Lloyds Banking Group PLC (NYSE:LYG) Short Interest Update

Key Points

• Short interest fell sharply: Lloyds Banking Group’s short interest declined 49.3% to 1.66 million shares as of July 31, representing approximately 0.1 days to cover.
• Analyst sentiment remains positive: Six analysts rate the stock a Buy and five rate it a Hold, resulting in a consensus “Moderate Buy” rating.
• Quarterly results slightly missed expectations: Lloyds reported earnings of $0.13 per share versus the $0.14 consensus estimate, while revenue of $6.57 billion also came in below forecasts.

Lloyds Banking Group PLC (NYSE:LYG - Get Free Report) was the target of a large drop in short interest in the month of July. As of July 31st, there was short interest totaling 1,659,386 shares, a drop of 49.3% from the July 15th total of 3,270,365 shares. Currently, 0.0% of the company's stock are sold short. Based on an average daily trading volume, of 17,259,911 shares, the days-to-cover ratio is currently 0.1 days.

Wall Street Analyst Weigh In

LYG has been the subject of several recent research reports. UBS Group raised shares of Lloyds Banking Group from a "neutral" rating to a "buy" rating in a research report on Thursday, April 30th. Citigroup restated a "buy" rating on shares of Lloyds Banking Group in a research note on Thursday, July 16th. Weiss Ratings reaffirmed a "hold (c+)" rating on shares of Lloyds Banking Group in a report on Friday, August 7th. Wall Street Zen downgraded shares of Lloyds Banking Group from a "buy" rating to a "hold" rating in a research note on Saturday, July 4th. Finally, Morgan Stanley reissued an "overweight" rating on shares of Lloyds Banking Group in a research report on Tuesday, June 30th. Six equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy".

Lloyds Banking Group Stock Up 0.2%

Shares of LYG traded up $0.01 during trading on Friday, reaching $6.21. The company's stock had a trading volume of 5,368,129 shares, compared to its average volume of 14,889,677. The company has a market cap of $90.32 billion, a price-to-earnings ratio of 14.45, a P/E/G ratio of 0.63 and a beta of 0.87. The company has a quick ratio of 0.56, a current ratio of 1.52 and a debt-to-equity ratio of 2.12. The company has a fifty day moving average of $5.90 and a two-hundred day moving average of $5.60. Lloyds Banking Group has a twelve month low of $4.20 and a twelve month high of $6.34.

Lloyds Banking Group (NYSE:LYG - Get Free Report) last issued its quarterly earnings results on Thursday, July 30th. The financial services provider reported $0.13 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.14 by ($0.01). Lloyds Banking Group had a return on equity of 10.94% and a net margin of 24.97%.The company had revenue of $6.57 billion during the quarter, compared to the consensus estimate of $6.86 billion. On average, sell-side analysts predict that Lloyds Banking Group will post 0.55 EPS for the current fiscal year.

Lloyds Banking Group Cuts Dividend

The company also recently disclosed a dividend, which will be paid on Friday, September 25th. Shareholders of record on Monday, August 10th will be paid a dividend of $0.084 per share. The ex-dividend date is Monday, August 10th. This represents a yield of 273.0%. Lloyds Banking Group's dividend payout ratio is presently 37.21%.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. Tucker Asset Management LLC bought a new position in Lloyds Banking Group during the fourth quarter worth $27,000. Cornerstone Planning Group LLC increased its stake in Lloyds Banking Group by 131.2% during the first quarter. Cornerstone Planning Group LLC now owns 5,137 shares of the financial services provider's stock valued at $27,000 after purchasing an additional 2,915 shares during the last quarter. Harbour Investments Inc. raised its holdings in shares of Lloyds Banking Group by 47.3% during the fourth quarter. Harbour Investments Inc. now owns 6,386 shares of the financial services provider's stock worth $34,000 after purchasing an additional 2,051 shares during the period. Manchester Capital Management LLC lifted its position in shares of Lloyds Banking Group by 1,216.6% in the 4th quarter. Manchester Capital Management LLC now owns 8,163 shares of the financial services provider's stock worth $43,000 after buying an additional 7,543 shares during the last quarter. Finally, Brown Brothers Harriman & Co. boosted its holdings in shares of Lloyds Banking Group by 149.6% in the 4th quarter. Brown Brothers Harriman & Co. now owns 9,523 shares of the financial services provider's stock valued at $50,000 after buying an additional 5,707 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 is a UK-based banking and financial services company that provides a broad range of retail, commercial and insurance products. Its principal consumer-facing brands include Lloyds Bank, Halifax and Bank of Scotland, through which it offers current accounts, savings, mortgages, credit cards and personal loans. The group also delivers services to small and medium-sized enterprises (SMEs) and larger corporate clients, supplying business accounts, lending, payments and cash-management solutions.

In addition to core banking, Lloyds operates a significant wealth and insurance arm under the Scottish Widows brand, offering life insurance, pensions, investment and retirement planning products.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

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