Lloyds Banking Group PLC (NYSE:LYG) Sees Large Decline in Short Interest

Lloyds Banking Group PLC (NYSE:LYG) was the target of a significant drop in short interest during the month of June. As of June 15th, there was short interest totaling 3,838,506 shares, a drop of 44.7% from the May 31st total of 6,943,194 shares. Based on an average daily trading volume, of 31,509,695 shares, the short-interest ratio is currently 0.1 days. Approximately 0.0% of the company’s shares are sold short.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of LYG. Papamarkou Wellner Asset Management inc. lifted its stake in shares of Lloyds Banking Group by 2.0% in the fourth quarter. Papamarkou Wellner Asset Management inc. now owns 104,100 shares of the financial services provider’s stock valued at $552,000 after buying an additional 2,000 shares in the last quarter. Aptus Capital Advisors LLC raised its holdings in shares of Lloyds Banking Group by 11.9% in the 4th quarter. Aptus Capital Advisors LLC now owns 18,869 shares of the financial services provider’s stock worth $100,000 after acquiring an additional 2,009 shares during the last quarter. Harbour Investments Inc. lifted its position in Lloyds Banking Group by 47.3% in the 4th quarter. Harbour Investments Inc. now owns 6,386 shares of the financial services provider’s stock valued at $34,000 after acquiring an additional 2,051 shares in the last quarter. Waverly Advisors LLC increased its holdings in Lloyds Banking Group by 20.8% during the 1st quarter. Waverly Advisors LLC now owns 12,423 shares of the financial services provider’s stock worth $62,000 after purchasing an additional 2,138 shares in the last quarter. Finally, Xponance LLC increased its holdings in Lloyds Banking Group by 11.9% during the 4th quarter. Xponance LLC now owns 20,138 shares of the financial services provider’s stock worth $107,000 after purchasing an additional 2,146 shares in the last quarter. Institutional investors and hedge funds own 2.15% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on LYG. Weiss Ratings cut shares of Lloyds Banking Group from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Monday, May 11th. Citigroup reaffirmed a “buy” rating on shares of Lloyds Banking Group in a research note on Thursday, April 30th. Morgan Stanley reissued an “overweight” rating on shares of Lloyds Banking Group in a research note on Tuesday. Berenberg Bank initiated coverage on Lloyds Banking Group in a report on Wednesday, June 24th. They set a “hold” rating on the stock. Finally, Wall Street Zen raised shares of Lloyds Banking Group from a “hold” rating to a “buy” rating in a research report on Saturday, May 2nd. Seven analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy”.

Lloyds Banking Group Stock Up 1.5%

Shares of LYG traded up $0.09 during trading hours on Wednesday, hitting $5.92. The stock had a trading volume of 16,093,550 shares, compared to its average volume of 20,981,941. The company has a debt-to-equity ratio of 2.09, a current ratio of 0.56 and a quick ratio of 0.56. The firm has a 50 day simple moving average of $5.42 and a 200-day simple moving average of $5.43. The firm has a market capitalization of $86.50 billion, a P/E ratio of 13.44, a price-to-earnings-growth ratio of 0.58 and a beta of 0.87. Lloyds Banking Group has a 1-year low of $3.98 and a 1-year high of $6.34.

Lloyds Banking Group (NYSE:LYG) last posted its quarterly earnings results on Tuesday, March 31st. The financial services provider reported $0.13 earnings per share for the quarter. The business had revenue of $6.87 billion for the quarter. Lloyds Banking Group had a return on equity of 10.63% and a net margin of 25.11%. Sell-side analysts predict that Lloyds Banking Group will post 0.53 EPS for the current fiscal year.

About Lloyds Banking Group

Lloyds Banking Group plc is a UK-based banking and financial services company that provides a broad range of retail, commercial and insurance products. Its principal consumer-facing brands include Lloyds Bank, Halifax and Bank of Scotland, through which it offers current accounts, savings, mortgages, credit cards and personal loans. The group also delivers services to small and medium-sized enterprises (SMEs) and larger corporate clients, supplying business accounts, lending, payments and cash-management solutions.

In addition to core banking, Lloyds operates a significant wealth and insurance arm under the Scottish Widows brand, offering life insurance, pensions, investment and retirement planning products.