Share Name Share Symbol Market Type Share ISIN Share Description
Lloyds Banking Group LSE:LLOY London Ordinary Share GB0008706128 ORD 10P
  Price Change % Change Share Price Shares Traded Last Trade
  +0.27p +0.44% 61.86p 277,302,547 16:35:07
Bid Price Offer Price High Price Low Price Open Price
61.79p 61.80p 62.11p 61.45p 61.92p
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Banks 34,237.00 5,275.00 4.40 14.1 44,002.6

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23/9/201812:28Black Beauty: A Recovering Quadruped232,241
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Lloyds Daily Update: Lloyds Banking Group is listed in the Banks sector of the London Stock Exchange with ticker LLOY. The last closing price for Lloyds was 61.59p.
Lloyds Banking Group has a 4 week average price of 58.48p and a 12 week average price of 58.48p.
The 1 year high share price is 72.68p while the 1 year low share price is currently 58.48p.
There are currently 71,132,542,688 shares in issue and the average daily traded volume is 138,182,340 shares. The market capitalisation of Lloyds Banking Group is £44,002,590,906.80.
gyy: Shares of Lloyds Banking Group (LSE: LLOY) have lagged the FTSE 100 by nearly 10% so far this year. At the time of writing, the shares were changing hands for just 62p. That’s 69% less than the 200p share price last seen in 2008, just before the financial crisis caused banking stocks to collapse. Today I’m going to look at the group’s financial progress over the last five years. I’ll explain why the share price hasn’t recovered. And I’ll give my view on whether a 100p+ price tag is likely in the near future. So far, so good There’s absolutely no doubt that Lloyds has made a lot of good progress since the dark days of 2008, when the bank received a £20bn bailout from UK taxpayers. The bank’s recovery really got under way in 2014, when pre-tax profit rose from £415m to £1,762m. By 2017, this figure had risen to £5,275m. The dividend also rose quickly over this period, climbing from 0.75p per share in 2014 to 3.05p per share last year. This recovery has been helped by stable economic conditions and government support for the housing market. The result has been strong demand for mortgages, credit cards and loans. Lloyds has controlled costs well and its profitability has improved. The group’s return on tangible equity (RoTE), a key measure for banks, has risen from 4.4% in 2014 to 8.9% in 2017. During the first half of 2018, RoTE rose to 12.1%. That’s an impressive increase, if it can be sustained. What could possibly go wrong? Is the market missing a bargain with Lloyds? A number of high-profile investors, such as fund manager Neil Woodford, rate the bank as a buy. But there are risks. Banking is heavily cyclical and as my Foolish colleague Rupert Hargreaves explained recently, there are signs that UK consumer debt could be reaching problem levels. Lloyds’ focus on UK retail banking has made it simpler and more profitable than some rivals. But it does mean that in a recession, the firm could see a big reduction in demand for new borrowing, together with a rise in bad debts. Worryingly, the bank’s impairment charge rose to £456m during the first half of 2018, nearly double the £256m reported for the same period last year. Management said that this was due to the inclusion of the MBNA credit cards business and certain other changes, but I think this is a figure that needs watching carefully. Will we see 200p by 2020? When PPI compensation finally comes to an end in August 2019, Lloyds expects to have paid out more than £19bn in compensation. Removing this drag from the business should improve shareholder returns. Hopefully, the economy will remain stable after Brexit and Lloyds’ profits will keep ticking higher. Unfortunately, I think the chance of the shares reaching their pre-bailout level of 200p is pretty low. Billions of new shares were issued as part of the bailout, diluting existing shareholders. The bank’s balance sheet and business have also changed significantly since before 2008. I think we need to judge Lloyds on the picture today, regardless of its history. My view is that the stock is attractively priced for income buyers, at 1.2 time’s tangible net asset value and with a forecast dividend yield of 5.6%. I’d be happy to buy at this level, but I wouldn’t expect rapid share price growth.
