Lloyds Banking Group plc (NYSE: LYG) benefited from a significant drop in short interest during the month of January. As of January 15, there was short interest totaling 6,150,000 shares, down 31.7% from the December 31 total of 9,000,000 shares. Based on an average daily volume of 7,830,000 shares, the day-to-cover ratio is currently 0.8 days.

Several analysts have recently released reports on LYG shares. Zacks Investment Research raised Lloyds Banking Group from a ‘sell’ rating to a ‘hold’ rating in a Friday, January 14 report. AlphaValue upgraded Lloyds Banking Group to a “buy” rating in a Wednesday, November 10 research report. Exane BNP Paribas raised Lloyds Banking Group from a “neutral” rating to an “outperforming” rating in a research report on Monday 1 November. Morgan Stanley reiterated an “overweight” rating on Lloyds Banking Group shares in a Tuesday, November 2 report. Finally, BNP Paribas raised Lloyds Banking Group from a “neutral” rating to an “outperform” rating in a research note on Monday 1 November. Five analysts gave the stock a hold rating and twelve gave the company a buy rating. Based on MarketBeat data, Lloyds Banking Group currently has an average rating of “Buy” and an average price target of $2.75.

NYSE: LYG traded down $0.02 midday on Monday, hitting $2.74. The stock had a trading volume of 10,206,079 shares, compared to an average volume of 11,325,896. Lloyds Banking Group has a 12-month low of $1.79 and a 12-month high of $3.00 . The company’s 50-day simple moving average is $2.61 and its 200-day simple moving average is $2.54.

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Lloyds Banking Group Inc (NYSE:LYG) last announced its results on Thursday, October 28. The financial services provider reported earnings per share of $0.15 for the quarter. The company posted revenue of $5.77 billion for the quarter. As a group, equity analysts expect Lloyds Banking Group to post earnings per share of 0.45 for the current year.

Several large investors have recently changed their holdings in LYG. Morgan Stanley increased its stake in Lloyds Banking Group by 493.6% during the second quarter. Morgan Stanley now owns 13,779,953 shares of the financial services provider valued at $35,139,000 after buying an additional 11,458,529 shares last quarter. Vista Wealth Management Group LLC purchased a new equity stake in Lloyds Banking Group during the third quarter for $26,000. Qtron Investments LLC acquired a new stake in Lloyds Banking Group in the third quarter worth approximately $298,000. United Capital Financial Advisers LLC purchased a new stake in shares of Lloyds Banking Group during the second quarter, valued at approximately $55,000. Finally, Veriti Management LLC increased its position in Lloyds Banking Group shares by 57.5% during the third quarter. Veriti Management LLC now owns 284,930 shares of the financial services provider valued at $698,000 after buying an additional 104,006 shares in the last quarter. 1.41% of the shares are currently held by hedge funds and other institutional investors.

Lloyds Banking Group Company Profile

Lloyds Banking Group Plc is a financial services company that provides a wide range of banking and financial services. It operates through the following segments: Retail, Commercial Banking and Insurance and Wealth. The Retail segment offers a wide range of financial services products, including checking accounts, savings accounts, mortgages, car loans and unsecured consumer loans to individuals and small businesses.

Further reading: Arbitration

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