Lloyds Banking Group (NYSE:LYG) Shares Gap Up – Time to Buy?

Lloyds Banking Group plc (NYSE:LYG)’s share price gapped up before the market opened 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 traded.

Analyst Upgrades and Downgrades

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

Lloyds Banking Group Stock Performance

The company’s fifty day moving average price is $2.87 and its two-hundred day moving average price is $2.92. The firm has a market capitalization of $42.21 billion, a PE ratio of 7.08 and a beta of 1.32. The company has a debt-to-equity ratio of 1.76, a quick ratio of 1.48 and a current ratio of 1.45.

Hedge Funds Weigh In On Lloyds Banking Group

A number of hedge funds have recently made changes to their positions in the stock. FMR LLC raised its position in shares of Lloyds Banking Group by 14.7% in the 3rd quarter. FMR LLC now owns 19,280,034 shares of the financial services provider’s stock worth $60,154,000 after buying an additional 2,472,263 shares during the period. Clearbridge Investments LLC purchased a new position in shares of Lloyds Banking Group in the 2nd quarter worth about $36,252,000. Envestnet Asset Management Inc. lifted its stake in shares of Lloyds Banking Group by 49.6% in the 2nd quarter. Envestnet Asset Management Inc. now owns 8,577,101 shares of the financial services provider’s stock valued at $23,415,000 after purchasing an additional 2,841,956 shares in the last quarter. American Century Companies Inc. increased its position in Lloyds Banking Group by 17.2% during the 2nd quarter. American Century Companies Inc. now owns 5,472,171 shares of the financial services provider’s stock worth $14,939,000 after purchasing an additional 804,035 shares in the last quarter. Finally, First Eagle Investment Management LLC raised its holdings in Lloyds Banking Group by 25.3% in the second quarter. First Eagle Investment Management LLC now owns 5,087,379 shares of the financial services provider’s stock valued at $13,889,000 after buying an additional 1,026,639 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.