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LLOY Lloyds Banking Group Plc

0.31 (0.7%)
Last Updated: 14:17:56
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Lloyds Banking Group Plc LSE:LLOY London Ordinary Share GB0008706128 ORD 10P
  Price Change % Change Share Price Shares Traded Last Trade
  0.31 0.7% 44.80 47,364,412 14:17:56
Bid Price Offer Price High Price Low Price Open Price
44.79 44.805 45.05 44.405 44.405
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Commercial Banks, Nec 18.2B 5.46B 0.0824 5.43 29.65B
Last Trade Time Trade Type Trade Size Trade Price Currency
14:17:47 O 18 44.7951 GBX

Lloyds Banking (LLOY) Latest News (2)

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Date Time Title Posts
04/12/202314:02Lloyds Bank (MODERATED)1,966
04/12/202313:30Lloyds Bank (LLOY) 'On Topic only' - Thread26,676
04/12/202313:22Black Beauty: A Recovering Quadruped391,448
01/12/202322:48Lloyds Bank PLC, chat and charts81
03/10/202313:43Holding all the way down 4

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Posted at 04/12/2023 08:20 by Lloyds Banking Daily Update
Lloyds Banking Group Plc is listed in the Commercial Banks, Nec sector of the London Stock Exchange with ticker LLOY. The last closing price for Lloyds Banking was 44.49p.
Lloyds Banking currently has 66,226,000,000 shares in issue. The market capitalisation of Lloyds Banking is £29,649,380,200.
Lloyds Banking has a price to earnings ratio (PE ratio) of 5.43.
This morning LLOY shares opened at 44.41p
Posted at 04/12/2023 00:28 by jordaggy
Charlie Nunn spent last week bouncing from an investment summit with Prime Minister Rishi Sunak, to a high-powered London bank conference and then jetting off to Cop28 in Dubai.

Yet amid the glad-handing, the Lloyds Bank boss still found time for the more mundane parts of the job.

On Tuesday afternoon, he could be found sitting in a drab office guiding City analysts through a set of plans to boost Lloyds’ corporate business.

Nunn, who has led the group for two years, is trying to build momentum for a turnaround plan now entering its crucial phase.

The 52-year old took the reins from Antonio Horta-Osorio, the man credited with saving Lloyds from the brink during the financial crisis before hatching the goal of “helping Britain prosper”.

Now, Nunn must convince the City he has the plan for the next decade.

After a year aided by rising interest rates that have given the lender a fair wind at its back, 2024 is set to be tougher. Interest rates may well start to fall and higher wage inflation kicks in. Nunn must pick up the pace of change.

“We’re very much into the execution part now,” says Benjamin Toms, an RBC Capital Markets analyst who follows the bank. “At the beginning they went a bit slower and now they’re probably going a bit faster.”

Quickening can be seen in news that Lloyds plans to axe as many as 2,800 middle manager roles as part of an overhaul, which also includes shutting 45 Lloyds, Halifax and Bank of Scotland branches.

Nunn will shuffle most staff affected by the middle management cuts into new roles focusing on digital.

Still, the plan has prompted disquiet from unions. Lloyds workers’ largest trade union, Accord, said it would fight any job losses and push to make sure people who are moved are properly trained for their digital roles.

Nunn, a former HSBC executive who spent time at McKinsey, first laid out his plans to transform Lloyds in February 2022, saying he wanted the bank to move beyond its core business of savings and mortgage lending and develop new revenue streams.

Acquisitions of vehicle leasing business Tusker and funds platform Embark have given the bank a funnel of new customers, and there is speculation that Lloyds could swoop for Tesco Bank’s five million customers.

Nunn wants Lloyds to start cross-selling more of these sorts of products to its existing 30 million customers. Lucrative wealth management and pension products are high on the list.

Investor reaction to the strategy has so far been somewhat tepid. Lloyds’ share price is near enough where it was on the day Nunn started, with the stock moved more by economic factors than corporate ones.

Some of Lloyds’ top shareholders are fully behind him, even if the payoff is yet to come.

David Samra, managing director of Artisan Partners International Value Team, one of the bank’s largest US shareholders with a $650m (£514m) stake, told The Telegraph: “We think the share price should be double where it is.

“The strategy to reinvest back into business to develop products and services that they can sell to their customers that generates fees is the right thing to do.

“The outcome, despite management’s enthusiasm, is yet to become visible. But the objective is correct.”

