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
  -0.19 -0.41% 46.235 98,870,177 16:35:13
Bid Price Offer Price High Price Low Price Open Price
46.345 46.355 46.60 46.07 46.095
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Banks 37,444.00 6,902.00 7.50 6.2 31,922
Last Trade Time Trade Type Trade Size Trade Price Currency
18:02:24 O 222,344 46.35 GBX

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07/12/202218:13Black Beauty: A Recovering Quadruped381,009
07/12/202215:58Lloyds Bank (LLOY) 'On Topic only' - Thread22,952
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02/12/202207:55Lloyds Bank (MODERATED)1,514

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Posted at 07/12/2022 08:20 by Lloyds Banking Daily Update
Lloyds Banking Group Plc is listed in the Banks sector of the London Stock Exchange with ticker LLOY. The last closing price for Lloyds Banking was 46.43p.
Lloyds Banking Group Plc has a 4 week average price of 42.24p and a 12 week average price of 38.51p.
The 1 year high share price is 55.96p while the 1 year low share price is currently 38.10p.
There are currently 69,042,821,945 shares in issue and the average daily traded volume is 155,160,366 shares. The market capitalisation of Lloyds Banking Group Plc is £31,921,948,726.27.
Posted at 06/12/2022 08:41 by hardup1
Insider: a big Lloyds Bank share trade by FTSE 100 boardroom veteran.

A former Barclays executive who joined the board of Lloyds Banking Group
LLOY last month has spent £200,000 making one of the lender’s biggest insider purchases of the year.

Cathy Turner’s investment, which took place on Wednesday at a price of 46.9p, follows her appointment as a non-executive director at the start of November.

It was the biggest purchase by a board member since Lloyds chair Robin Budenberg bought 500,000 shares in the aftermath of February’s annual results at a price of 47.4p.

Turner’s acquisition of 424,113 shares already gives her one of the largest shareholdings among the non-executive directors on the Lloyds board.

She knows financial services and the UK banking sector well, having worked in senior executive positions at Barclays with responsibilities spanning human resources, executive compensation, investor relations, strategy and brand marketing.

Turner also serves on the boards of fellow FTSE 100-listed stock Rentokil Initial
where she heads the remuneration committee, and instrument technology business Spectris.

Last week’s purchase by Turner came at the end of a month in which Lloyds shares have shown signs of momentum. They rose 10% in November but remain within this year’s 40p and 50p range, despite the significant boost to margins from higher interest rates and evidence of resilience in the jobs market.

Fears over a house price slump have dampened investor enthusiasm towards the Halifax mortgages owner, even though many City analysts argue that UK banks are fundamentally different from a lending risk perspective than in past cycles.

UBS’s Jason Napier has Lloyds as his top pick in the UK banking sector and believes shares should be trading at 70p. He said the third quarter earnings season had exposed some attractive valuations in a UK banking sector that trades on 5.5 times forecast earnings.

He is particularly positive on Lloyds due to a yield of 5% and the potential for February’s annual results to include a shares buyback of £2.25 billion worth 7% of market value.


Posted at 25/11/2022 14:34 by hardup1
Five reasons to own Lloyds and UK bank shares in 2023.
Higher interest rates aren’t being factored into bank sector valuations, and upgrades could follow alongside annual results, argues this top analyst.

Lloyds Banking Group LLOY 0.28% has been backed to lead a re-rating of the UK bank sector after a City firm flagged five reasons for optimism heading into 2023.

UBS believes third-quarter results have exposed some attractive valuations in a sector that trades on 5.5 times forecast earnings due to fears over continued economic turbulence.

Lloyds is the top pick after UBS flagged a yield of 5% and potential for a buyback of £2.25 billion at February’s annual results worth an additional 7% of market value.

The City firm has a price target on Lloyds of 70p, which compares with 45.5p seen today, as the Halifax mortgage lender remains trapped in a range between 40p and 50p. Its other “buy” recommendations include Barclays BARC 0.64% with a target of 262p and NatWest Group NWG 1.62% at 330p.

Five reasons for optimism.
UBS analyst Jason Napier said: “We are positive on UK banks for attractively valued rate-driven payouts. The next six months are key to our re-rating thesis.”

His optimism is built on a robust third-quarter earnings season after the sector’s pre-provision profit beat the City consensus by 14%. This was driven by net interest income up 14% quarter-on-quarter as the sector benefits from rising interest rates.

