Lloyds Banking Group (NYSE:LYG) Hits New 52-Week High – Here’s Why

Shares of Lloyds Banking Group plc (NYSE:LYG) reached a new 52-week high during trading on Wednesday . The company traded as high as $3.18 and last traded at $3.18, with a volume of 3941478 shares traded. The stock had previously closed at $3.10.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on LYG shares. UBS Group restated a “neutral” rating on shares of Lloyds Banking Group in a research report on Tuesday, July 30th. Citigroup cut Lloyds Banking Group from a “buy” rating to a “neutral” rating in a report on Monday, August 5th. BNP Paribas raised Lloyds Banking Group from a “neutral” rating to an “outperform” rating in a report on Friday, July 5th. Royal Bank of Canada downgraded shares of Lloyds Banking Group from an “outperform” rating to a “sector perform” rating in a research note on Friday, July 26th. Finally, Kepler Capital Markets initiated coverage on shares of Lloyds Banking Group in a report on Thursday, September 5th. They issued a “hold” rating for the company. Six investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $2.75.

Lloyds Banking Group Stock Performance

The company has a debt-to-equity ratio of 1.89, a quick ratio of 1.48 and a current ratio of 1.45. The company has a market cap of $50.33 billion, a P/E ratio of 8.42 and a beta of 1.34. The stock’s fifty day moving average price is $3.05 and its two-hundred day moving average price is $2.86.

Lloyds Banking Group (NYSE:LYG) last posted its quarterly earnings results on Thursday, July 25th. The financial services provider reported $0.09 EPS for the quarter. Lloyds Banking Group had a return on equity of 10.34% and a net margin of 12.40%. The company had revenue of $9.55 billion during the quarter. As a group, equities analysts predict that Lloyds Banking Group plc will post 0.32 earnings per share for the current year.

Lloyds Banking Group Increases Dividend

The business also recently disclosed a semi-annual dividend, which was paid on Friday, September 20th. Investors of record on Monday, August 5th were paid a $0.0546 dividend. This is an increase from Lloyds Banking Group’s previous semi-annual dividend of $0.05. The ex-dividend date of this dividend was Monday, August 5th. This represents a yield of 4.4%. Lloyds Banking Group’s dividend payout ratio is presently 26.32%.

Institutional Investors Weigh In On Lloyds Banking Group

Several hedge funds have recently added to or reduced their stakes in the business. Clearbridge Investments LLC bought a new stake in shares of Lloyds Banking Group in the 2nd quarter valued at $36,252,000. First Eagle Investment Management LLC grew its holdings in Lloyds Banking Group by 9.2% during the 1st quarter. First Eagle Investment Management LLC now owns 4,060,740 shares of the financial services provider’s stock worth $10,517,000 after acquiring an additional 343,753 shares during the period. CreativeOne Wealth LLC raised its position in shares of Lloyds Banking Group by 166.2% in the 1st quarter. CreativeOne Wealth LLC now owns 47,224 shares of the financial services provider’s stock worth $122,000 after acquiring an additional 29,486 shares in the last quarter. CWM LLC lifted its stake in shares of Lloyds Banking Group by 37.9% in the 2nd quarter. CWM LLC now owns 71,039 shares of the financial services provider’s stock valued at $194,000 after purchasing an additional 19,525 shares during the period. Finally, Aprio Wealth Management LLC boosted its position in shares of Lloyds Banking Group by 71.5% during the 1st quarter. Aprio Wealth Management LLC now owns 47,613 shares of the financial services provider’s stock valued at $123,000 after purchasing an additional 19,857 shares in the last quarter. 2.15% of the stock is currently owned by institutional investors and hedge funds.

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.