For it to be a success, Nunn will have to overcome the bank’s poor track record of cross-selling. Lloyds tried to pull off a similar move in the late 90s with a £7bn deal to buy mutual Scottish Widows, which offers pensions and life insurance, but the benefits were never fully realised.

“Lloyds has tried to sell wealth management products to UK consumers for 30 years and it’s never worked before,” says Ed Firth, an analyst at Keefe, Bruyette & Woods.

Firth, who has covered banks for nearly 25 years, said the wealth management strategy was undermined by Lloyds paying just 1.4pc on its easy-access savings account when rates were 5.25pc.

“How do you expect your customers to trust you with wealth management products? I think Charlie instinctively would agree but I don’t think he’s actually managed to change the culture at Lloyds,” he says.

Lloyds disputed that customers get poor value on their products, pointing to savings products that offer up to 4.2pc with instant access. A spokesman said the bank had increased rates on 15 occasions alone this year.

Ultimately, Firth believes “the wealth management strategy stuff is a distraction”.

“I would like to see a braver recognition of the real challenges and how he plans to address them,” he says.

The rise of more nimble digitally focused lenders such as Monzo, Starling and Chase means there are more sweeping challenges on the horizon. Firth believes a key priority must be to build a cloud-based computer system that the bank can run on, allowing it to be nimbler.

Still, Cambridge-educated Nunn, who picked up £3.7m last year, has more time to show his strategy is paying off.

He is liked in the City, in no small part because of his focus on costs. Lloyds has one of the best cost-to-income ratios of all the big banks.

“In a commodity business like banking, you need to be low cost, and the focus on cost again is the exact right thing to do,” says Samra at Artisan Partners International Value Team.

“We like the management and the chairman of the board. We think they’re all excellent people.”

Despite some reservations, Firth also believes Nunn is a “breath of fresh air” compared to other bank bosses.

“Most of the banks, all they’re talking about is share buybacks and return on equity targets whereas you can actually get Charlie to talk about what customers are looking for and what they need.”

Lloyds is still making healthy profits and solid revenues.

However, despite the positive numbers, shares are still down 7pc this year and it trades at a discount to book value.

Taken one way, it could be interpreted as a poor report card for Nunn. However, Samra argues it is more to do with the regulatory straightjacket placed on banks.

“A regulatory balance needs to be achieved,” he says. “I applaud a lot of the regulation that has come in since the financial crisis but you can’t do that forever.

“Whatever profits banks can generate never make it back into the hands of the shareholders. As a result, you end up with these discounted valuations.”

Nunn himself last week warned politicians off a windfall tax on bank profits, no doubt with one eye on the possibility of an incoming Labour government. The Lloyds said there was “nervousness” among international investors about backing UK banks.

Lloyds has a policy of buying back about £2bn of its shares each year but the lender has an additional £2.5bn of excess capital it could choose to hand back, according to Jefferies.

The complex sale of Telegraph Media Group could also help Lloyds recoup its £1.16bn loan to the Barclay family, opening up the possibility of a special dividend.

However, cash handouts can only work for so long. Ultimately, Nunn must show that his vision for how to run the core business is the right one.

Toms at RBC Capital Markets says: “We’re starting to see some green shoots come through. Lloyds has invested at the right time.”

Like a gardener sowing seeds in winter, Nunn, his shareholders and the City at large are waiting for the flowers to bloom.

A Lloyds spokesman said: “To achieve the ambitious strategy we launched in February 2022 and to meet our customers’ evolving needs, we are transforming our business.

“Making big changes means not only creating new roles and upskilling colleagues in some parts of the business but also having to say goodbye to talented colleagues who have been a part of the Group’s success in the past. Where that is unfortunately the case, we will do everything we can to support them.”
Posted at 28/11/2023 15:21 by the_owl88
New News! Morgan Stanley UPS price target today.

Lloyds Banking Group PLC (LSE:LLOY)'s share price could double in a bull case scenario prepared by Morgan Stanley (NYSE:MS).

The investment bank has moved the lender to 'overweight' from 'equal weight' with an increased base case price target of 64p, up from 60p.

But it set out a bull case price target of 85p - double the current share price - which assumes terminal rate at 3.25% with mortgage spread front books stabilising at 85 basis points in 2022-24.

The broker said Lloyds is a cash-generative business, thinks pricing pressures are "manageable" and despite higher costs, predicts stronger mortgage flows and lower provisions.

This drives the bank's 13.5% return on total equity expectation for 2024, it said.

