Sandy Chen of Cenkos:
"Lloyds (LLOY LN, £38bn mkt cap, 54p, Sell) – Management’s £2.6bn underlying profit doesn’t include £5.5bn of charges from PPI, restructuring and other regulatory fines. On the statutory accounts, shareholders’ equity fell 4% yoy to £44.7bn, Core Tier 1 capital fell 4.2% to £44.0bn, and tangible book value per share fell 3.7% to 54.9p. Keep in mind that with the elimination of pension corridor accounting as at 1 Jan 13, shareholders’ equity would be reduced by circa £2.1bn (i.e. another 5%); we think that the Core Tier 1 ratio would be cut by circa 40bp as a result.

Customer loans fell 8.6% to £517bn, and customer deposits rose 3.1% to £427bn. Whilst this will support LLOY’s much stronger liquidity position as well as keeping net interest margins healthy, we struggle to see how LLOY will be able to grow top-line income with a shrinking balance sheet.

We were wrong in our expectation of higher-than-guided impairment charges; these came in as guided, with lower impaired loans in the commercial banking book being a key driver.

Stepping back, we continue to expect PPI, SME swap mis-selling, and LIBOR-related charges will eat up earnings – note that there have been no LIBOR-related provisions yet. We’ll look closely into the macro assumptions behind the lower impairment guidance as well. So whilst the market may regard these figures as in-line, we’d remain sceptical in terms of bottom-line returns."

how does the 39% minority goverment shareholding make LLOY "state-owned"?

Hmmm - I fell like quoting Rudyard Kipling!

Canaccord Genuity has retained its 'hold' rating and 35p target price for UK banking group Lloyds after a mixed set of full-year results on Friday morning.

As for the stock's valuation, Canaccord said that unless the regulator allows an earlier resumption of ordinary dividend - something that is likely "some way off" - "we do not see much valuation support/upside at current share price levels".

Societe Generale Buy 51.98 53.25 52.00 61.00 Reiterates

Berenberg Sell 51.98 53.25 24.00 24.00 Reiterates

JP Morgan Cazenove Neutral 51.98 53.25 55.00 - Retains

Exane BNP Paribas Outperform 51.98 53.25 63.00 60.00 Reiterates

Deutsche Bank Buy 51.98 53.25 66.00 64.00 Retains

UBS Buy 51.98 53.25 60.00 60.00 Retains

Morgan Stanley Equal weight 51.98 53.25 - 50.00 Retains

Bank of America Merrill Lynch Buy 49.12 50.07 65.00 70.00 Retains

Espirito Santo Execution Noble Sell 49.12 50.07 48.00 48.00 Reiterates

Societe Generale Buy 49.12 50.07 61.00 61.00 Reiterates

RNS LLOY placing 102m shares of St James's Place

Lloyds Banking Group to sell 20pc stake in St James's Place

The sale will bolster Lloyds’ capital levels just weeks before regulators are due to publish a report on the health of Britain’s largest banks, which is expected to show capital shortfalls on the balance sheets of some lenders.

Lloyds said it would retain a 37pc holding in St James’s Place, but that following the sale it would no longer consolidate the business’s financial results into its own accounts.

Selling the 102m shares is expected to bring in about £350m to £400m for Lloyds depending on the eventual sale price. Based on these proceeds and the change in accounting for the remaining stake, the bank is expected to recognise a gain of about £600m, increasing its core capital by 0.2pc, taking its core Tier 1 ratio to 12.2pc.

Investec has upgraded its recommendation for UK banking group Lloyds from 'sell' to 'hold' and lifted its target price for the shares from 46p to 50p.

The broker said that Lloyds' share price has delivered a "useful" 10% correction over the past two weeks after the company's full-year results. "Alongside modest forecast revisions, this prompts an upgrade to 'hold' (from 'sell'). We still advise relative caution on Lloyds, but we now recommend the closure of naked shorts," said analyst Ian Gordon.

In terms of the wider view held by the City, Broker Forecasts consensus data shows that only 23 per cent of broker continue to recommend the stock as a sell versus 46 per cent who have a buy rating in place.

"Lloyds has placed part of its stake in wealth management firm St James's Place at 510p a share, bolstering its capital position and making a profit on the sale of £400m"

...but are Lloyds going to be allowed to keep all this profit? maybe the EU will declare it too much and decree Lloyds must pay some back!

Looking good now after the retracement. Share price bouncing from lower Bollinger Band
I add some at 50.52p earlier

------------------------ 3 months with Indicators 15 minutes delay-----------------

Goldman Sachs Neutral 49.42 48.63 57.00 60.00 Retains

FPC announce UK banks require additional £25billion in capital to be raised by end of 2013, individual bank capital requirements not yet calculated apparently!

ref post 4299
bollinger bands follow price movement. so price movement comes first.and bollinger follows.
buying on lower bollinger band level only without further confirmation from other indicators and other reasons is not to be recommended in my opinion.
regards
and good luck to all
jkd

Lloyds hires advisers on possible asset manager sale - sources

LONDON | Fri Apr 19, 2013 3:46pm BST

(Reuters) - British bank Lloyds has hired advisers for the possible sale of its Scottish Widows asset management arm, as it prepares for a likely regulatory demand to raise more capital, sources said.

UK banks are having to consider further disposals after the Bank of England said they must raise a total of 25 billion pounds of extra capital by the end of the year, to be in a position to absorb future loan losses.

RNS LLOY call general meeting to approve issuance of capital convertible shares.

ALLOTMENT AND ISSUE OF NEW ORDINARY SHARES

Further to the decision of Lloyds Banking Group plc (the "Company") to issue new ordinary shares to fund discretionary payments on tier 1 hybrid capital securities to be made during 2013, as announced in the 2012 Results News Release published on 1 March 2013, the Company now announces the allotment and issue of 712,973,022 new ordinary shares (the "New Ordinary Shares") of the Company at a subscription price of 49.090216488 pence per New Ordinary Share.

Based on the subscription price, the gross proceeds of the issue are GBP 350 million. The New Ordinary Shares being issued represent an increase of approximately 1.013 per cent. in the Company's current issued ordinary share capital. Admission is expected to take place, settlement to occur and dealing in the New Ordinary Shares to commence at 8.00 a.m. on 23 April 2013

Investec Hold 49.18 50.00 50.00 Reiterates

Shore Capital Buy 49.18 - - Retains

RBC Capital Markets Outperform 49.18 69.00 65.00 Reiterates

Lloyds Banking... Morgan Stanley Equal weight 49.18 - 53.00 Retains

Investec has kept its 'hold' recommendation and 50p target price for UK banking group Lloyds, saying that it unwilling to turn positive on the stock ahead of its first-quarter trading update on April 30th.

"Near-term, the dilutive trickle of new equity issuance continues, while the medium-term revenue/return on equity (RoE) outlook is too weak to support a price objective beyond 50p."

Harry next weeks IMS will determine the direction of their sp over next 3 months.