Lloyds Banking Group (NYSE:LYG) Reaches New 12-Month High – Time to Buy?

Lloyds Banking Group plc (NYSE:LYG) shares hit a new 52-week high during trading on Friday . The company traded as high as $3.24 and last traded at $3.24, with a volume of 6380697 shares changing hands. The stock had previously closed at $3.20.

Analysts Set New Price Targets

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

Lloyds Banking Group Price Performance

The firm’s fifty day moving average price is $2.86 and its two-hundred day moving average price is $2.92. The stock has a market cap of $48.71 billion, a price-to-earnings ratio of 8.24 and a beta of 1.31.

Institutional Investors Weigh In On Lloyds Banking Group

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Apollon Wealth Management LLC raised its holdings in shares of Lloyds Banking Group by 2.8% in the 4th 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 last quarter. Lazari Capital Management Inc. raised its holdings in shares of Lloyds Banking Group by 19.8% in the 3rd quarter. Lazari Capital Management Inc. now owns 20,391 shares of the financial services provider’s stock worth $64,000 after acquiring an additional 3,371 shares during the last quarter. Independent Advisor Alliance raised its holdings in shares of Lloyds Banking Group by 4.8% in the 4th 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 holdings in shares of Lloyds Banking Group by 9.9% in the 4th quarter. Rehmann Capital Advisory Group now owns 38,339 shares of the financial services provider’s stock worth $104,000 after acquiring an additional 3,451 shares during the last quarter. Finally, OneDigital Investment Advisors LLC raised its holdings in shares of Lloyds Banking Group by 3.5% in the 4th quarter. OneDigital Investment Advisors LLC now owns 109,799 shares of the financial services provider’s stock worth $299,000 after acquiring an additional 3,728 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.