jordaggy: htTps:// Lloyd's Banking Group Is A Buy, But Proceed With Caution Aug. 13, 2018 11:39 AM ET|18 comments | About: Lloyds Banking Group plc (LYG) Edward Frost Growth at reasonable price, dividend investing, long only, long-term horizon (295 followers) Summary Brexit and PPI worries are already baked into the share price. A high-yield, share buyback scheme and cheap valuation limit downside risk. It's time for the share price to reflect how far the bank has come in just 12 months. Lloyd's Banking Group (LYG) reported its results for the first half of 2018 on August 1st, so as it's been over 12 months since I wrote about the largest holding in my portfolio, I thought it was time to evaluate the bank's progress over the last year and analyze the report. With the stock trading at 61.3p in London at the time of writing ($3.22 on the NYSE), my capital loss over the last 12 months has been give or take a few pence the same as the dividend I received over the same time frame (4.9%), so my LYG position has achieved exactly nothing over the last year. I'm not worried though; the bank has made some significant steps forward that have yet to be recognized by Mr Market. The Numbers Statutory profit after tax increased 38% to £2.3 billion, EPS rose 45% to 2.9 pence while underlying profit increased 7% to £4.2 billion, which "reflects increased income and lower total costs." Net income rose 2% to £9 billion and statutory return on tangible equity continued to rise and is now 12.1%. Net Interest Margin also continued its upward trend; reaching 2.93% by the end of the first half. Average interest-earning banking assets were 1% higher at £436 billion, which should lead to accelerated earnings growth given the rise in NIM to 2.93%. The Bank of England has increased interest rates since the end of the second quarter to 0.75%, which will increase the annual interest paid on the average £150,000 variable rate mortgage by £224 a year. As a result we should continue to see a rise in NIM, and therefore an increase in underlying profit. The balance sheet remained healthy too; There was a 121 point capital build (helped partly by the sale of the Irish mortgage portfolio), which helped the CET1 ratio to improve to 15.1% pre dividend. Tangible net assets per share increased to 52.1p per share, which means the bank is currently trading at less than 120% of book value. The bank also completed 75% of its £1 billion share buyback that was announced earlier this year, on top of the tasty 4.9% dividend yield, which is significant given the relatively small £59 billion market cap. Lloyd's is very domestically focused with a significant portion of it's mortgage loans being UK-based. It is unlikely that a hard or soft Brexit will have much of a long term impact on the bank as many loan repayments will have little to do with our relationship with the EU, so I therefore see any negative Brexit-induced share price action as a buying opportunity for LYG. There is however another non-Brexit related issue creeping up on Lloyd's, and no it isn't PPI claims for a change; In the first quarter of this year the bank reported impairment charges as a percentage of it's total loan book to be 0.12%, which is a very small part of the £40 billion unsecured credit book, but these impairments are multiplying. They jumped 67% in the second quarter to 0.2%, and management thinks they will be under 0.25% by year end, but that still implies a possible 25% increase from the already inflated figure. Currently, the defaults on these loans will not harm the bank. But we must keep an eye on them because if the bank, for whatever reason, has made too many bad loans, we could see a drop in earnings going forward. I'm sure it's nothing to worry about, but we'd be fools to ignore this sudden rise, especially as interest rates are on the rise. Conclusion LYG remains incredibly cheap. With the stock at ~62p ($3.25), the bank is trading at 12.28x this years' earnings and yielding 4.87%. I see the dividend and buyback as an artificial safety net around current levels, but it is important to keep an eye on the news. Brexit and PPI worries are already baked into the share price, but until the uncertainties are out of the way I struggle to see why the share price should rise significantly until we get an idea of what type of Brexit deal (if any) we get and the implications of such a deal. Worryingly, I don't think anyone truly understands what's happening with Brexit (I certainly don't) and, as we know, investors hate uncertainty. I will sit on the 4.9% dividend yield and buy the news induced dips, but we will have to be patient with this one. Judging purely on the performance of the business the wait will definitely be worth it, we just need to buy before Mr. Market catches up with the value of the business. Disclosure: I am/we are long LYG.
