Lloyds Banking Group PLC (NYSE:LYG) shares dropped 8.8% on Tuesday . The stock traded as low as $2.71 and last traded at $2.71, with a volume of 38,330,006 shares. The stock had previously closed at $2.97.

LYG has been the topic of several recent research reports. Deutsche Bank AG restated a “buy” rating on shares of Lloyds Banking Group PLC in a report on Monday, March 14th. Zacks Investment Research upgraded Lloyds Banking Group PLC from a “strong sell” rating to a “hold” rating in a report on Wednesday, March 30th. Morgan Stanley restated a “buy” rating on shares of Lloyds Banking Group PLC in a report on Wednesday, March 30th. Finally, JPMorgan Chase & Co. restated a “buy” rating on shares of Lloyds Banking Group PLC in a report on Monday, April 25th. Four equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and thirteen have given a buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus target price of GBX 88.05 ($1.17).

The company’s 50-day moving average is $3.81 and its 200-day moving average is $3.90. The firm has a market cap of $55.66 billion and a PE ratio of 220.00.

A number of hedge funds have recently added to or reduced their stakes in the company. Thornburg Investment Management Inc. boosted its stake in Lloyds Banking Group PLC by 320.6% in the fourth quarter. Thornburg Investment Management Inc. now owns 8,143,696 shares of the financial services provider’s stock valued at $35,507,000 after buying an additional 6,207,651 shares during the last quarter. Wells Fargo & Company MN boosted its stake in Lloyds Banking Group PLC by 7.7% in the fourth quarter. Wells Fargo & Company MN now owns 6,778,524 shares of the financial services provider’s stock valued at $29,554,000 after buying an additional 487,292 shares during the last quarter. Neuberger Berman Group LLC boosted its stake in Lloyds Banking Group PLC by 7.4% in the fourth quarter. Neuberger Berman Group LLC now owns 2,379,251 shares of the financial services provider’s stock valued at $10,374,000 after buying an additional 164,612 shares during the last quarter. TD Asset Management Inc. boosted its stake in Lloyds Banking Group PLC by 26.3% in the fourth quarter. TD Asset Management Inc. now owns 1,592,804 shares of the financial services provider’s stock valued at $7,550,000 after buying an additional 332,082 shares during the last quarter. Finally, Comerica Bank boosted its stake in Lloyds Banking Group PLC by 2.4% in the fourth quarter. Comerica Bank now owns 1,017,803 shares of the financial services provider’s stock valued at $4,153,000 after buying an additional 23,972 shares during the last quarter.

LLOYDS BANKING GROUP plc provides financial services to individual and business customers in the United Kingdom but also overseas. The Company’s business activities include retail and commercial banking, long-term savings, protection and investment. It operates through its segments, including Retail, Commercial Banking, Consumer Finance and Insurance.

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