+ Watch LYG
on My Watchlist
The Company is a UK-based financial services group, whose businesses provide a range of banking and financial services in the UK and a limited number of locations overseas.
Closed and re-opened to more accurately reflect my actual staring price for a longer term hold.Barring the "end of the world" economically, this is a great price for patient, longer term investors.They are going through a lot of changes and getting their "house" in order. While this will take some time, I am very confident they will get there, and probably much sooner than most people think. JMO and worth exactly what I am charging for it.
Bought more. Now in at $2.45.Will watch and buy more if there is an even bigger dip.I believe this big dip the last couple of days is based on the general "Euro Fear" and today on the fact that the CEO is taking a medical leave of absence.While I think he is a very good person to lead this bank back, there are other competent invividuals who can also do it if there is more to his physical condition than the stated "exhaustion".Since the "base shares" of Lloyds are "pence stocks", a change of just a few pence can result in fairly large percentage fluctuations ,since they are also affected by the exchange rate. JMO and worth exactly what I am charging for it.
Actually bought some more and now in at $2.30.
I should have updated this earlier. I am in at $2.17.Waiting to see what happens with the branch sales and the return of the "boss" before I buy any more.Still like it long term and am willing to wait.I do think it is at a good entry price for new buyers doing a "staged buy".JMO and worth exactly what I am charging for it.
It looks like the "lawyers" are trying to turn this into a BAC with the "class action lawsuit". Don't think this will fly, but the news probably won't help.It will be interesting to see what their Annual report says. They were basically zero in earning through the 3rd quarter, but this was due mostly to a one time event, which was the "insurance settlement". I can't believe it took this long to get to the UK. That practice was basically "outlawed" in the U. S. many years ago. It has to do with requiring borrowers to purchase insurance in order to get the loan.Without this "one time" settlement of $3.2B, they would be showing a nice profit for the year.Their book value is about 58 pence, which is about twice what they are trading for.When Antonio gets back to work, and they get their required branch sale done, then we should see some positive results.If you can afford "dead money" and would like an opportunity to profit "big" in the future, this might be a good one to add in this price range.JMO and worth exactly what I am charging for it.
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