Lloyds Banking Group (NYSE:LYG) Reaches New 52-Week High – Time to Buy?

Lloyds Banking Group plc (NYSE:LYG)’s share price hit a new 52-week high during trading on Thursday . The company traded as high as $3.38 and last traded at $3.35, with a volume of 1619716 shares changing hands. The stock had previously closed at $3.14.

Wall Street Analysts Forecast Growth

Separately, Morgan Stanley downgraded shares of Lloyds Banking Group from an “overweight” rating to an “equal weight” rating in a research report on Wednesday, October 30th. Seven equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $2.75.

Lloyds Banking Group Trading Up 6.5 %

The stock has a market cap of $50.81 billion, a P/E ratio of 8.58 and a beta of 1.31. The company’s 50-day simple moving average is $2.89 and its 200 day simple moving average is $2.92.

Lloyds Banking Group (NYSE:LYG) last released its quarterly earnings results on Thursday, February 20th. The financial services provider reported $0.05 EPS 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%. Research analysts anticipate that Lloyds Banking Group plc will post 0.33 earnings per share for the current fiscal year.

Institutional Trading of Lloyds Banking Group

Institutional investors have recently made changes to their positions in the stock. Crux Wealth Advisors purchased a new stake in Lloyds Banking Group during the 4th quarter valued at $28,000. Brentview Investment Management LLC purchased a new stake in Lloyds Banking Group in the 4th quarter worth approximately $31,000. Focus Partners Wealth purchased a new position in shares of Lloyds Banking Group during the fourth quarter valued at approximately $31,000. Mesirow Financial Investment Management Inc. bought a new position in shares of Lloyds Banking Group during the fourth quarter valued at approximately $32,000. Finally, Aletheian Wealth Advisors LLC purchased a new stake in Lloyds Banking Group in the third quarter worth $34,000. Hedge funds and other institutional investors 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.