The quarterly figures drove upgrades to consensus forecasts, but Napier indicated this week that these remain too cautious after hiking his own numbers for 2023.

Lloyds Bank: a strong quarter reflects strength and prudent planning
ii view: Lloyds Bank in good shape to cope with economic decline
City comes out in support of these big bank stocks
He expects the annual results season will see the banks upgrade their 2023 guidance on net interest income and pre-provision profits, while he also sees the potential for significant capital returns and reassuring updates on their credit performances.

Confirmation of an uninterrupted UK energy supply and increased seasonal appetite for bank risk by investors are the final two favourable factors in Napier’s assessment for 2023.

No margin for error.
But Napier warns that if the sector still fails to re-rate it will be hard to do so once rate cuts start moving into view in the second half of 2023 and early 2024.

For now, he believes the market is failing to account for the impact of much higher Bank of England interest rates.

The margins of the big three banks rose by 23 basis points (bps) quarter-on-quarter in the recent results, but current guidance has a 4-9 bps minimum uplift in this quarter.

Napier said: “The biggest driver of rate leverage comes from base rate changes. Why then, does it make sense for Q4 margins to increase by a quarter of that of Q3 when average BoE rates will be up 125 bps over the quarter versus 67 bps in Q3? It doesn't.”

With big lenders showing discipline in their mortgage and deposit pricing, UBS believes the City consensus will eventually catch up in terms of net interest income forecasts.

Napier’s analysis also highlights that banks are fundamentally different from a lending risk perspective than in past cycles. However, he says they continue to bear “real scars” from the 2007 financial crisis, when they were found to be illiquid and undercapitalised.

Subsequent regulation has forced a quadrupling of regulatory capital levels per unit of risk, while borrowers have learned to run businesses with much less bank leverage.

NatWest’s guidance for loan losses in 2023 is in line with through-the-cycle averages, with UBS seeing similar expectations by the rest of the sector when the results season returns in February. Napier added: “We think downside risks to credit losses are much lower than are priced by the stocks.”


Posted at 24/11/2022 12:05 by marktime1231
Giddy up. LLOY share price recovering even though, for now, on balance, the benefit of higher interest rates outweighs the harm.

Despite an economy which is still going strong the US are beginning to signal less aggressive interest rate rises. The UK economy is weaker and I really hope the BoE take things slow and steady from here because every rate rise now will translate in to businesses folding and jobs lost. Enough with the idea that we definitely need to suffer even more now in order to possibly enjoy a brighter future.

As Mervyn King said we over-inflated the economy with too much QE money printing, and throwing public money at the pandemic with wasteful procurement and support measures. The billions and billions on unsuitable PPE, Track and Trace etc. Uncontrolled issuing of bounce back loans of up to £50K to anyone who asked for one. So BoE get on with QT etc, and go easy on the base rate. Leave it to the Treasury to solve the fiscal problems caused by inept government.

The Nationwide in its recent report observed that it too has tripled provisions for the difficult couple of years ahead, in anticipation of what it sees as inevitable defaults etc. A central forecast of a 9% house price crash and a 7% decline in real incomes. And yet, still, so far no material problems. Keep people in work and we will be looking back on this as a purple patch for the banks.

Posted at 08/11/2022 11:01 by hardup1
Lloyds Banking Group still tipped for significant upside despite disappointing quarter.

Analyst Gary Greenwood still sees potential for some 40% upside the Lloyds' current market price of 42p.

Lloyds Banking Group PLC (LSE:LLOY) disappointing quarterly profits number, squeezed by higher provisions for bad debt, may in time bode well for future shareholder distributions, that’s according to analysts at Shore Capital.

As the UK banking sector delivered results largely in line with expectations at stockbroker Shore Capital, Lloyds remains its analyst team’s least preferred (whilst still passing muster as a ‘buy’ for the broker).

With the a ‘fair value’ estimate of 60p, down from 62p, analyst Gary Greenwood still sees potential for some 40% upside the Lloyds' current market price of 42p.

This value estimate is consistent with Lloyds’ own guidance for RoTE of around 13%, which along with the bank’s more prudent accounting for possible bad accounts leaves plenty of room for the analyst to stay confident (even if he prefers Barclays over the black horse bank).

“Despite no signs of stress in the book, profits missed consensus due to higher-than-expected impairments with the group now guiding to a full year impairment ratio of c.30 basis points (prev <20bps),” Greenwood said in a note.

