Lloyds Banking Group plc (NYSE:LYG) Receives $2.75 Average PT from Brokerages

Lloyds Banking Group plc (NYSE:LYG) has earned an average rating of “Moderate Buy” from the twelve research firms that are presently covering the firm, Marketbeat reports. Seven equities research analysts have rated the stock with a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company. The average 1 year target price among brokers that have covered the stock in the last year is $2.75.

A number of research analysts recently issued reports on the company. Morgan Stanley upgraded Lloyds Banking Group from an “equal weight” rating to an “overweight” rating in a research report on Tuesday, March 4th. Keefe, Bruyette & Woods cut Lloyds Banking Group from an “outperform” rating to a “market perform” rating in a research note on Tuesday, March 11th. HSBC raised shares of Lloyds Banking Group from a “hold” rating to a “buy” rating in a report on Tuesday. Finally, Hsbc Global Res upgraded shares of Lloyds Banking Group to a “strong-buy” rating in a research report on Thursday, March 20th.

Lloyds Banking Group Price Performance

LYG stock opened at $3.84 on Friday. The firm has a fifty day moving average price of $3.47 and a two-hundred day moving average price of $3.08. Lloyds Banking Group has a 1-year low of $2.42 and a 1-year high of $3.91. The firm has a market cap of $58.33 billion, a price-to-earnings ratio of 11.64 and a beta of 1.25.

Lloyds Banking Group (NYSE:LYG) last issued its earnings results on Thursday, February 20th. The financial services provider reported $0.05 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.08 by ($0.03). Lloyds Banking Group had a return on equity of 8.46% and a net margin of 11.45%. The business had revenue of $9.46 billion during the quarter, compared to the consensus estimate of $4.76 billion. As a group, analysts expect that Lloyds Banking Group will post 0.27 EPS for the current fiscal year.

Lloyds Banking Group Increases Dividend

The business also recently announced a semi-annual dividend, which will be paid on Friday, May 30th. Stockholders of record on Friday, April 11th will be given a dividend of $0.1035 per share. The ex-dividend date of this dividend is Friday, April 11th. This is a positive change from Lloyds Banking Group’s previous semi-annual dividend of $0.05. This represents a dividend yield of 4%. Lloyds Banking Group’s payout ratio is 60.61%.

Hedge Funds Weigh In On Lloyds Banking Group

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Millennium Management LLC lifted its stake in Lloyds Banking Group by 225.0% during the fourth quarter. Millennium Management LLC now owns 7,098,940 shares of the financial services provider’s stock valued at $19,309,000 after buying an additional 4,914,680 shares in the last quarter. Raymond James Financial Inc. purchased a new stake in shares of Lloyds Banking Group in the 4th quarter valued at approximately $11,226,000. Northern Trust Corp boosted its stake in Lloyds Banking Group by 34.7% in the 4th quarter. Northern Trust Corp now owns 15,604,325 shares of the financial services provider’s stock worth $42,444,000 after purchasing an additional 4,021,039 shares during the period. Arrowstreet Capital Limited Partnership grew its position in Lloyds Banking Group by 11.3% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 26,669,053 shares of the financial services provider’s stock worth $72,540,000 after purchasing an additional 2,713,559 shares in the last quarter. Finally, FMR LLC raised its stake in Lloyds Banking Group by 14.7% during 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 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.