RBC cuts target for Lloyds Banking stock to GBp 115.00

Published on 10/26/2026 at 16:14 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Results are due October 29, 2026. Lloyds Banking stock costs EUR 1.22 on October 26, 2026, plus 1.67 percent versus the Xetra close.

RBC target and key dates

RBC Capital cut its Lloyds Banking target from GBp 124.00 to GBp 115.00 on October 16, 2026.
Lloyds Banking will publish third-quarter results on October 29, 2026.
Lloyds Banking stock costs EUR 1.22 at Lang & Schwarz on October 26, 2026 at 4:05 p.m. CEST, 1.67 percent above the Xetra close of October 23, 2026.
The stock trades at a price to earnings ratio of 12.67 and has a GBP 58.6 billion market capitalization.

Lloyds Banking, GB0008706128, Illustration mit AI erstellt.

RBC Capital downgraded Lloyds Banking from Outperform to Sector Perform and cut its target from GBp 124.00 to GBp 115.00 on October 16, 2026. Markets Insider reported that RBC cited tougher UK deposit competition as a risk to lending margins. The stock was trading at EUR 1.22 at Lang & Schwarz on October 26, 2026 at 4:05 p.m. CEST, 1.67 percent above the Xetra close of October 23, 2026.

First-half profit rose 23 percent

Lloyds Banking Group reported statutory profit after tax of GBP 3.1 billion for the first half of 2026, up 23.00 percent from the first half of 2025. Net income reached GBP 9.7 billion, an increase of 9.00 percent year over year, while return on tangible equity was 17.10 percent. These figures were presented on the group's investor page for the 2026 half-year period. Lloyds Banking Group also lists a 1.58 pence interim dividend and a GBP 1.0 billion buyback for the period.

Stock stays below its yearly high

On the London Stock Exchange, Lloyds Banking was last at GBp 102.15 on October 26, 2026 at 4:13 p.m. BST. Its 52-week range was GBp 84.64 to GBp 123.10, placing the share 17.02 percent below the high and 20.69 percent above the low. Trading volume stood at 51,011,911 shares at that timestamp.

Valuation and the next date

The London-listed share carried a price to earnings ratio of 12.67 and a dividend yield of 4.00 percent on October 26, 2026. Lloyds Banking Group's next disclosed corporate date is October 29, 2026, when it will publish third-quarter results at 7:00 a.m. and host a presentation at 9:30 a.m., according to Lloyds Banking Group.

Comparison with peers

Lloyds Banking: price to earnings ratio 12.67, market capitalization GBP 58.6 billion.

Barclays (LSE, GBp): price to earnings ratio 8.22, market capitalization GBP 55.4 billion.

NatWest Group (LSE, GBp): price to earnings ratio 8.53, market capitalization GBP 50.6 billion.

What does RBC flag for margins?

RBC's concern centers on deposits. The bank's loan-to-deposit ratio was 98.00 percent in the first half of 2026, compared with 63.00 percent at Barclays and 56.00 percent at HSBC, according to Yahoo Finance. That comparison explains why the analyst action focuses on lending margins rather than the bank's first-half profit growth.

Trading view for Lloyds Banking

The euro quotation is 1.67 percent above the Xetra close of October 23, 2026, while the London share price remains 17.02 percent below its 52-week high. The next results date on October 29 gives investors the next scheduled test of income growth and margin resilience. The further course of trading is shown by the continuously updated real-time quote of Lloyds Banking stock.