Pinnacle Associates Ltd. Acquires 5,089 Shares of Lloyds Banking Group plc (NYSE:LYG)

Pinnacle Associates Ltd. increased its holdings in shares of Lloyds Banking Group plc (NYSE:LYG) by 3.3% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 157,205 shares of the financial services provider’s stock after acquiring an additional 5,089 shares during the quarter. Pinnacle Associates Ltd.’s holdings in Lloyds Banking Group were worth $490,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also bought and sold shares of the business. Aletheian Wealth Advisors LLC purchased a new position in Lloyds Banking Group in the third quarter valued at about $34,000. Diversify Advisory Services LLC lifted its stake in Lloyds Banking Group by 119.6% in the third quarter. Diversify Advisory Services LLC now owns 35,304 shares of the financial services provider’s stock valued at $113,000 after purchasing an additional 19,225 shares during the last quarter. Patriot Financial Group Insurance Agency LLC lifted its stake in Lloyds Banking Group by 9.5% in the third quarter. Patriot Financial Group Insurance Agency LLC now owns 148,281 shares of the financial services provider’s stock valued at $463,000 after purchasing an additional 12,845 shares during the last quarter. Baker Tilly Wealth Management LLC grew its holdings in Lloyds Banking Group by 88.7% during the third quarter. Baker Tilly Wealth Management LLC now owns 38,489 shares of the financial services provider’s stock valued at $120,000 after purchasing an additional 18,092 shares during the period. Finally, Arkadios Wealth Advisors bought a new stake in shares of Lloyds Banking Group in the third quarter valued at $42,000. Hedge funds and other institutional investors own 2.15% of the company’s stock.

Lloyds Banking Group Stock Performance

NYSE LYG opened at $2.79 on Monday. The company’s 50 day simple moving average is $3.05 and its two-hundred day simple moving average is $2.90. The company has a debt-to-equity ratio of 1.76, a current ratio of 1.45 and a quick ratio of 1.48. Lloyds Banking Group plc has a 1 year low of $1.98 and a 1 year high of $3.24. The stock has a market capitalization of $42.88 billion, a PE ratio of 7.15 and a beta of 1.35.

Analysts Set New Price Targets

Several research analysts have recently weighed in on LYG shares. UBS Group reiterated a “neutral” rating on shares of Lloyds Banking Group in a research note on Tuesday, July 30th. Kepler Capital Markets initiated coverage on shares of Lloyds Banking Group in a research report on Thursday, September 5th. They issued a “hold” rating on the stock. The Goldman Sachs Group began coverage on shares of Lloyds Banking Group in a report on Friday, October 4th. They issued a “neutral” rating for the company. Morgan Stanley cut shares of Lloyds Banking Group from an “overweight” rating to an “equal weight” rating in a report on Wednesday, October 30th. Finally, Citigroup lowered Lloyds Banking Group from a “buy” rating to a “neutral” rating in a report on Monday, August 5th. Seven research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to data from MarketBeat, Lloyds Banking Group currently has an average rating of “Hold” and an average target price of $2.75.

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.