HSBC Cuts Lloyds Banking Group (LON:LLOY) Price Target to GBX 58

Lloyds Banking Group (LON:LLOY) had its price objective decreased by HSBC from GBX 59 ($0.77) to GBX 58 ($0.76) in a research report report published on Thursday morning, Borsen Zeitung reports. HSBC currently has a hold rating on the financial services provider’s stock.

A number of other equities analysts have also issued reports on the stock. Morgan Stanley set a GBX 70 ($0.91) target price on shares of Lloyds Banking Group and gave the stock a buy rating in a research report on Tuesday. Barclays lowered their target price on shares of Lloyds Banking Group from GBX 85 ($1.11) to GBX 80 ($1.05) and set an overweight rating on the stock in a research report on Monday. Davy Research upgraded shares of Lloyds Banking Group to an outperform rating in a research report on Tuesday, May 28th. Goldman Sachs Group raised their target price on shares of Lloyds Banking Group from GBX 66 ($0.86) to GBX 67 ($0.88) and gave the stock a neutral rating in a research report on Thursday, May 23rd. Finally, Bank of America restated an underperform rating and set a GBX 55 ($0.72) target price on shares of Lloyds Banking Group in a research report on Tuesday, May 21st. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and twelve have assigned a buy rating to the company. The stock presently has an average rating of Buy and an average price target of GBX 71 ($0.93).

Shares of LLOY opened at GBX 57.72 ($0.75) on Thursday. The company has a market cap of $40.90 billion and a PE ratio of 10.49. Lloyds Banking Group has a 12-month low of GBX 49.52 ($0.65) and a 12-month high of GBX 66.79 ($0.87).

In related news, insider Stuart Sinclair bought 362,664 shares of the firm’s stock in a transaction on Friday, May 17th. The shares were bought at an average cost of GBX 61 ($0.80) per share, for a total transaction of £221,225.04 ($289,069.70). Also, insider George Culmer sold 83,581 shares of the business’s stock in a transaction on Friday, June 7th. The stock was sold at an average price of GBX 58 ($0.76), for a total transaction of £48,476.98 ($63,343.76).

About Lloyds Banking Group

Lloyds Banking Group plc provides banking and financial services under the Lloyds Bank, Halifax, Bank of Scotland, and Scottish Widows brands in the United Kingdom and internationally. It operates through three segments: Retail, Commercial Banking, and Insurance and Wealth. The Retail segment offers a range of financial service products, including current accounts, savings accounts, mortgages, motor finance, unsecured consumer loans, leasing solutions, and credit cards to personal and small business customers.

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