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

Shares of Lloyds Banking Group plc (NYSE:LYG) gapped down before the market opened on Friday . The stock had previously closed at $2.77, but opened at $2.70. Lloyds Banking Group shares last traded at $2.72, with a volume of 3,012,390 shares traded.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on LYG shares. The Goldman Sachs Group started coverage on Lloyds Banking Group in a research report on Friday, October 4th. They issued a “neutral” rating on the stock. Kepler Capital Markets began coverage on Lloyds Banking Group in a report on Thursday, September 5th. They issued a “hold” rating on the stock. Citigroup downgraded Lloyds Banking Group from a “buy” rating to a “neutral” rating in a report on Monday, August 5th. Morgan Stanley downgraded shares of Lloyds Banking Group from an “overweight” rating to an “equal weight” rating in a research note on Wednesday, October 30th. Finally, UBS Group reaffirmed a “neutral” rating on shares of Lloyds Banking Group in a research report on Tuesday, July 30th. Seven investment analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $2.75.

Lloyds Banking Group Trading Down 1.4 %

The stock has a market capitalization of $41.75 billion, a P/E ratio of 7.00 and a beta of 1.35. 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 business has a 50-day moving average price of $2.98 and a two-hundred day moving average price of $2.92.

Institutional Investors Weigh In On Lloyds Banking Group

Several institutional investors and hedge funds have recently bought and sold shares of LYG. Virtu Financial LLC raised its position in shares of Lloyds Banking Group by 325.7% in the 3rd quarter. Virtu Financial LLC now owns 184,829 shares of the financial services provider’s stock valued at $577,000 after buying an additional 141,409 shares in the last quarter. Rehmann Capital Advisory Group increased its stake in Lloyds Banking Group by 18.3% in the third quarter. Rehmann Capital Advisory Group now owns 34,888 shares of the financial services provider’s stock valued at $111,000 after acquiring an additional 5,386 shares during the last quarter. Continuum Advisory LLC raised its position in Lloyds Banking Group by 6.2% during the third quarter. Continuum Advisory LLC now owns 91,297 shares of the financial services provider’s stock valued at $285,000 after purchasing an additional 5,356 shares in the last quarter. Drucker Wealth 3.0 LLC lifted its stake in Lloyds Banking Group by 2.0% during the third quarter. Drucker Wealth 3.0 LLC now owns 769,082 shares of the financial services provider’s stock worth $2,400,000 after purchasing an additional 14,742 shares during the last quarter. Finally, Public Employees Retirement System of Ohio acquired a new stake in shares of Lloyds Banking Group in the 3rd quarter valued at $486,000. Institutional investors own 2.15% of the company’s stock.

About Lloyds Banking Group

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.