“This was primarily driven to the introduction of more prudent IFRS 9 economic assumptions, which now assume base case UK unemployment peaking at 5.5% in Q1 FY24 and house prices falling c.10% peak to trough.”

“Weighting 100% to the severe downside would add a further £4.4bn to overall provision requirements, which would still see the group profitable, all else equal.”

He added: “Full year net interest margin guidance was upgraded on higher interest rates, but this was broadly offset by a downgrade to impairment ratio guidance, reflecting provision build on more prudent economic assumptions.

“Guidance for a RoTE of c.13% in FY22F was reiterated, while capital generation guidance was upgraded.

“This bodes well for shareholder distributions.&rdquo;

Posted at 07/11/2022 12:33 by hardup1
Lloyds shares: should you buy for income?
The Lloyds share price has remained frustratingly subdued since their earnings updates a couple of weeks ago and the dark clouds gathering above the UK economy suggest Lloyds shares could stay depressed in the immediate future.

The capital appreciation element from investing in Lloyds may be postponed as we move through the winter months into the spring, at which time we may see a shift in monetary policy, lower inflation rates, and overall market sentiment.

Lloyds shares may trade within their 40-43.5p range for an extended period meaning investors would have to rely on dividend income as compensation for the wait.

Third quarter profits at the bank were robust enough to support the share price, but provisions for bad debts were a warning of economic uncertainty.

However, there is undoubtedly the chance Lloyds jump back above 50p on positive developments in the UK economy, and the 4.7% Lloyds dividend yield adds an extra attraction for investors.

Lloyds Dividend.
The bank has gone ex-dividend in early to mid April in the past two years and investors will be eyeing their final dividend payout next year which makes up the lion’s shares of their payout during the year.

Lloyds paid 1.33p as final dividend earlier this year and investors will be hoping this is at least maintained after the benefits of higher interest rates on profits.

Much will rest on the health of the UK economy and the level of future provisions Lloyds will have to make for bad debts, as well as demand for mortgages.

News today that UK house prices were falling will be a cause for concern, but many experts predicts any downside in UK house prices will be minimal.

With a yield of 4.7%, Lloyds has a better yield than the majority of FTSE 100 shares and is well covered at 3.9x. This means there is plenty of space to increase the dividend – should profits hold at current levels.

Lloyds share price was trading at 42.7p at the time of writing; up 1.7% on the day but down 10% year to date.


Posted at 04/11/2022 07:17 by markinvestor
JEFFERIES BUY recommendation out this morning with a raised price target 75p

Lloyds Banking Group
Sustained conviction
We revisit estimates post Q3, with 3% higher '22-24E pre provision profit (8bps higher NIM against higher costs) fully neutralised in '23/'24 by higher credit costs. Our '24 profit is 29% ahead of consensus on net interest income and we believe the bank capable of achieving 17% ROTE by '24, this + asymmetric risk/reward sustains high conviction on the Buy case.
The investment debate on LLOY hinges on three controversies in our view - NIM evolution; credit costs; capital return. Our stance on each is better than consensus:
NIM trajectory: we see group NIM rising to 329bps by 2024, 18bps higher than consensus and leading to net interest income in that year 8% > consensus. The variance arises because, in our view, the consensus fails to appreciate the out year effects of the structural hedge (see Exhibit 3 for the back-book/front book yield dynamics and note there are £38bn of maturities from Q4 22 & FY 23 + £31bn of capacity on top of the £250bn deployed). Our estimates are conservative in that we assume a 3% BOE base rate. The company estimates rate sensitivity from a 25bps rate hike at £250m of net interest income by year 3.
Credit costs: a key dynamic for investors when discussing the prospects for higher pre- provision profit. LLOY took a £618m impairment charge in Q3 on changed economic assumptions (now among the most conservative - see Exhibit 5), providing some cushion against future loss and creating capacity for lower charges in '23 (our credit cost estimates are 34% below the street with a 9bps lower charge as a % of loans and 7% below the consensus in '23).
Capital return: we estimate LLOY has the capacity to generate 280bps of CET1 per annum in statutory profit. In turn, we believe the bank is likely to repatriate excess capital via buybacks. Our models contemplate £2bn of buybacks in each of '22/'23/'24 and cumulatively totalling £6bn/21% of current market cap. This is in addition to another 7.4p of dividend distributions through '24, or 18% of current market cap. Whilst our DPS estimates are more or less in-line with consensus, our '23/'24 buyback assumptions average ~30% higher than consensus.
Whilst emerging better than consensus on the above investment controversies leads '24 earnings 29% higher than the street, the simple fundamentals are attractive: We estimate LLOY is capable of achieving rates of return on tangible equity of ~17% by 2024 versus the current price/'23E TBV of 0.75x. With 149% upside to our bull case scenario v 21% downside to our bear case scenario, positioning on the shares is asymmetric which sustains our Buy conviction.
Updating estimates post Q3 22 results: Following a slightly better NIM performance in Q3 + enhanced FY '22 guide of > 290bps, we raise our NIM forecast by 8bps on average, driving net interest income 3% higher on average, with a 1% offset on costs (inflationary pressures), our pre-provision forecasts rise 3% on average, fully neutralised in '23/'24 by higher credit costs and taking '22E profit down by 7%.
Equity Research
November 4, 2022
75.00p (70.00p) | +83%
56p - 38p
98.6% | 135.75
£27.7B | $31.7B
^Prior trading day's closing price unless otherwise noted.
2022 (p)
CHANGE TO JEFe JEF vs CONS 2022 2023 2022 2023 2.2% 2.8% NA NA -7.9% 2.3% NA NA
Q1 Q2 Q3 Q4 FY
EPS - - - - 7.00 PREVIOUS 7.60 *EPS
Figure 1 - UK 2Yr Swap rate is now ahead of where it was 3 years ago
.*2H22 for change from Jul-22 to-Oct-22
Source: Company reports, Facset, Jefferies

