Lloyds Banking Group (NYSE:LYG) Shares Gap Up – Here’s What Happened

Shares of Lloyds Banking Group plc (NYSE:LYG) gapped up before the market opened on Tuesday . The stock had previously closed at $2.85, but opened at $2.99. Lloyds Banking Group shares last traded at $2.98, with a volume of 2,516,763 shares trading hands.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on LYG shares. The Goldman Sachs Group assumed coverage on Lloyds Banking Group in a report on Friday, October 4th. They issued a “neutral” rating on the stock. Morgan Stanley lowered Lloyds Banking Group from an “overweight” rating to an “equal weight” rating in a report on Wednesday, October 30th. Seven 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, the company presently has an average rating of “Hold” and an average price target of $2.75.

Lloyds Banking Group Stock Up 5.4 %

The firm’s 50-day simple moving average is $2.73 and its 200-day simple moving average is $2.91. The firm has a market capitalization of $45.53 billion, a PE ratio of 7.73 and a beta of 1.31.

Hedge Funds Weigh In On Lloyds Banking Group

A number of hedge funds have recently modified their holdings of the company. Clearbridge Investments LLC purchased a new stake in Lloyds Banking Group in the second quarter worth about $36,252,000. Envestnet Asset Management Inc. raised its stake in 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 valued at $23,415,000 after buying an additional 2,841,956 shares during the last quarter. FMR LLC increased its holdings in shares of Lloyds Banking Group by 14.7% during the third quarter. FMR LLC now owns 19,280,034 shares of the financial services provider’s stock valued at $60,154,000 after acquiring an additional 2,472,263 shares in the last quarter. JPMorgan Chase & Co. raised its holdings in Lloyds Banking Group by 58.5% in the 3rd 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 last quarter. Finally, Raymond James & Associates raised its stake in shares of Lloyds Banking Group by 37.4% in the third quarter. Raymond James & Associates now owns 3,416,484 shares of the financial services provider’s stock worth $10,659,000 after purchasing an additional 929,478 shares during the last quarter. Hedge funds and other institutional investors 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.