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Prices & Quotes - UK Markets - Lloyds Banking Group (LLOY)

Risk Warning The value of investments can fall as well as rise and any income from them is not guaranteed and you may get back less than you invested. Past performance is not a guide to future performance.

Share Price:
Up 47.85p
Change Today:
1.30p
Market Cap:
33,952m
Sector:
Banks

Deutsche Bank upgrades NatWest ahead of Ireland exit

By Michele Maatouk

Date: Wednesday 24 Mar 2021

LONDON (ShareCast) - (Sharecast News) - Deutsche Bank upgraded NatWest to 'hold' from 'sell' on Wednesday as it took a look at Irish banks after NatWest's announced exit from the country.

DB said it has been nearly 10 years since the Irish real estate crisis, yet the banking sector remains in flux.

"NatWest's announced exit from Ireland offers opportunities for local banks to acquire high quality assets and to quickly expand in a country where credit growth has been lacking for the last decade," it said.

Deutsche's preference among the Irish banks is AIB, which remains one of its European bank 'top picks'. It upped its price target on AIB from €2.1 to €2.4. DB also lifted its price target for PTSB from €0.85 to €1.1 and maintained its 'hold' recommendation.

NatWest said in February that it would pull out of Ireland and focus on the UK market.

Deutsche pointed out that NatWest trades at a price-to-earnings premium to Lloyds and Barclays, reflecting its excess capital position. However, it said that given the nature of the excess capital such a premium is unjustified.

"For NatWest, we believe that an exit from Ireland in a capital generative manner over multiple years is entirely possible. However, if NatWest retains the tracker book and non-performing loans, shareholders could be waiting a very long time to see that excess capital return to group level and be paid out.

"Excess capital is often cited as the bull case for NatWest- but the majority sits in Ireland. It could be trapped (if deals fall through); less than expected (if NatWest has to shoulder restructuring costs); or take a long time to extract (as tracker mortgages roll off very slowly).

"Without the excess capital story, we just see a UK bank trading at a 20% premium to Barclays or a 5% premium to Lloyds, and we would rather own these."

DB maintained its 170p price target on the shares.

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LLOY Market Data

Currency UK Pounds
Price 47.85p
Change Today 1.30p
52 Week High 48.00p
52 Week Low 23.98p
Volume 183,178,121
Shares Issued 70,954m
Market Cap 33,952m
Beta 0.03

Performance Indicators

Compare performance with the sector and the market.

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Income
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Growth
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Dividend Yield
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EPS Growth
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Operating Margin
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What The Brokers Say

Strong Buy 12
Buy 2
Neutral 8
Sell 1
Strong Sell 1
Total 24
buy
Broker recommendations should not be taken as investment advice, and are provided by the authorised brokers listed on this page.

LLOY Dividends

  Latest Previous
  Final Interim
Ex-Div 15-Apr-21 08-Aug-19
Paid 25-May-21 13-Sep-19
Amount 0.57p 1.12p

Trades for 10-May-2021

Time Volume / Share Price
16:39 24 @ 47.85p
16:39 150,000 @ 47.85p
16:38 300,000 @ 47.85p
16:37 284,617 @ 47.85p
16:35 51,384,496 @ 47.85p

LLOY Key Personnel

Chair Robin Budenberg