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Lloyds Banking Group plc (NYSE: LYG): Blank Check On Growth?

Lloyds Banking Group plc (NYSE:LYG) price on Friday, March 17, fall -5.22% below its previous day’s close as a downside momentum from buyers pushed the stock’s value to $2.18.

A look at the stock’s price movement, the close in the last trading session was $2.30, moving within a range at $2.18 and $2.24. The beta value (5-Year monthly) was 1.23 while the PE ratio in trailing twelve months stood at 6.34. Turning to its 52-week performance, $2.64 and $1.70 were the 52-week high and 52-week low respectively. Overall, LYG moved -13.83% over the past month.

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Lloyds Banking Group plc’s market cap currently stands at around $38.04 billion. The company has a Forward Dividend ratio of 0.12, with its dividend yield at 5.28%. As such, investors might be keen on an upside in the stock’s price ahead of the scheduled earnings report.

Revisions could be used as tool to get short term price movement insight, and for the company that in the past seven days was no upward and no downward review(s). Turning to the stock’s technical picture we see that short term indicators suggest on average that LYG is a Hold. On the other hand, the stock is on average a 50% Buy as suggested by medium term indicators while long term indicators are putting the stock in Hold category.

23 analyst(s) have given their forecast ratings for the stock on a scale of 1.00-5.00 for a strong buy to strong sell recommendation. A total of 5 analyst(s) rate the stock as a Hold, 14 recommend LYG as a Buy and 1 give it an Overweight rating. Meanwhile, 0 analyst(s) rate the stock as Underweight and 3 say it is a Sell. As such, the average rating for the stock is Overweight which could provide an opportunity for investors keen on increasing their holdings of the company’s stock.

LYG’s current price about -9.97% and -11.30% off the 20-day and 50-day simple moving averages respectively. The Relative Strength Index (RSI, 14) currently prints 34.50, while 7-day volatility ratio is 3.01% and 2.27% in the 30-day chart. Further, Lloyds Banking Group plc (LYG) has a beta value of 1.31, and an average true range (ATR) of 0.08. Analysts have given the company’s stock an average 52-week price target of $3.07, forecast between a low of $2.37 and high of $3.88. Looking at the price targets, the low is -8.72% off current price level while to achieve the yearly target high, price needs to move -77.98%. Nonetheless, investors will most likely welcome a -37.61% jump to $3.00 which is the analysts’ median price.

In the market, a comparison of Lloyds Banking Group plc (LYG) and its peers suggest the former has performed considerably weaker. Data shows LYG’s intraday price has changed -5.22% in last session and -13.83% over the past year. Looking at another peer, we see that Banco Santander S.A. (SAN) price has dipped -6.53% on the day. However, the stock is -4.08% off its price a year ago. Moreover, Royal Bank of Canada (RY) is also down -2.74% in trading on the day while keeping a a downtrend of -16.59% over the past year. Elsewhere, the overall performance for the S&P 500 and Dow Jones Industrial shows that the indexes are down -1.10% and -1.19% respectively in the last trading.

If we refocus on Lloyds Banking Group plc (NYSE:LYG), historical trading data shows that trading volumes averaged 16.64 million over the past 10 days and 8.85 million over the past 3 months. The company’s latest data on shares outstanding shows there are 16.88 billion shares.

The 81.30% of Lloyds Banking Group plc’s shares are in the hands of company insiders while institutional holders own 2.70% of the company’s shares. Also important is the data on short interest which shows that short shares stood at 7.0 million on Jan 30, 2023, giving us a short ratio of 1.13. The data shows that as of Jan 30, 2023 short interest in Lloyds Banking Group plc (LYG) stood at 0.04% of shares outstanding, with shares short falling to 8.21 million registered in Dec 29, 2022. Current price change has pushed the stock -0.91% YTD, which shows the potential for further growth is there. It is this reason that could see investor optimism for the LYG stock continues to rise going into the next quarter.

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