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

Lloyds Banking Group plc (NYSE:LYG - Get Free Report)'s share price gapped up before the market opened on Tuesday . The stock had previously closed at $2.85, but opened at $2.99. Lloyds Banking Group shares last traded at $2.98, with a volume of 2,516,763 shares.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on LYG shares. The Goldman Sachs Group assumed coverage on shares of Lloyds Banking Group in a research report on Friday, October 4th. They issued a "neutral" rating for the company. Morgan Stanley cut shares of Lloyds Banking Group from an "overweight" rating to an "equal weight" rating in a research note on Wednesday, October 30th. Seven research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to MarketBeat.com, Lloyds Banking Group currently has an average rating of "Hold" and an average target price of $2.75.

Lloyds Banking Group Price Performance

The stock has a market cap of $46.59 billion, a price-to-earnings ratio of 7.88 and a beta of 1.31. The firm's 50-day moving average is $2.74 and its 200 day moving average is $2.91.

Lloyds Banking Group (NYSE:LYG - Get Free Report) last announced its quarterly earnings data on Wednesday, October 23rd. The financial services provider reported $0.10 earnings per share (EPS) for the quarter. Lloyds Banking Group had a net margin of 10.89% and a return on equity of 9.81%. The company had revenue of $10.41 billion during the quarter. During the same period in the prior year, the firm earned $0.10 earnings per share. On average, sell-side analysts forecast that Lloyds Banking Group plc will post 0.33 EPS for the current year.

Institutional Trading of Lloyds Banking Group

Institutional investors have recently modified their holdings of the company. JPMorgan Chase & Co. lifted its position in Lloyds Banking Group by 58.5% during the third quarter. JPMorgan Chase & Co. now owns 6,659,629 shares of the financial services provider's stock valued at $20,778,000 after buying an additional 2,456,914 shares in the last quarter. BNP Paribas Financial Markets acquired a new position in shares of Lloyds Banking Group during the 3rd quarter valued at $1,035,000. US Bancorp DE increased its holdings in Lloyds Banking Group by 36.6% in the 3rd quarter. US Bancorp DE now owns 757,336 shares of the financial services provider's stock valued at $2,363,000 after purchasing an additional 202,862 shares in the last quarter. Charles Schwab Investment Management Inc. raised its position in Lloyds Banking Group by 20.6% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,055,584 shares of the financial services provider's stock valued at $3,293,000 after purchasing an additional 180,178 shares during the period. Finally, Raymond James & Associates lifted its stake in shares of Lloyds Banking Group by 37.4% during the third quarter. Raymond James & Associates now owns 3,416,484 shares of the financial services provider's stock worth $10,659,000 after purchasing an additional 929,478 shares in the last quarter. Hedge funds and other institutional investors own 2.15% of the company's stock.

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.