gyy: Here’s why Lloyds shares could be the best high yield investment ever Alan Oscroft June 2018 When I buy a high-yield share, I look for two different things. The obvious one is a handsome cash payment every year in the dividend itself, but I also want to see signs that the shares themselves are undervalued and that I could be getting some growth too. When I bought shares in Lloyds Banking Group (LSE: LLOY) in 2015 at 76p, I thought I saw both. But though I’ve had a couple of years of rising dividends, the share price has actually fallen. At 62p as I write, I’m down 18p on the shares, and I’ve only had about 6p per share in dividends to compensate. The Brexit vote and the uncertainty it caused for the banking sector had a big impact on confidence for the sector. And I also can’t help feeling that institutional investors might remain wary of the banking sector until the UK government has finally sold off its stake in Royal Bank of Scotland. End of the tunnel? But I’m seeing indications that the country’s anti-bank sentiment could be finally turning, and I still rate Lloyds as possibly the best high-yield stock on the FTSE 100 for long-term investors. Fund managers in the US have been getting a bit bullish about the banking sector recently, after pretty much shunning the business in the wake of the financial crisis. And there are signs of improving optimism here with consensus forecasts coming in with pretty solid buy ratings for our three top UK-focused banks, Barclays, Lloyds and RBS. Looking at Lloyds itself, recent price targets from analysts are ranging around 80p-90p, indicating that they see an upside of about 35% over the current price. This time last year we were looking at targets averaging around 75p, so that does suggest increasing bullishness. Even at a price of 90p, Lloyds shares would still be on a forward P/E of a little over 12, which compares favourably with the FTSE 100’s long-term average of around 14. And forecast dividend yields for this year and next would be standing at 3.8% and 4.1%, which I would still find attractive — especially as there are inflation-busting rises on the cards. As it stands, at today’s price, we’re looking at P/E multiples of only 9.2 this year and 8.4 next, which I reckon would look cheap even without good dividends. And Lloyds is expected to deliver a yield of 5.5% in 2018, followed by 5.9% in 2019. What dividend-seekers want In its full-year results for 2017, Lloyds reiterated its commitment to “progressive and sustainable ordinary dividends whilst maintaining the flexibility to return surplus capital to shareholders.” And we’ve already started seeing the second part of that in action. In March, the bank commenced a share buyback programme and is expected to repurchase up to £1bn in shares. To me Lloyds looks like a strongly cash-generative company which is paying good dividends and is committed to returning capital to shareholders whenever there’s surplus knocking around. That convinces me I really am seeing the two things I want — high dividends and a likelihood of share price growth. I do think we might still have to wait until we see the final shape of our Brexit agreement before Lloyds shares start to appreciate significantly, but for long-term investors that’s really no time at all. And in the meantime, we can just keep taking the cash.
gyy: Why I believe the Lloyds share price is too cheap to ignore today Alan Oscroft | Wednesday, 25th April, 2018 While the FTSE 100 has gained 21% in the past two years, Lloyds Banking Group (LSE: LLOY) shares have managed a meagre 2%. And that’s over a period when the bank’s dividends have been storming back. With earnings recovering strongly, the stock’s P/E multiple has slumped, and at under nine today it’s way below the FTSE 100’s long-term average of around 14. So is Lloyds actually on the road to long-term health or not? Wednesday’s first-quarter update talked of “strong financial performance with significant increase in profit and returns on a statutory and underlying basis,” to suggest it is. Lloyds reported a pre-tax profit of £1.6bn for the three months to 31 March, which is a hike of 23% over the same period a year ago. On an underlying basis it was less impressive with a 6.4% rise to £2bn, and that’s possibly behind the market’s less than enthusiastic response to the news — as I write, the shares are down 1% to 65.5p. The downside One likely drag on the share price is Lloyds’ exposure to the PPI mis-selling scandal, the sheer scale of which is quite staggering. Its total PPI bill has reached as high as £18.8bn. To put that into perspective, it’s almost as much as the £20bn of taxpayers’ money that was pumped in to save the bank from the financial crisis. On the upside though, the additional amount set aside this quarter was a relatively small £90m, and the deadline for PPI claims deadline of August 2019 will finally bring the sorry tale to its conclusion. Bad loan impairments rose too, up to £258m, which is also a slight worry in these post-crisis days. And what other reasons might there be for shunning Lloyds shares? My Foolish colleague Kevin Godbold points to the cyclicality of the banking business. Lloyds has unarguably improved out of all recognition since the dark days of the bailout, and we have had a few years of rising earnings for banks in general as the world’s economies have been picking up. But Lloyds is very much UK-focused, the British economy could well be heading for a sticky decade (despite the most recent figures not looking as bad as had been feared), and I reckon the first few post-Brexit years could be tough going. On those counts, the possibility that we’re heading for a down cycle in domestic banking has to be seen as realistic. Low P/E ratios at other banks lend credence to such fears too — Barclays and Royal Bank of Scotland are on multiples of around 10. Why I’m holding But you know, these negatives are really all I could find in my search for reasons why I might be wrong to hold Lloyds shares. And even bearing them in mind, I’m convinced I have not made a mistake. Fellow Fool Rupert Hargreaves has observed that Lloyds looks like it’s still being priced as a recovery prospect, when it is in fact far beyond that stage, and he points to its impressive return on equity performance. My bottom line is that I just don’t see the 5%+ dividend being cut, especially as Lloyds is in the best liquidity position it’s enjoyed in years. I agree with Rupert that Lloyds shares deserve to be price ahead of, not behind, the banking sector average.
