ~GBP1.2 billion payout for 1H 2024, consisting of dividends and a buyback program. This announcement forms part of the broader plan to provide at least GBP10 billion to shareholders by the year 2026.

According to the Insider Monkey database, 20 hedge funds out of 912 held stakes in Barclays PLC (NYSE:BCS) as of the end of the second quarter.