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

Lloyds Banking Group plc (NYSE:LYG)’s stock price gapped down prior to trading on Wednesday . The stock had previously closed at $2.75, but opened at $2.62. Lloyds Banking Group shares last traded at $2.61, with a volume of 2,134,168 shares.

Wall Street Analyst Weigh In

LYG has been the topic of several recent research reports. The Goldman Sachs Group initiated coverage on shares of Lloyds Banking Group in a research report on Friday, October 4th. They set a “neutral” rating on the stock. Morgan Stanley lowered Lloyds Banking Group from an “overweight” rating to an “equal weight” rating in a research note on Wednesday, October 30th. Seven investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $2.75.

Lloyds Banking Group Price Performance

The stock’s 50-day moving average is $2.74 and its two-hundred day moving average is $2.91. The company has a market capitalization of $38.94 billion, a PE ratio of 6.59 and a beta of 1.31. The company has a current ratio of 1.45, a quick ratio of 1.48 and a debt-to-equity ratio of 1.76.

Institutional Trading of Lloyds Banking Group

Several institutional investors and hedge funds have recently made changes to their positions in the business. Tcwp LLC purchased a new position in Lloyds Banking Group in the 2nd quarter worth about $32,000. Aletheian Wealth Advisors LLC purchased a new position in shares of Lloyds Banking Group during the third quarter worth approximately $34,000. Angeles Investment Advisors LLC raised its stake in shares of Lloyds Banking Group by 38.6% during the second quarter. Angeles Investment Advisors LLC now owns 15,290 shares of the financial services provider’s stock valued at $42,000 after acquiring an additional 4,262 shares in the last quarter. Insigneo Advisory Services LLC purchased a new stake in shares of Lloyds Banking Group in the second quarter valued at approximately $42,000. Finally, Arkadios Wealth Advisors bought a new position in Lloyds Banking Group in the third quarter worth approximately $42,000. 2.15% of the stock is currently owned by institutional investors.

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.