Shares of Lloyds Banking Group PLC (NYSE:LYG) gapped up before the market opened on Wednesday . The stock had previously closed at $2.91, but opened at $2.94. Lloyds Banking Group PLC shares last traded at $3.03, with a volume of 4,893,928 shares traded.

LYG has been the subject of several research analyst reports. Zacks Investment Research upgraded Lloyds Banking Group PLC from a “strong sell” rating to a “hold” rating in a research report on Wednesday, March 30th. Morgan Stanley reiterated a “buy” rating on shares of Lloyds Banking Group PLC in a research report on Wednesday, March 30th. Deutsche Bank AG reiterated a “buy” rating on shares of Lloyds Banking Group PLC in a research report on Monday, April 11th. Finally, JPMorgan Chase & Co. reiterated a “buy” rating on shares of Lloyds Banking Group PLC in a research report on Monday, April 25th. Four research analysts have rated the stock with a sell rating, five have given a hold rating and eleven have issued a buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus target price of GBX 83.56 ($1.11).

The stock has a market capitalization of $64.09 billion and a PE ratio of 253.33. The company has a 50 day moving average price of $3.45 and a 200-day moving average price of $3.80.

Several hedge funds have bought and sold shares of LYG. 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 in 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 in the last quarter. 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 in 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 in the last quarter. Finally, PNC Financial Services Group Inc. boosted its stake in Lloyds Banking Group PLC by 291.9% in the fourth quarter. PNC Financial Services Group Inc. now owns 460,390 shares of the financial services provider’s stock valued at $2,007,000 after buying an additional 342,913 shares in 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.

Get Analysts' Upgrades and Downgrades Daily - Enter your email address below to receive a concise daily summary of analysts' upgrades, downgrades and new coverage with MarketBeat.com's FREE daily email newsletter.