smartypants: How dare you suggest that LLOY share price would go down...shame on you.
careful: topped up earlier today. Lloy share price will wake up sometime this year. A year end share price of 70p would give a total return of over 10%.
nick100: Summary Several investment banks have recently raised their earnings estimates on Lloyds. Moreover, some brokers even named the stock as their Top Pick in the European banking sector. Sell-side sentiment towards Lloyds is improving and that could attract new investors to the stock. In this article, we also perform a regression analysis showing that Lloyds’ share price could double if the yields on the 10-year UK sovereign note catch up with the current level of UST yields. Sentiment is gradually improving Several bulge-bracket investment banks have recently raised their earnings estimates on Lloyds (LYG). On March 8th, JPMorgan (JPM) resumed research coverage on Lloyds saying that the stock is its top pick in the UK. We upgrade our already above consensus forecasts by 3%/6%/9% for 18-20 driven by higher NII from a resilient NIM and 1.5% annual balance sheet growth, lower costs with a 44.4% Cost/Income ratio in 2020 (compared to low 40s target) and Cost of risk of 32/38/45bps. We forecast Lloyds' CT1 to improve further from the current 13.9% to 14.1%/14.8%/15.2% despite DPS increasing from 3p to 4p by 2020 and buybacks of £4.1bn. In total, we forecast cumulative cash return of c17p by 2020, 25% of market cap. Target price is GBp85. Source: JPMorgan Investment Research UBS (UBS) has reiterated that Lloyds is among its top-picks in the European banking space, raising its target on the stock to GBp87. Finally, Barclays (BCS) initiated coverage on UK banks with a strong preference for Lloyds. Barclays’ analysts also said that Lloyds had become their new European banks sector Top pick. We initiate on Lloyds with an overweight rating and our new European Banks Top pick, Price Target GBp90 implying c.35% upside. Lloyds is trading at a depressed P/E multiples of 8x 2019E as investors worry about the runoff of the overearning mortgage book weighing on margins and tail risk around Brexit. Our key call is that we expect Lloyds to beat on net interest margins, meaning our 2019E EPS us 10% ahead of consensus. We then expect the market to start to pay up for the capital distributions as we see better delivery (we model c25% of market cap returned in 18/19/20). Source: Barclays Research As such, sell-side sentiment towards Lloyds is gradually improving. We know that many SA readers are highly skeptical on sell-side research and, to be fair, rightfully so. We also take sell-side recommendations with a grain of salt. In fact, as our regular readers know, we often disagree with the sell-side and make contrarian calls. With that being said, such a notable turnaround in sentiment is a catalyst for Lloyds, given that the stock had been hated by the sell-side for many years. For instance, last year, sell-side analysts had expected Lloyds’ NIM (net interest margin) to decline due to pressure on the bank’s asset yields. However, contrary to these expectations, the bank’s margin has been rising over the past several quarters. The sell-side concerns regarding potential asset quality issues also turned out to be overblown. Based on anecdotal evidence, we know that Lloyds had disappeared off buy-side radars due to those bearish comments from the sell-side. As such, the fact that sentiment is improving is likely to attract new investors to the stock. Lloyds could double if UK yields catch up with US Treasuries Bond yields have always been a major driver of a bank’s revenues. Moreover, their importance has even increased, given that the global banking sector has been pressured by a low interest rate environment for many years. US banks are a perfect example here. For instance, Bank of America (BAC) has almost doubled since Donald Trump won the presidential elections as his victory triggered an impressive rally in UST (US Treasuries) yields. Source: Bloomberg The chart below shows that, similar to Bank of America and US Treasuries, there also has been a strong positive correlation between Lloyds’ share price and the yield on the 10-year UK sovereign notes, which are often called gilts. Source: Bloomberg As a reminder, the