Lloyds Banking Group (NYSE:LYG) Sees Large Volume Increase – Time to Buy?

Lloyds Banking Group plc (NYSE:LYG) shares saw an uptick in trading volume on Friday . 5,607,658 shares traded hands during mid-day trading, a decline of 17% from the previous session’s volume of 6,743,076 shares.The stock last traded at $2.68 and had previously closed at $2.70.

Analyst Ratings Changes

A number of research analysts have recently commented on LYG shares. 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. The Goldman Sachs Group began coverage on Lloyds Banking Group in a report on Friday, October 4th. They set a “neutral” rating for the company. Seven investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $2.75.

Lloyds Banking Group Stock Performance

The stock has a market capitalization of $40.76 billion, a price-to-earnings ratio of 6.90 and a beta of 1.31. The company’s fifty day simple moving average is $2.74 and its 200 day simple moving average is $2.91. The company has a quick ratio of 1.48, a current ratio of 1.45 and a debt-to-equity ratio of 1.76.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Bank of New York Mellon Corp lifted its position in Lloyds Banking Group by 22.8% during the second quarter. Bank of New York Mellon Corp now owns 648,513 shares of the financial services provider’s stock worth $1,770,000 after acquiring an additional 120,257 shares during the last quarter. Allspring Global Investments Holdings LLC increased its stake in shares of Lloyds Banking Group by 121.6% during the second quarter. Allspring Global Investments Holdings LLC now owns 74,351 shares of the financial services provider’s stock worth $203,000 after purchasing an additional 40,799 shares during the period. Rothschild Investment LLC bought a new stake in Lloyds Banking Group in the 2nd quarter valued at $35,000. Commonwealth Equity Services LLC grew its holdings in Lloyds Banking Group by 6.5% in the 2nd quarter. Commonwealth Equity Services LLC now owns 144,252 shares of the financial services provider’s stock valued at $394,000 after buying an additional 8,758 shares in the last quarter. Finally, Natixis Advisors LLC increased its position in Lloyds Banking Group by 4.4% during the 2nd quarter. Natixis Advisors LLC now owns 1,454,414 shares of the financial services provider’s stock worth $3,971,000 after buying an additional 61,016 shares during the period. Institutional investors and hedge funds 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.