Lloyds Banking Group (NYSE:LYG) Shares Gap Down - Here's Why

Lloyds Banking Group plc (NYSE:LYG - Get Free Report) shares 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.

Analysts Set New Price Targets

LYG has been the topic of a number of analyst reports. The Goldman Sachs Group initiated coverage on Lloyds Banking Group in a research report on Friday, October 4th. They issued a "neutral" rating on the stock. Morgan Stanley lowered shares of Lloyds Banking Group from an "overweight" rating to an "equal weight" rating in a report on Wednesday, October 30th. 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. Citigroup cut Lloyds Banking Group from a "buy" rating to a "neutral" rating in a research report on Monday, August 5th. Finally, UBS Group reissued a "neutral" rating on shares of Lloyds Banking Group in a research report on Tuesday, July 30th. Seven research analysts have rated the stock with a hold rating and three have given a buy rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Hold" and an average target price of $2.75.

Lloyds Banking Group Price Performance

The company has a fifty day moving average price of $2.98 and a two-hundred day moving average price of $2.92. The firm has a market capitalization of $41.75 billion, a PE 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.

Hedge Funds Weigh In On Lloyds Banking Group

A number of institutional investors have recently modified their holdings of LYG. Sei Investments Co. raised its stake in Lloyds Banking Group by 5.1% during the 1st quarter. Sei Investments Co. now owns 663,745 shares of the financial services provider's stock valued at $1,719,000 after acquiring an additional 32,300 shares during the last quarter. Russell Investments Group Ltd. raised its stake in shares of Lloyds Banking Group by 138.2% during the first quarter. Russell Investments Group Ltd. now owns 26,453 shares of the financial services provider's stock worth $69,000 after purchasing an additional 15,348 shares during the last quarter. Lake Street Advisors Group LLC lifted its holdings in shares of Lloyds Banking Group by 15.1% during the first quarter. Lake Street Advisors Group LLC now owns 59,102 shares of the financial services provider's stock worth $153,000 after purchasing an additional 7,733 shares during the period. Pitcairn Co. acquired a new position in Lloyds Banking Group in the 1st quarter valued at $161,000. Finally, CreativeOne Wealth LLC raised its position in Lloyds Banking Group by 166.2% during the 1st quarter. CreativeOne Wealth LLC now owns 47,224 shares of the financial services provider's stock worth $122,000 after buying an additional 29,486 shares during the last quarter. 2.15% of the stock is 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.