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Good morning, is there anybody who can shed some light on the background of the unusually large turnover today and the perky price?

Many thanks for this!

In my view Alex and Henry did a professional and transparent investor presentation today. I added to my holding during the session. At the end they expressed a bit of frustration about the share price which perhaps signals their view that it is under-valued.

Buy. Target 68P.

Good summary Aspberger! thanks!

Praise the Lord!

Thanks guys!

I empathise with the perspective on interest rates and agree the rises would have massive positive impact on the LBG balance sheet. I don t value technicals on individual stocks as I believe the overall market and peer performance may overrule any formations.
BUT I think we have a massive problem in the US and the UK (probably also in Europe) with inflation because of insane government spending. At the same time Governments unparalleled interference with free markets via vax mandates, increased taxes, increased regulation of energy, big fossil fuel interventions and generally a new anti-meritocracy culture will lead to stagnation.
This stagflation scenario will prevent the central banks to raise rates, feeding the fire, until they have to act with force like in the seventies. This paints a bleak picture for overall economy because when rates are radically hiked people and businesses will go bankrupt hitting all credit institutions.
If recent history is a guide central banks are not good at tapering or adjusting their response to a crises and with a new generation of bankers and government officials with no knowledge or experience from the seventies, plus an unusually pathetic group of Western leaders, I suspect risks are very high.
The fact that 25 thousand buffoons is showing up in Glasgow to discuss the weather is typical for an elite that has lost any connection with reality in the midst of an international security crises with China, a pandemic where nobody has been held accountable, a supply chain crises, a self-made energy crises and a western confidence crises incapable of standing up to the autocratic geo-political threats of the world.

Now this was a great conversation! Analysis + perspective + humour!

Thanks!

It feels like this was a big week for Lloyds SP after weeks and months of malaise.
Good volume on up days, positive momentum from speculation about PRA approvals of returning capital to shareholders and discussions about BOE raising rates.
I am starting to be somewhat positive about LBG relative to other European banks but note this positivism has nothing to do with LBG strategy and the new CEO... We still need to see some action there!

Lloyds is like Sterling. The risk is always on the downside explaining perpetual premium for 25 delta low strikes.
The stock's strategy is one of geographic and product constrains which in theory should make it "safe" and traditional high dividends coming from the massive balance sheet. Unless there is a big re-pricing of European bank stocks LBG will underperform. Its future is 99pct tied to the success of the UK economy, the interest outlook and importantly the restoration of an attractive dividend. Hence slow on the uptake, fast on the downside.

On the Wealth side this is a very logical step and I always wondered why AHO never did anything else then starve the Lloyds Private Bank. Execution however is Lloyds weak side but we can hope they finally hire a few top class bankers to build this.
I know many wealthy people that only use Lloyds to borrow money from but then do their private banking with Barclays, GS or UBS....

Thanks for this Sheltie! Perhaps there is some hope!

Sufcessex, the whole company is asleep at the wheel. I worked there as MD for more than 5 years. The board is asleep, the previous chairman a total lord fraud (he was a brexiteer, knew LBG would be hurt by Brexit and did not set a strategy to counter value destruction), the previous CEO sat in his office never visiting business and the culture is internally focused on meaningless meetings and massive PPT's with LGBTQ metrics. The balance sheet is extremely profitable but fee revenue will never be a big part because of strategy, culture and present staff.

Hardup, That is soo right! I was given deferred compensation (some deferred 5 years...) after working there for a few years and every single share allocation is under water, a lot. Yes, they pay dividends but not last year...I have absolutely no confidence this share will outperform any banking index unless LBG's strategy and culture changes, none of which is really realistic in the medium term. One can't even sell calls as they only have options in the US and they are not liquid.

I share your sentiment...
Peter Drucker: "Culture eats strategy for breakfast".
That's the problem....

I know Jonas, he is a good dude.
BUT this is just empty virtue signalling from Lloyds. They never tell you exactly what the B-plan is ("helping Britain Prosper"??), how the proposition will improved and how they will build higher revenue or market share.
They rather talk about ESG or "diversity". This is a reflection of culture. No-one is working on new products or services but spend all days in massive meetings talking to each other...

At least we know Charlie is a good cyclist!

I agree. BUT having worked at Lloyds for about six years in a Managing Director role I saw little focus on the share price embedded in KPI's or culture. The company was VERY INTERNALLY FOCUSED with an obsession with identity politics and virtual signalling "minority" groups fighting for senior management attention and senior appointments. The previous CEO (AHO) rarely, if ever, visited the businesses and chatted to people to understand what was going on. Instead every rare interaction with, even at my level, was extremely scripted and practised and practised before he arrived. This culture had no interest in innovation or celebration of qualitative and quantitate results.
There was only one senior manager, the ex CEO of the Commercial Bank, that provided any type of strategy with engaging leadership but he left after 5 years to run another bank.
Finally, the ONLY focus on share price performance I ever saw was part of the "long term incentive plan" given to senior managers only. Of the 7 criteria for pay-out 30pct was assigned to "total shareholder return". Suffice to say this was usually a zero....
So I think the company can generate massive cash via its huge balance sheet and maintain its high market share in retail. This can lead to great dividends. But it will never be a JPM growth machine due it UK only strategy, second rate staff and culture and inability to generate new exciting propositions.
To me you are into something, Lloyds may be better off being a UK retail division of a global bank.