Morgan Stanley forecasts around 25-30 basis points cost of risk going forward, factors in dividend per share growing to 3p in 2024, with £2 billion annual buybacks.

This would leave the CET1 ratio at 14.4% by the end of 2025, in line with management guidance, it said.

Shares bucked the weaker market, rising 0.7% to 42.36p
Posted at 22/11/2023 16:56 by the_owl88
Rbc (below) has new target today of 65p (down from 68p).

Here's one way to play the banks! - wouldn't recommend that though - in fact would do the opposite! NW has different dynamics to Lloyds eg Lloyds more stable, older customer base, £75k av salary etc.

Lloyds vs NatWest pair trade tipped as analyst sees UK bank 'value gap'
Published: 09:41 22 Nov 2023
Written by: Jamie Ashcroft
About this content

Lloyds Banking Group PLC
Lloyds Banking Group PLC - Lloyds vs NatWest pair trade tipped as analyst sees 'value gap' between the UK banks
image: Chrispictures / Shutterstock

Short-sell Lloyds Banking Group PLC (LSE:LLOY) and buy NatWest Group PLC (LSE:NWG) is a short shelf-life ‘pair trading’ idea suggested by analysts at RBC, who see a valuation gap between the UK’s two mortgage-lending high street banks.

“LLOY and NWG valuations have historically been c.80% correlated; however, the Lloyds premium has opened up post results to c.0.11x 2yr forward price to tangible book value (P/TBV) - higher than the avg. premium of c.0.06x since 2020,” RBC analyst Benjamin Toms said in a note.

“Although Lloyds is carrying better momentum, its latest 2yr forward return on tangible equity (ROTE) expectation is only slightly above NatWest's (13.5% vs 12.8%), which does not fully justify the current valuation gap in our view.

“In the short term, we would recommend a pair of long-NWG; short-LLOY until the valuation gap closes.”

Toms, meanwhile, reckons over the medium term Lloyds shares should be preferred over NatWest because of the black-horse bank’s strategic investments and the analyst said highlighted a confidence in Lloyd’s asset quality.

Despite the short-term value gap, RBC is generally bullish on UK banks.

“UK banking net interest margin (NIM) may come down in 2024, but we believe the structural hedge should underpin solid returns and attractive dividend yields for a number of years,” Toms added.

“We remain comfortable around asset quality, which we expect will hold up through next year.

“Although net interest income (NII) momentum may have run out, we continue to believe that UK banks remain attractive at current valuations.”

RBC today downgraded its price target for Lloyds to 65p from 68p whilst retaining an ‘outperform217; rating, meanwhile, it retains a ‘sector perform’ rating for NatWest with a 290p target.

Elsewhere, RBC downgraded HSBC Holdings PLC (LSE:HSBA) to ‘sector perform’ and told investors “now is a good time to take profits”.
Posted at 20/11/2023 11:50 by the_owl88
Barclays Cuts Lloyds Banking Group (LON:LLOY) Price Target to GBX 65
Posted by ABMN Staff on Nov 19th, 2023

Lloyds Banking Group logoLloyds Banking Group (LON:LLOY – Get Free Report) had its target price decreased by stock analysts at Barclays from GBX 67 ($0.82) to GBX 65 ($0.80) in a research report issued on Friday, Marketbeat reports. The firm currently has an “overweight221; rating on the financial services provider’s stock. Barclays‘s price objective points to a potential upside of 49.86% from the stock’s current price.

LLOY has been the topic of several other reports. JPMorgan Chase & Co. restated an “underweight” rating on shares of Lloyds Banking Group in a research note on Thursday, September 7th. Citigroup reaffirmed a “buy” rating on shares of Lloyds Banking Group in a research report on Monday, October 16th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating, five have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from, the company has an average rating of “Moderate Buy” and an average price target of GBX 58.75 ($0.72)
Posted at 17/11/2023 15:11 by the_owl88
Too much media doom imho because it makes a good story! Still see peeps buying new cars, and only house price reductions Ive noticed in my area are those over £1m.

Next week will be interesting (Autumn statement etc) with Conservatives under the kosh.

