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

Shares of Lloyds Banking Group plc (NYSE:LYG) 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 traded.

Analyst Ratings Changes

LYG has been the topic of several research analyst reports. Morgan Stanley cut Lloyds Banking Group from an “overweight” rating to an “equal weight” rating in a report on Wednesday, October 30th. The Goldman Sachs Group began coverage on shares of Lloyds Banking Group in a research report on Friday, October 4th. They set a “neutral” rating for the company. Seven analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to data from MarketBeat.com, Lloyds Banking Group has an average rating of “Hold” and an average price target of $2.75.

Lloyds Banking Group Stock Performance

The business’s fifty day simple moving average is $2.73 and its 200-day simple moving average is $2.91. The firm has a market capitalization of $45.53 billion, a PE ratio of 7.73 and a beta of 1.31.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. JPMorgan Chase & Co. increased its position in shares of Lloyds Banking Group by 58.5% during the 3rd quarter. JPMorgan Chase & Co. now owns 6,659,629 shares of the financial services provider’s stock valued at $20,778,000 after purchasing an additional 2,456,914 shares during the last quarter. BNP Paribas Financial Markets bought a new stake in Lloyds Banking Group during the 3rd quarter valued at $1,035,000. US Bancorp DE grew its position in shares of Lloyds Banking Group by 36.6% during the 3rd quarter. US Bancorp DE now owns 757,336 shares of the financial services provider’s stock worth $2,363,000 after buying an additional 202,862 shares in the last quarter. Charles Schwab Investment Management Inc. increased its position in Lloyds Banking Group by 20.6% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,055,584 shares of the financial services provider’s stock valued at $3,293,000 after purchasing an additional 180,178 shares during the period. Finally, Raymond James & Associates boosted its stake in shares of Lloyds Banking Group by 37.4% during the third quarter. Raymond James & Associates now owns 3,416,484 shares of the financial services provider’s stock valued at $10,659,000 after purchasing an additional 929,478 shares in the last quarter. 2.15% of the stock is owned by hedge funds and other institutional investors.

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.