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

The shares of Lloyds Banking Group plc (NYSE:LYG) experienced a significant gap down during trading on Friday. The stock, which had previously closed at $3.23, opened the day at $3.08. In the latest trading session, shares reached a price of $3.05, with a trading volume of 2,003,008 shares.

Wall Street Analysts Forecast Growth

Lloyds Banking Group has attracted attention from several market analysts in recent weeks. Kepler Capital Markets began coverage of the stock on September 5, setting a "hold" rating. UBS Group reaffirmed a "neutral" rating in a report dated July 30, while Goldman Sachs initiated coverage with a "neutral" rating on October 4. Royal Bank of Canada downgraded the stock from an "outperform" rating to a "sector perform" on July 26. Citigroup also reduced its stance, moving from a "buy" to a "neutral" rating on August 5. Currently, six analysts have given the stock a hold rating, while four have issued buy ratings. MarketBeat reports that Lloyds Banking Group holds an average rating of "Hold" with a target price of $2.75.

Lloyds Banking Group Trading Down 8.7%

The company's financial ratios indicate it has a debt-to-equity ratio of 1.89, a quick ratio of 1.48, and a current ratio of 1.45. Lloyds shares have a 50-day moving average of $3.08 and a 200-day moving average of $2.89. The market capitalization of the company stands at $45.34 billion, with a price-to-earnings (P/E) ratio of 7.56 and a beta value of 1.34.

Lloyds Banking Group reported its most recent earnings on July 25, revealing earnings per share (EPS) of $0.09 for the quarter. The financial service provider showed a net margin of 12.40% and a return on equity of 10.34%, with quarterly revenues reaching $9.55 billion. Analysts project that the company will report an EPS of 0.3 for the current fiscal year.

Institutional Trading of Lloyds Banking Group

Recent transactions by hedge funds indicate growing interest in Lloyds Banking Group. For instance, Transcend Capital Advisors LLC acquired a new stake in the company worth approximately $28,000 during the second quarter. Similarly, Interchange Capital Partners LLC and Intergy Private Wealth LLC made new investments in Lloyds valued at about $28,000 and $29,000, respectively. Susquehanna International Securities Ltd. also bought into the stock during the first quarter, investing around $30,000. Institutional investors currently hold 2.15% of Lloyds Banking Group’s shares.

Lloyds Banking Group Company Profile

Lloyds Banking Group plc, alongside its subsidiaries, provides a variety of banking and financial services both in the United Kingdom and internationally. The company operates through three main segments: Retail, Commercial Banking, and Insurance, Pensions, and Investments. The Retail segment offers a broad array of financial products, including current accounts, savings, mortgages, motor finance, unsecured loans, leasing solutions, and credit cards to individual customers.

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