Lloyds Banking Group (NYSE:LYG) Sees Strong Trading Volume – Should You Buy?

Lloyds Banking Group plc (NYSE:LYG) shares saw strong trading volume on Tuesday . 42,122,905 shares were traded during mid-day trading, an increase of 164% from the previous session’s volume of 15,925,818 shares.The stock last traded at $3.55 and had previously closed at $3.40.

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’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $2.75.

Lloyds Banking Group Trading Up 3.7 %

The stock’s fifty day moving average is $2.92 and its two-hundred day moving average is $2.94. The company has a market capitalization of $53.54 billion, a PE ratio of 10.68 and a beta of 1.31.

Lloyds Banking Group (NYSE:LYG) last announced its earnings results on Thursday, February 20th. The financial services provider reported $0.05 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.08 by ($0.03). Lloyds Banking Group had a net margin of 11.45% and a return on equity of 8.46%. The company had revenue of $9.46 billion for the quarter, compared to the consensus estimate of $4.76 billion. As a group, analysts anticipate that Lloyds Banking Group plc will post 0.27 EPS for the current fiscal year.

Hedge Funds Weigh In On Lloyds Banking Group

Several institutional investors have recently added to or reduced their stakes in the company. Apollon Wealth Management LLC lifted its stake in Lloyds Banking Group by 2.8% in the fourth quarter. Apollon Wealth Management LLC now owns 122,641 shares of the financial services provider’s stock worth $334,000 after acquiring an additional 3,346 shares during the period. Independent Advisor Alliance boosted its stake in shares of Lloyds Banking Group by 4.8% in the fourth quarter. Independent Advisor Alliance now owns 75,049 shares of the financial services provider’s stock worth $204,000 after acquiring an additional 3,420 shares during the last quarter. Rehmann Capital Advisory Group raised its stake in Lloyds Banking Group by 9.9% during the fourth quarter. Rehmann Capital Advisory Group now owns 38,339 shares of the financial services provider’s stock worth $104,000 after purchasing an additional 3,451 shares during the period. OneDigital Investment Advisors LLC lifted its position in shares of Lloyds Banking Group by 3.5% during the fourth quarter. OneDigital Investment Advisors LLC now owns 109,799 shares of the financial services provider’s stock worth $299,000 after purchasing an additional 3,728 shares in the last quarter. Finally, Sequoia Financial Advisors LLC grew its holdings in Lloyds Banking Group by 6.1% during the 3rd quarter. Sequoia Financial Advisors LLC now owns 65,320 shares of the financial services provider’s stock worth $204,000 after acquiring an additional 3,734 shares in the last quarter. 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.