Lloyds Banking Group (NYSE:LYG) Reaches New 52-Week High - Here's What Happened

Shares of Lloyds Banking Group plc (NYSE:LYG - Get Free Report) reached a new 52-week high on Thursday . The company traded as high as $3.38 and last traded at $3.35, with a volume of 1619716 shares. The stock had previously closed at $3.14.

Wall Street Analyst Weigh In

Separately, Morgan Stanley downgraded Lloyds Banking Group from an "overweight" rating to an "equal weight" rating in a report on Wednesday, October 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.com, the stock presently has a consensus rating of "Hold" and an average target price of $2.75.

Lloyds Banking Group Stock Performance

The company has a fifty day moving average of $2.91 and a two-hundred day moving average of $2.93. The firm has a market capitalization of $51.11 billion, a price-to-earnings ratio of 8.63 and a beta of 1.31.

Lloyds Banking Group (NYSE:LYG - Get Free Report) last posted its earnings results on Thursday, February 20th. The financial services provider reported $0.05 earnings per share for the quarter, missing analysts' consensus estimates of $0.08 by ($0.03). Lloyds Banking Group had a return on equity of 9.81% and a net margin of 10.89%. The firm had revenue of $9.46 billion for the quarter, compared to analyst estimates of $4.76 billion. Equities analysts forecast that Lloyds Banking Group plc will post 0.33 EPS for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Millennium Management LLC boosted its stake in shares of Lloyds Banking Group by 225.0% in the fourth quarter. Millennium Management LLC now owns 7,098,940 shares of the financial services provider's stock valued at $19,309,000 after buying an additional 4,914,680 shares during the period. Raymond James Financial Inc. bought a new stake in Lloyds Banking Group during the fourth quarter worth about $11,226,000. Northern Trust Corp grew its stake in Lloyds Banking Group by 34.7% during the fourth quarter. Northern Trust Corp now owns 15,604,325 shares of the financial services provider's stock worth $42,444,000 after buying an additional 4,021,039 shares in the last quarter. Arrowstreet Capital Limited Partnership raised its position in shares of Lloyds Banking Group by 11.3% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 26,669,053 shares of the financial services provider's stock valued at $72,540,000 after buying an additional 2,713,559 shares in the last quarter. Finally, FMR LLC lifted its holdings in shares of Lloyds Banking Group by 14.7% during the 3rd quarter. FMR LLC now owns 19,280,034 shares of the financial services provider's stock worth $60,154,000 after acquiring an additional 2,472,263 shares during the period. Institutional investors and hedge funds 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.