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

Lloyds Banking Group plc (NYSE:LYG)’s stock price gapped down prior to trading on Wednesday . The stock had previously closed at $2.75, but opened at $2.62. Lloyds Banking Group shares last traded at $2.61, with a volume of 2,134,168 shares.

Analysts Set New Price Targets

Several research analysts have issued reports on the stock. Morgan Stanley cut shares of Lloyds Banking Group from an “overweight” rating to an “equal weight” rating in a report on Wednesday, October 30th. The Goldman Sachs Group started coverage on shares of Lloyds Banking Group in a research note on Friday, October 4th. They set a “neutral” rating on the stock. Seven equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $2.75.

Lloyds Banking Group Trading Down 3.0 %

The company’s 50-day simple moving average is $2.74 and its 200 day simple moving average is $2.91. The company has a quick ratio of 1.48, a current ratio of 1.45 and a debt-to-equity ratio of 1.76. The firm has a market capitalization of $38.94 billion, a PE ratio of 6.59 and a beta of 1.31.

Institutional Investors Weigh In On Lloyds Banking Group

Several institutional investors have recently bought and sold shares of the company. JPMorgan Chase & Co. lifted its holdings 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 purchased a new stake in Lloyds Banking Group in the third quarter valued at about $1,035,000. US Bancorp DE boosted its holdings in Lloyds Banking Group by 36.6% in the third quarter. US Bancorp DE now owns 757,336 shares of the financial services provider’s stock worth $2,363,000 after acquiring an additional 202,862 shares in the last quarter. Charles Schwab Investment Management Inc. grew its stake in shares of Lloyds Banking Group by 20.6% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,055,584 shares of the financial services provider’s stock worth $3,293,000 after acquiring an additional 180,178 shares during the last quarter. Finally, Raymond James & Associates increased its holdings 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 acquiring an additional 929,478 shares in the last quarter. 2.15% of the stock is currently owned by institutional investors and hedge funds.

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.