Lloy 50p by New Year once analysts get slide-rules out again.Lloy is stronger now than before covid when share price was 60p, but defensive Ftse tracking, and general overdone gloom has dogged this share price
Posted at 06/11/2023 18:08 by drectly
Considering cash generation and share price, there is a logic to cancelling the divi and pushing buy backs to £4 to $5bn a year for a bit. Hard to see how the share price would not move significantly in a couple of years as bank still going to be worth 28bn approx. Once share price moves significantly say 50%, move back to progressive divi and some buy backs. (I actually hold shares just for divi so status quo fine, but it does look like the market sees more negatives than me).
Posted at 31/10/2023 12:46 by robbiereliable
It's almost irrelevant. I'd hope people aren't trading in LLOY for share price action. Over the three year cycle it has been down to this level a few times. I expect it will return to a bullish movement soon. Either way its the dividends that LLOY needs to reinforce. That will bring investment back in and the share price up. You could get close to the dividend on a long term fixed cash ISA right now.
Posted at 26/10/2023 15:57 by qantas
58 pence target.

Deutsche Bank, which has a 'hold' rating on the stock, added that for 2024, it now forecasts pre-tax profits of £51.0m, significantly lower than its previous estimate of roughly £81.0m, and £57.0m for 2025, down from £87.0m.

Analysts at Berenberg reiterated their 'hold' rating and 58.0p target price on financial services giant Lloyds Banking Group on Thursday, stating it still sees better opportunities elsewhere.

Berenberg said that while Lloyds' recent third-quarter results "did not differ materially from consensus", it thinks the near-term outlook for net interest income remains constrained.

Berenberg also noted that retail savings balances now account for 64.6% of Lloyds' retail deposits, a roughly 130 basis point increase versus Q2 2023. The effect of this change in mix, alongside the increasing cost of these deposits, has "more than offset benefits" from higher interest rates since the final quarter of 2022. Given expectations for little or no further Bank of England interest rate hikes, Berenberg believes that rates offered on new savings will be unlikely to "increase materially".

Looking ahead, the German bank reckons dynamics in the deposit market will likely create a diminishing headwind and be complemented by greater support from the reinvestment of hedge assets and more favourable mortgage pricing and volumes.

"Lloyds' 14.6% common equity tier 1 ratio is circa 110 basis points above its target. Given this, and Lloyds' strong capital generation, we forecast an average total annual yield (dividends plus buybacks) of circa 13% during the next three years," said Berenberg.

"Trading on 0.8x total book value versus a circa 15% return on tangible equity, Lloyds is not expensive. Our 58.0p price target for Lloyds values the bank on circa 1.2x total book value. We, nevertheless, retain our preference for Barclays ('buy') and NatWest ('buy') given these banks' superior valuation support, yield and growth."

Please do your own research as always
Posted at 26/10/2023 07:50 by stonedyou
Lloyds is a dark horse that’s worth backing

Emma Powell

Thursday October 26 2023, 12.01am, The Times

There were no Barclays-style banana skins for Lloyds Banking Group, yet the country’s largest mortgage lender still can’t catch a break with investors.

Lloyds’ shares have been priced at a 26 per cent discount to their forecast tangible book value in 12 months’ time. True, that’s narrower than a yawning 61 per cent gap for Barclays and a touch better than the 32 per cent discount embedded in NatWest’s share price — but then Lloyds deserves to trade at a relative premium to its British peers.

Its third-quarter numbers did not disappoint. Adjusted pre-tax profits were up 22 per cent year-on-year to just over £2 billion, mainly thanks to much lower impairment charges. Only £187 million was set aside for potential bad debts, down

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Posted at 25/10/2023 13:56 by millwallfan
Lloyds average mortgage book LTV is very low so this very much helps the avoidance of significant losses on any defaults. Furthermore, as an example, a 2 year fixed mortgage I took out 2 years ago was at 1.6%. I have just renewed for 2 years at 5.65% as the default variable rate was 8.74% ! - and this new fixed rate pretty competitive as I have extremely low LTV. There are many other mortgagees having low fixed rates 2-5 years ending in the coming months of which most are likely to roll over onto a 5-6% fixed rate for a further 2-5 years. The purpose of making this point is to illustrate that over the coming years Lloyds will be receiving significantly more income from the higher interest rates than for the past 10 years! Furthermore, Lloyds will continue to benefit from higher fixed rate mortgage interest even when the BoE base rate reduces. I fully understand that Lloyds will have to pay increased savings rates and there will be some increased bad debt provision but IMHO the current share price does not fairly represent the fundamentals of LBG. ALL IMHO and no advice intended. For context I hold 120k LLOY shares at an average someways above current share price
Lloyds Banking share price data is direct from the London Stock Exchange

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