Lloyds Banking Group (NYSE:LYG) Shares Gap Up – What’s Next?

Lloyds Banking Group plc (NYSE:LYG)’s stock price gapped up prior to trading on Tuesday . The stock had previously closed at $2.85, but opened at $2.99. Lloyds Banking Group shares last traded at $2.98, with a volume of 2,516,763 shares changing hands.

Analysts Set New Price Targets

A number of brokerages recently weighed in on LYG. The Goldman Sachs Group started coverage on shares of Lloyds Banking Group in a report on Friday, October 4th. They set a “neutral” rating on the stock. Morgan Stanley cut shares of Lloyds Banking Group from an “overweight” rating to an “equal weight” rating in a report on Wednesday, October 30th. Seven equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat, Lloyds Banking Group has an average rating of “Hold” and a consensus price target of $2.75.

Lloyds Banking Group Stock Down 0.5 %

The company’s fifty day simple moving average is $2.74 and its 200 day simple moving average is $2.91. The stock has a market capitalization of $45.53 billion, a price-to-earnings ratio of 7.71 and a beta of 1.31.

Lloyds Banking Group (NYSE:LYG) last released its quarterly earnings results on Wednesday, October 23rd. The financial services provider reported $0.10 earnings per share for the quarter. Lloyds Banking Group had a net margin of 10.89% and a return on equity of 9.81%. The firm had revenue of $10.41 billion for the quarter. During the same period in the prior year, the company earned $0.10 earnings per share. As a group, analysts anticipate that Lloyds Banking Group plc will post 0.33 earnings per share for the current year.

Hedge Funds Weigh In On Lloyds Banking Group

A number of large investors have recently made changes to their positions in the company. Aletheian Wealth Advisors LLC acquired a new position in Lloyds Banking Group in the 3rd quarter valued at $34,000. Simon Quick Advisors LLC acquired a new position in shares of Lloyds Banking Group in the fourth quarter valued at about $35,000. Cerro Pacific Wealth Advisors LLC bought a new position in Lloyds Banking Group during the fourth quarter worth about $37,000. Insigneo Advisory Services LLC acquired a new stake in Lloyds Banking Group in the 2nd quarter worth about $42,000. Finally, Arkadios Wealth Advisors bought a new stake in Lloyds Banking Group in the 3rd quarter valued at about $42,000. Institutional investors own 2.15% of the company’s stock.

About Lloyds Banking Group

Lloyds Banking Group plc, together with its subsidiaries, provides a range of banking and financial services in the United Kingdom and internationally. It operates in three segments: Retail; Commercial Banking; and Insurance, Pensions and Investments. The Retail segment offers a range of financial service products, including current accounts, savings, mortgages, motor finance, unsecured loans, leasing solutions, and credit cards to personal customers.