Lloyds Banking Group (NYSE:LYG) Sees Strong Trading Volume – Time to Buy?

Shares of Lloyds Banking Group plc (NYSE:LYG) saw strong trading volume on Thursday . 32,247,814 shares were traded during trading, an increase of 132% from the previous session’s volume of 13,885,036 shares.The stock last traded at $3.78 and had previously closed at $3.75.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on LYG shares. Morgan Stanley raised Lloyds Banking Group from an “equal weight” rating to an “overweight” rating in a research note on Tuesday, March 4th. Keefe, Bruyette & Woods cut shares of Lloyds Banking Group from an “outperform” rating to a “market perform” rating in a report on Tuesday, March 11th. Seven research analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $2.75.

Lloyds Banking Group Trading Up 1.2 %

The firm has a market cap of $57.64 billion, a P/E ratio of 11.50 and a beta of 1.25. The firm has a 50-day simple moving average of $3.26 and a 200-day simple moving average of $3.02.

Lloyds Banking Group (NYSE:LYG) last announced its earnings results on Thursday, February 20th. The financial services provider reported $0.05 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 firm had revenue of $9.46 billion during the quarter, compared to the consensus estimate of $4.76 billion. Research analysts predict that Lloyds Banking Group plc will post 0.27 earnings per share for the current fiscal year.

Lloyds Banking Group Increases Dividend

The company also recently announced a semi-annual dividend, which will be paid on Friday, May 30th. Shareholders of record on Friday, April 11th will be paid a $0.1035 dividend. This represents a yield of 4%. This is an increase from Lloyds Banking Group’s previous semi-annual dividend of $0.05. The ex-dividend date of this dividend is Friday, April 11th. Lloyds Banking Group’s dividend payout ratio (DPR) is 60.61%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in LYG. Wealth Enhancement Advisory Services LLC raised its stake in Lloyds Banking Group by 119.1% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 125,225 shares of the financial services provider’s stock worth $341,000 after acquiring an additional 68,064 shares during the last quarter. Aegis Wealth Management LLC acquired a new stake in shares of Lloyds Banking Group during the fourth quarter worth about $269,000. Forum Financial Management LP boosted its position in Lloyds Banking Group by 35.6% in the fourth quarter. Forum Financial Management LP now owns 181,796 shares of the financial services provider’s stock valued at $494,000 after buying an additional 47,752 shares during the last quarter. Continuum Advisory LLC raised its position in Lloyds Banking Group by 5.0% during the 4th quarter. Continuum Advisory LLC now owns 95,882 shares of the financial services provider’s stock worth $261,000 after buying an additional 4,585 shares during the last quarter. Finally, Millennium Management LLC lifted its stake in Lloyds Banking Group by 225.0% during the 4th quarter. Millennium Management LLC now owns 7,098,940 shares of the financial services provider’s stock valued at $19,309,000 after acquiring an additional 4,914,680 shares during the period. 2.15% of the stock is currently owned by hedge funds and other institutional investors.

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.