Lloyds Banking Group Plc (NYSE:LYG) Stock Is Gaining Momentum This year: How to Trade Now?

Lloyds Banking Group Plc (NYSE:LYG) stock is up 32% year to date. The bank is expected to release its Q2 and 1H 2020 results on July 29, 2021, and analysts anticipate an uptick in performance. The stock of the third-largest bank in the UK in market cap has gained this year as the economic outlook in the country improves, with almost 60% of the population receiving two doses of the COVID-19 vaccine. 

Currently, the stock is a “Buy” with 9 out of 11 analysts giving it’s a buy rating with a target price of £50.44. The latest investment case was from Deutsche Bank analyst Robert Noble on July 23, 2021, who gave the stock a “Buy” rating stating that it is an excellent short-term investment idea.

At the beginning of this month, UBS maintained its “buy” recommendation and raided the price target from £51 to £54. In Q1, Lloyds’ net interest dropped 9%, with statutory profit before subtracting tax being 140% high YoY at £1.9 billion. Ahead of the Q2 results release, LYG is a stock to watch.

Market Reaction:

On Tuesday, LYG stock fell 0.40% at $2.53 with more than 7.20 million shares, compared to its average volume of 5.57 million shares. The stock has moved within a range of $2.4930 – 2.5500 after opening the trade at $2.51. Over the past 52-week, the stock has been trading within a range of $1.1700 – 2.8300.