UK raises 500 million pounds through sale of Lloyds shares

"Lloyds is expected to announce its first dividend since its rescue on Friday, increasing the bank's appeal to investors and making it easier for the government to offload its remaining shares. Prior to its bailout, Lloyds had a record of being one of the highest dividend paying stocks in Britain, handing over half its profit to shareholders in 2005 and 2006."

Anyone know what price Government paid for the stock?

In the same link above :-

"The sales since made by Morgan Stanley, all at a price above the 73.6 pence average price that the government paid, have taken the government's stake down to 23.9 percent from 24.9 percent when the trading plan was launched. They also take the total amount raised by the government so far from selling down its stake in Lloyds to just under 8 billion pounds."

Lloyds Banking Group PLC Final Results

Delivery of 2011 strategic priorities has transformed the business; strategy updated in October
· Group has been reshaped with Run-off assets reduced to £16.9 billion (2013: £33.3 billion) and international presence reduced to six countries from 30 countries in 2010
· Strong balance sheet and liquidity position attained with, post dividend, a CET1 ratio of 12.8 per cent, a total capital ratio of 22.0 per cent and a leverage ratio of 4.9 per cent
· Cost leadership position achieved with cost:income ratio of 51 per cent
· Lending and deposit growth in key customer segments and relationship brands
· Strategy updated in October with focus on creating the best customer experience, becoming simpler and more efficient and delivering sustainable growth

Continue to support customers and the UK economy
· £11.9 billion of mortgage lending to over 89,000 first-time buyers and continued growth in SME lending, up 5 per cent
· Continued to support our communities with over 2,200 apprenticeship positions and over 940,000 paid volunteer hours

Substantial increase in underlying profit and returns
· Underlying profit increased 26 per cent to £7.8 billion (2013: £6.2 billion)
· Return on risk-weighted assets increased to 3.02 per cent (2013: 2.14 per cent)
· Income of £18.4 billion, up 1 per cent excluding St. James's Place effects in 2013
- Net interest income up 8 per cent, driven by margin improvement to 2.45 per cent
- Other income down 9 per cent reflecting disposals and a challenging operating environment
· Costs down 2 per cent to £9.4 billion (cost base of £9.0 billion excluding TSB)
· Impairment charge reduced 60 per cent to £1.2 billion; asset quality ratio improved 33 basis points to 0.24 per cent

Statutory profit before tax of £1.8 billion (2013: £0.4 billion) despite legacy items
· £2.2 billion provision for PPI in the year (2013: £3.1 billion) and a £0.9 billion provision for other regulatory items
· Statutory profit after tax of £1.5 billion (2013: loss of £0.8 billion)
· Tangible net assets per share increased to 54.9p (31 Dec 2013: 48.5p)

Guidance reflects confidence in the future
· 2015 full year net interest margin expected to be around 2.55 per cent
· 2015 full year asset quality ratio expected to be around 30 basis points
· Expect other income to be broadly stable in 2015
· Targeting cost:income ratio to exit 2017 at around 45 per cent, with reductions in each year
· Expect to generate between 1.5 and 2 percentage points of common equity tier 1 per annum (pre dividend)
· Expected return on required equity of 13.5-15 per cent by the end of the strategic plan period (2017)

Dividend
· Recommending a dividend of 0.75 pence per share in respect of 2014, amounting to £535 million

LLOYDS BANKING GROUP - SUMMARY REMUNERATION ANNOUNCEMENT

Banking analyst Alex Potter told BBC Radio 5 live's Wake Up to Money that the resumption of dividend payments indicated that Lloyds had returned to health.

"Actually, an awful lot of [investment] funds haven't been able to buy Lloyds shares at all while they haven't been paying a dividend, so actually, just the allowance of those potential shareholders on to the [share] register again is going to be a pretty good thing," he said.

Numis Buy 79.70 97.00 97.00 Reiterates

Toying with 16 bob.

JPM must be offloading a few this morning, otherwise the 16 bob would be long gone Skinny

Yes I did expect a little more.

Credit Suisse Neutral 79.28 72.00 72.00 Reiterates

Investec Buy 79.28 85.00 85.00 Reiterates

I sold LLoy sbs. yesterday and bought back at a smidgeon lower this am..

==-=-==

It would be nice to see 90 over the next few weeks.

Toying with 81p.

HMG < 22%

UK raises further 500 million pounds from Lloyds share sale - Osborne

Osborne needs it .for his books

Morgan Stanley reiterates overweight on Lloyds Banking Group, target raised from 94.9p to 99.6p

Jefferies has removed banking group Lloyds (LON:LLOY) from its list of stocks to avoid and moved to a more moderate 'hold' investment rating (from 'underperform'), which it stated was due to the better risk/reward balance.

"A progressively rising dividend (4.2p in '17E from 0.75p in '14) should provide support for LLOY's premium p/tbv valuation, despite a persistently material gap between so-called "underlying" and statutory earnings and lack of earnings upgrades," the broker said.

"Reward/risk is no longer asymmetric to the downside and we move to Hold as a result."

Analysts have also boosted their price target to 88 pence a share from 69 pence and added that under its upside scenario the shares could be worth as much as 97 pence.

Anybody have ideas what is holding this shares price back?

Is it due to government sell off overhang fropm recent Government sell off?

I reckon or hope nearest target price should be about 95 plus.

I sold off some at 81+ and bought back about about 78 expecting more.

TPs vary 84-100, but projected PE and yield susggests (to me) there may be more!

It is the time span which is annoying!

A downgrade today Fred - the broker notes for April :-

09 Apr 15 Investec Hold 79.34 85.00 84.00 Downgrades
02 Apr 15 Credit Suisse Neutral 79.34 72.00 72.00 Reiterates
01 Apr 15 Societe Generale Buy 79.34 96.00 96.00 Reiterates
01 Apr 15 Morgan Stanley Overweight 79.34 94.90 99.60 Reiterates
01 Apr 15 Numis Buy 79.34 97.00 97.00 Reiterates
01 Apr 15 Jefferies International Hold 79.34 69.00 88.00 Upgrades

Skinny,

Thanks for that.

Missed the update!

Credit Suisse is generally depressing for me!

Tossing a coin whether to sell and use cash for other punt.

Barc sbs are beginning to move as I expected.

May increase longs.

Broker notes...and what do they know, they all come to a different target price and not one gives a 'target date'

True - apparently this bloke knows more and he knows nothing!

LOL...a classic!