yield on the 10-year gilt is currently 1.5%, while the 10-year US Treasury note is trading at a 2.89% yield. Below we perform a regression analysis between Lloyds’ share price and yields on 10-year gilts. The analysis is based on daily data since January 1st 2000. To be fair, a simple linear regression has several drawbacks and limitations. For simplicity sake, we did not include other variables that affect Lloyds’ fair value. Professional statisticians would also accuse us of not adjusting the model for heteroscedasticity and multicollinearity. With that being said, our regression model does have significant variables and a high R-squared value. As such, the table below, which is based on this simple regression analysis, shows that Lloyds could more than double if the yield on the 10-year gilt hits 2.75%. For instance, the regression implies that with a 2.75% 10-year gilt yield, LYG would trade at $8.81 per ADR. Source: Renaissance Research estimates For sure, it is highly unlikely that UK yields will rise by 125bps over the next twelve months. As a reminder, the Bank of England is expected to deliver just two 25-bps rate hikes this year. What's more, higher policy rates have been already partially priced in. Source: Bloomberg In addition, there are other factors that will affect LYG’s share price. For instance, higher interest rates will most likely lead to an increase in loan loss provisions. With that being said, while the targets implied by the regression analysis do look aggressive in the short-term, we believe it is reasonable to expect that LYG could double over the next 3-5 years. Importantly, our view is supported by the bank’s fundamentals. As a reminder, Lloyds has recently presented a strategy update for the next three years. The bank has guided for a resilient net interest margin, lower-than-expected operating costs, strong credit quality, a 14-15% RoTE on a higher CET1 and organic capital generation of 170–200bps. Valuation: UK banks are fairly valued, while Lloyds is still cheap Lloyds have been trading at a sizeable discount to its peer group for quite a while now. A couple of months ago, the discount was attributed to the Brexit uncertainty. However, we note that other large-cap UK banks, such as Barclays and RBS (RBS), are now fairly valued, trading close to the sector’s regression line. Source: Bloomberg, Renaissance Research estimates Bottom line Bears may suggest that Lloyds is not immune to the Brexit challenges, which are largely outside of the bank’s control. However, we note that the overall situation in the British economy and the banking sector is not as bad as many had feared and Lloyds’ results and recent strategy update have confirmed that. LYG remains one of the most attractive global banking stocks, while sizeable capital returns give a strong support to the share price. Our 12-month target price implies around 30% from here. If you would like to receive our articles as soon as they are published, consider following us by clicking the "Follow" button beside our name at the top of the page. Thank you for reading. Disclosure: I am/we are long LYG. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.
maroni tony: I was encouraged to claim PPI on my LLOY credit cards going back to 1990. After a load of paperwork, phone calls and time, my total claim gave me the grand total of £50, & 40% of that went to the claims company. Wasn't worth it hassle. If it's PPI that is holding back LLOY share price, I'm sure the price will rocket in due course.
utyinv: National Grid; supposedly the best Utility in the world with business in the US but still 100% British Owned and Corbyn wants to destroy it. Have a Happy, Healthy and Properoes New Year everybody. Hopefully, the Lloy share price will start to rally as the dreaded PPI has only 18months to run. Maybe starting on 22nd Feb, results, the share price will start its correction to being closer to £1.🤞🙏
raffles the gentleman thug: Exactly is six months ago LLOY share price was 71p and forward EPS 7.00p a share. Today the share price is 65.6p and forward EPS 7.26p a share and thats before the benefit of rate rises - such has been the de-rating of this bank
Lloyds share price data is direct from the London Stock Exchange
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