Lloyds Banking Group (NYSE:LYG) Shares Gap Down - Time to Sell?

Shares of Lloyds Banking Group plc (NYSE:LYG - Get Free Report) gapped down before the market opened on Friday . The stock had previously closed at $3.23, but opened at $3.08. Lloyds Banking Group shares last traded at $3.05, with a volume of 2,003,008 shares trading hands.

Analysts Set New Price Targets

Several equities analysts recently issued reports on LYG shares. The Goldman Sachs Group started coverage on shares of Lloyds Banking Group in a research report on Friday, October 4th. They set a "neutral" rating on the stock. Citigroup downgraded shares of Lloyds Banking Group from a "buy" rating to a "neutral" rating in a report on Monday, August 5th. Kepler Capital Markets initiated coverage on Lloyds Banking Group in a research note on Thursday, September 5th. They issued a "hold" rating for the company. UBS Group reiterated a "neutral" rating on shares of Lloyds Banking Group in a research note on Tuesday, July 30th. Finally, Royal Bank of Canada lowered shares of Lloyds Banking Group from an "outperform" rating to a "sector perform" rating in a research note on Friday, July 26th. Six equities research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Hold" and an average target price of $2.75.

Lloyds Banking Group Trading Down 8.7 %

The business has a 50-day moving average of $3.08 and a two-hundred day moving average of $2.89. The company has a quick ratio of 1.48, a current ratio of 1.45 and a debt-to-equity ratio of 1.89. The firm has a market capitalization of $45.34 billion, a price-to-earnings ratio of 7.56 and a beta of 1.34.

Lloyds Banking Group (NYSE:LYG - Get Free Report) last issued its quarterly earnings data on Thursday, July 25th. The financial services provider reported $0.09 EPS for the quarter. Lloyds Banking Group had a net margin of 12.40% and a return on equity of 10.34%. The company had revenue of $9.55 billion during the quarter. Research analysts predict that Lloyds Banking Group plc will post 0.3 EPS for the current fiscal year.

Hedge Funds Weigh In On Lloyds Banking Group

A number of institutional investors and hedge funds have recently modified their holdings of the company. Clearbridge Investments LLC bought a new stake in Lloyds Banking Group during the 2nd quarter valued at $36,252,000. First Eagle Investment Management LLC increased its stake in shares of Lloyds Banking Group by 9.2% in the first quarter. First Eagle Investment Management LLC now owns 4,060,740 shares of the financial services provider's stock valued at $10,517,000 after buying an additional 343,753 shares during the period. CreativeOne Wealth LLC boosted its stake 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 valued at $122,000 after purchasing an additional 29,486 shares during the last quarter. CWM LLC boosted its stake in Lloyds Banking Group by 37.9% in the 2nd quarter. CWM LLC now owns 71,039 shares of the financial services provider's stock worth $194,000 after purchasing an additional 19,525 shares during the period. Finally, Sequoia Financial Advisors LLC grew its holdings in Lloyds Banking Group by 7.3% in the 2nd quarter. Sequoia Financial Advisors LLC now owns 61,586 shares of the financial services provider's stock worth $168,000 after acquiring an additional 4,194 shares during the last quarter. Institutional investors and hedge funds 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.