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

Lloyds Banking Group plc (NYSE:LYG) gapped up prior to trading on Wednesday . The stock had previously closed at $2.69, but opened at $2.79. Lloyds Banking Group shares last traded at $2.79, with a volume of 3,651,910 shares trading hands.

Analyst Upgrades and Downgrades

A number of research firms have commented on LYG. Morgan Stanley downgraded Lloyds Banking Group from an “overweight” rating to an “equal weight” rating in a research report on Wednesday, October 30th. Kepler Capital Markets began coverage on shares of Lloyds Banking Group in a research note on Thursday, September 5th. They issued a “hold” rating on the stock. Finally, The Goldman Sachs Group initiated coverage on shares of Lloyds Banking Group in a report on Friday, October 4th. They issued a “neutral” rating on the stock. Seven equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Lloyds Banking Group presently has an average rating of “Hold” and a consensus target price of $2.75.

Lloyds Banking Group Stock Performance

The company has a market capitalization of $42.36 billion, a PE ratio of 7.10 and a beta of 1.33. The company has a debt-to-equity ratio of 1.76, a quick ratio of 1.48 and a current ratio of 1.45. The stock’s fifty day simple moving average is $2.88 and its 200-day simple moving average is $2.92.

Institutional Trading of Lloyds Banking Group

A number of hedge funds have recently bought and sold shares of the company. CWM LLC grew its position in shares of Lloyds Banking Group by 37.9% in the second quarter. CWM LLC now owns 71,039 shares of the financial services provider’s stock valued at $194,000 after purchasing an additional 19,525 shares during the period. Diversify Advisory Services LLC purchased a new position in shares of Lloyds Banking Group during the 2nd quarter worth about $47,000. Dynamic Advisor Solutions LLC boosted its position in shares of Lloyds Banking Group by 37.4% in the second quarter. Dynamic Advisor Solutions LLC now owns 92,921 shares of the financial services provider’s stock worth $254,000 after acquiring an additional 25,280 shares during the last quarter. Sequoia Financial Advisors LLC grew its holdings in Lloyds Banking Group by 7.3% in the second quarter. Sequoia Financial Advisors LLC now owns 61,586 shares of the financial services provider’s stock valued at $168,000 after purchasing an additional 4,194 shares during the period. Finally, Wedmont Private Capital raised its stake in Lloyds Banking Group by 28.0% during the second quarter. Wedmont Private Capital now owns 24,394 shares of the financial services provider’s stock worth $74,000 after purchasing an additional 5,336 shares during the period. Institutional investors and hedge funds own 2.15% of the company’s stock.

Lloyds Banking Group Company Profile

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.