Lloyds Banking Group PLC (NYSE:LYG) shares saw strong trading volume on Wednesday . 16,554,622 shares were traded during mid-day trading, a decline of 16% from the previous session’s volume of 19,721,970 shares.The stock last traded at $2.99 and had previously closed at $3.02.

A number of brokerages have issued reports on LYG. Macquarie raised Lloyds Banking Group PLC from a “neutral” rating to an “outperform” rating in a research note on Tuesday, July 5th. Zacks Investment Research raised Lloyds Banking Group PLC from a “sell” rating to a “hold” rating in a research note on Tuesday, July 5th. Deutsche Bank AG reissued a “buy” rating on shares of Lloyds Banking Group PLC in a research note on Thursday, June 16th. Morgan Stanley reissued a “buy” rating on shares of Lloyds Banking Group PLC in a research note on Wednesday, March 30th. Finally, Bank of America Corp. lowered Lloyds Banking Group PLC from a “neutral” rating to an “underperform” rating in a research note on Monday, June 27th. Four equities research analysts have rated the stock with a sell rating, five have issued a hold rating and eleven have assigned a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus price target of GBX 83.56 ($1.08).

The stock has a 50 day moving average of $3.62 and a 200-day moving average of $3.85. The firm has a market cap of $63.04 billion and a P/E ratio of 373.75.

Other hedge funds and institutional investors have recently modified their holdings of the company. Thornburg Investment Management Inc. increased its position in shares of 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 worth $35,507,000 after buying an additional 6,207,651 shares during the period. Wells Fargo & Company MN increased its position in shares of 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 worth $29,554,000 after buying an additional 487,292 shares during the period. Neuberger Berman Group LLC increased its position in shares of 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 worth $10,374,000 after buying an additional 164,612 shares during the period. TD Asset Management Inc. increased its position in shares of 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 worth $7,550,000 after buying an additional 332,082 shares during the period. Finally, Comerica Bank increased its position in shares of 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 worth $4,153,000 after buying an additional 23,972 shares during the period.

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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