Lloyds Banking Group (NYSE:LYG) Shares Gap Down – Here’s Why

Lloyds Banking Group plc (NYSE:LYG) shares gapped down before the market opened 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 changing hands.

Wall Street Analyst Weigh In

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

Lloyds Banking Group Stock Down 3.6 %

The firm has a fifty day moving average price of $2.74 and a 200 day moving average price of $2.91. The company has a current ratio of 1.45, a quick ratio of 1.48 and a debt-to-equity ratio of 1.76. The firm has a market capitalization of $40.15 billion, a price-to-earnings ratio of 6.80 and a beta of 1.31.

Hedge Funds Weigh In On Lloyds Banking Group

A number of large investors have recently modified their holdings of the stock. FMR LLC boosted its stake 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 valued at $60,154,000 after purchasing an additional 2,472,263 shares during the last quarter. Clearbridge Investments LLC bought a new stake in shares of Lloyds Banking Group in the second quarter worth about $36,252,000. Envestnet Asset Management Inc. increased its position in shares of Lloyds Banking Group by 49.6% during the second quarter. Envestnet Asset Management Inc. now owns 8,577,101 shares of the financial services provider’s stock worth $23,415,000 after acquiring an additional 2,841,956 shares in the last quarter. JPMorgan Chase & Co. raised its holdings in shares of Lloyds Banking Group by 58.5% during the third quarter. JPMorgan Chase & Co. now owns 6,659,629 shares of the financial services provider’s stock worth $20,778,000 after acquiring an additional 2,456,914 shares during the period. Finally, American Century Companies Inc. lifted its position in Lloyds Banking Group by 17.2% in the 2nd quarter. American Century Companies Inc. now owns 5,472,171 shares of the financial services provider’s stock valued at $14,939,000 after acquiring an additional 804,035 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.