3 year change in UK Swap rate 4.0%
3.0% 2.0% 1.0% 0.0% -1.0% -2.0%
Δ (3yrs)
UK Swap Rate
UK Swap Rate (3 yrs ago)
-0.6% -0.7%

Posted at 28/10/2022 12:42 by richie1218
a bit of lite reading while we await the BOE meeting next week ...

Lloyds Bank: a strong quarter reflects strength and prudent planning
27th October 2022 by Richard Hunter from interactive investor

A robust showing from the bank in Q3 coupled with a dividend yield of 5% means this blue-chip remains attractive to investors, writes Richard Hunter.

Despite being labelled as something of a barometer for the struggling UK economy, Lloyds Banking Group has had a strong quarter which underlines its strength and prudent planning.

As expected after the release of bank results from the US, UK banks have thus far mirrored the increase in credit impairment provisions, which has drastically altered the headline numbers. For Lloyds, a further impairment in the quarter of £668 million compares to a release of £119 million a year previous, bringing the cumulative total this year to a provision of £1.045 billion versus a release of £853 million in the first nine months of 2021. The quarterly year-on-year swing has inevitably fed through to marring the overall number, with pre-tax profit of £1.51 billion being down by 26% on the previous year’s result of £2.03 billion.

However, underneath the bonnet there are a number of areas of growth which augur well for the upcoming challenges.

Loans and advances to customers increased by £7.7 billion in the quarter including – importantly – growth in the mortgage business, in which Lloyds is a major player and where any recent bond market volatility has yet to have any significant impact. Within this growth, unsecured loans and credit card balances have risen, although the group has not seen any material increase in bad debts and defaults, despite the conservative approach it has taken in making provisions for a tougher environment ahead.

Coupled with the rising interest rate backdrop, the bread and butter business has therefore seen some benefit, with most of the key metrics forging ahead as a result. Net Interest Income rose to £4.6 billion from £4.3 billion in the second quarter, with Net Interest Margin improving over that period from 2.87% to 2.98%.

In addition, despite an increase in costs resulting from planned technology expenditure, most notably the drive towards digitisation which will result in significant future savings, the cost/income ratio remains the one to beat in the sector. For the third quarter, the ratio was 47.8%, which compares with a number of 51.8% at the end of the half-year, and which brings the year-to-date figure to 50%, which is comfortably ahead of the ratios generally being seen elsewhere.

At the same time, and as with its peers, a strong balance sheet awash with capital leaves the bank in a stable place. The capital cushion, or CET1 ratio stands at 15%, up from 14.7% at the half-year, and well in advance of the bank’s own target of 12.5%. The Liquidity Coverage ratio has also risen to 146% from 142%, leaving the bank with an eye on future shareholder returns. In the meantime, a dividend yield of 5% remains most attractive given the current interest rate backdrop and the paucity of decent cash savings rates.

