Lloyds Banking Group (NYSE:LYG) Sees Large Volume Increase – Here’s Why

Shares of Lloyds Banking Group plc (NYSE:LYG) saw strong trading volume on Friday . 5,607,658 shares changed hands during trading, a decline of 17% from the previous session’s volume of 6,743,076 shares.The stock last traded at $2.68 and had previously closed at $2.70.

Analysts Set New Price Targets

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

Lloyds Banking Group Price Performance

The firm has a 50-day simple moving average of $2.75 and a 200 day simple moving average of $2.91. The stock has a market capitalization of $40.91 billion, a P/E ratio of 6.92 and a beta of 1.31. The company has a debt-to-equity ratio of 1.76, a current ratio of 1.45 and a quick ratio of 1.48.

Hedge Funds Weigh In On Lloyds Banking Group

Several institutional investors and hedge funds have recently added to or reduced their stakes in LYG. JPMorgan Chase & Co. grew its stake in shares of Lloyds Banking Group by 58.5% in the third quarter. JPMorgan Chase & Co. now owns 6,659,629 shares of the financial services provider’s stock worth $20,778,000 after purchasing an additional 2,456,914 shares during the last quarter. Logan Capital Management Inc. lifted its holdings in Lloyds Banking Group by 4.5% during the 3rd quarter. Logan Capital Management Inc. now owns 1,059,457 shares of the financial services provider’s stock worth $3,306,000 after buying an additional 45,249 shares during the period. Synovus Financial Corp grew its position in shares of Lloyds Banking Group by 95.5% in the 3rd quarter. Synovus Financial Corp now owns 115,232 shares of the financial services provider’s stock valued at $360,000 after buying an additional 56,296 shares during the last quarter. Wilmington Savings Fund Society FSB acquired a new stake in shares of Lloyds Banking Group in the third quarter valued at about $262,000. Finally, World Investment Advisors LLC bought a new position in shares of Lloyds Banking Group during the third quarter worth about $64,000. 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.