Lloyds Banking Group (NYSE:LYG) Hits New 12-Month High – Should You Buy?

Lloyds Banking Group plc (NYSE:LYG)’s stock price reached a new 52-week high during mid-day trading on Wednesday . The company traded as high as $3.56 and last traded at $3.56, with a volume of 71166489 shares traded. The stock had previously closed at $3.40.

Analyst Ratings Changes

Separately, Morgan Stanley downgraded Lloyds Banking Group from an “overweight” rating to an “equal weight” rating in a report on Wednesday, October 30th. Seven investment analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat, Lloyds Banking Group currently has an average rating of “Hold” and an average target price of $2.75.

Lloyds Banking Group Trading Up 4.6 %

The company has a 50 day simple moving average of $2.94 and a 200 day simple moving average of $2.94. The stock has a market capitalization of $53.99 billion, a PE ratio of 10.77 and a beta of 1.31.

Lloyds Banking Group (NYSE:LYG) last issued its quarterly earnings results on Thursday, February 20th. The financial services provider reported $0.05 earnings per share for the quarter, missing the consensus estimate of $0.08 by ($0.03). The company had revenue of $9.46 billion for the quarter, compared to analyst estimates of $4.76 billion. Lloyds Banking Group had a return on equity of 8.46% and a net margin of 11.45%. On average, equities research analysts predict that Lloyds Banking Group plc will post 0.27 EPS for the current year.

Hedge Funds Weigh In On Lloyds Banking Group

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Crux Wealth Advisors purchased a new stake in shares of Lloyds Banking Group in the fourth quarter valued at approximately $28,000. Focus Partners Wealth purchased a new stake in Lloyds Banking Group during the fourth quarter worth about $31,000. Aletheian Wealth Advisors LLC acquired a new position in Lloyds Banking Group during the third quarter worth about $34,000. Brentview Investment Management LLC purchased a new position in Lloyds Banking Group in the fourth quarter valued at about $31,000. Finally, Mesirow Financial Investment Management Inc. acquired a new stake in shares of Lloyds Banking Group during the 4th quarter valued at approximately $32,000. 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.