In all, this is a robust showing from Lloyds. On an underlying basis, and stripping out the provisions, underlying profit increased by 22% in the quarter to £1.73 billion and is ahead by 29% in the year to date. The Pensions and Investments business previously known as Wealth has seen an increase of 6% year-on-year in income, which is another sign of potential further down the road as the bank looks to transform and yet grow its business at the same time. The share price has tended to reflect concerns on the wider UK economy and its faltering prospects, and has fallen by 13% over the last year, as compared to a drop of 3% for the wider FTSE 100. This has not deterred longer-term supporters of the story, however, with the market consensus remaining at a buy.

Posted at 13/10/2022 16:28 by jrphoenixw2, previously known as The Motley Fool, used to be informed and a tipster worth reading. That changed long ago and these days they're not even worth the few minutes their banal articles take to read.

But on Yahoo Finance I saw LLOY share price popping today, and right below in the newsfeed was a Fool headline: 'Should I nibble on Lloyds shares at 38p?' published THIS morning at 8.19am. Would the article rekindle some of my trust with soothsayerish advice? Hmmm...

The final paragraph sub-titled 'Will I buy?' concludes 'I think there are better opportunities for me elsewhere.'

A single market day after that tip the writer missed it's 6.9% pop. Foolish timing indeed and jesters caps off in salute to you Ben Poland for this piece.

Posted at 10/10/2022 14:10 by hardup1
Lloyds shares: 3 reasons to buy at current levels.
Just as Lloyds shares were starting to build some momentum on the back of higher interest rates, Liz Truss and her new government stopped the bank’s rally in its tracks.

Recent declines in Lloyds share price were a result of Kwarteng and Truss’s failed attempt to be fiscally radical, and a massive vote of no confidence by the markets.

The pound has been the main barometer of the markets’ views on their fiscal, but underlying gilts yields have sent waves through the UK’s financial system, and damaged the value of FTSE 100 asset managers and banks.

Today, we consider three reasons why Lloyds shares on particular could be a buy after the recent sell off.


Posted at 02/10/2022 09:00 by richie1218
Is this the best time to buy FTSE 100 shares ever?

Alan Oscroft Sun, 2 October 2022

We’re all painfully aware that FTSE 100 shares are suffering. The index has fallen by only a modest couple of percent over the past 12 months. But today, it’s still no higher than it was in early 2015.

Looking back at the past decade’s ups and downs, investors face a dilemma. Do we buy now, or do we wait for things to get even worse?

Warren Buffett
Ace investor Warren Buffett once said: “Every decade or so, dark clouds will fill the economic skies, and they will briefly rain gold. When downpours of that sort occur, it’s imperative that we rush outdoors carrying washtubs, not teaspoons.”

Should we be hoovering up as many shares as we can afford right now? And avoid trying to be too tentative in picking up a few carefully selected ones here and there?

Washtubs overflowing?
That’s the dilemma again. I reckon there are some cracking shares out there on very attractive prices. I think Lloyds Banking Group, for example, looks like a no-brainer buy at close to 40p. But I thought the same back in 2015, at 80p.

Those of us who saw dark clouds and raining gold back in 2015 might have rushed to the stock market with the biggest washtubs we had. But those washtubs are still no fuller today.

John Templeton
One of the world’s most successful fund managers, Sir John Templeton, said: “The time of maximum pessimism is the best time to buy, and the time of maximum optimism is the best time to sell.”

He invested a bundle in 1939 on the eve of World War II. And after an average holding period of four years, his portfolio had soared by 400%. Things might not be quite as dark as that right now, but we do have war in Europe once again.

So are we at a time of maximum pessimism now? I thought we were at one in 2015.

Watching share price charts misses one important factor, dividends. For the past 17 years, since 2015, FTSE 100 shares have been returning around 3-4% per year in dividends. When we add that to the lack of share price price progress, we see a different picture.

Even the Lloyds shares I bought at around twice today’s price have been paying me regular dividends. And my investment in Lloyds is at close to breakeven, overall. That’s not what I aim for. But it’s better than the apparent wipe-out I see if I look at the headline share price alone.

Best time?
If we wait for the very best time to do something, we’ll often never do it at all. Waiting for darker clouds and heavier golden rain? It might be sunny tomorrow. If it’s dark enough, and I see enough falling gold, that’s all I want.

Will pessimism get worse? Investors might wake up feeling optimistic next week. As long as I see significantly more pessimism than usual, that’s enough for me.

So on that score, yes, I do think now is the best time to invest in FTSE 100 shares ever. Even if there might be still better times in the future. I just wish I had a bigger washtub.

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