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Sydnee Gatewood
Sydnee Gatewood
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Bill Nygren and David Herro Comment on Lloyds Banking Group

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January 09, 2020 | About:

Lloyds Banking Group (NYSE:LYG), a dominant retail bank in the U.K., was the largest contributor to the Fund’s quarterly return. In October, the company’s share price soared on hopes that a new U.K. Prime Minister could help negotiate a Brexit deal between the U.K. and the European Union (EU). The uncertainty of Brexit has pressured the U.K. economy and Lloyds’ stock price for the past few years, despite relatively strong fundamental operating performance from the bank. Additionally, the company’s third-quarter results highlighted additional efficiency opportunities and management’s focus on creating value for shareholders. Moreover, we expect profitability to improve significantly in FY ‘20 as the company faces a material drop in non-operating expenses. Despite the share price rebound, we believe Lloyds’ shares still provide attractive value for our shareholders.

From Bill Nygren (Trades, Portfolio) and David Herro (Trades, Portfolio)'s Oakmark Global Select Fund fourth-quarter 2019 shareholder commentary.

About the author:

Sydnee Gatewood
I am the editorial director at GuruFocus. I have a BA in journalism and a MA in mass communications from Texas Tech University. I have lived in Texas most of my life, but also have roots in New Mexico and Colorado. Follow me on Twitter! @gurusydneerg

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