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Lloyds Banking Group sees price target raised to 135 GBp after dividend growth
The bank reported first-quarter statutory profit before tax of £2.0 billion and said net interest income for the full year should top £14.9 billion.
Yahoo Finance highlights that Morgan Stanley reiterated an overweight rating on Lloyds Banking Group and lifted its price target to 135 GBp from 125 GBp, citing the companys dividend growth over the past five years.
The article says Lloyds dividend has grown at a compound annual growth rate of 43.49% during that period, supported by income growth and cost discipline that have helped drive profitability.
Lloyds first three months showed statutory profit before tax of £2.0 billion, with return on tangible equity at 17%. For the full year, the company expects net interest income to exceed £14.9 billion and return on tangible equity above 16%.
The article also notes Lloyds expects structural hedge income to rise by more than £1.5 billion to £7 billion by year-end, and to increase further to £8 billion by 2027.