London, Feb 24, 2026, 08:18 GMT — Regular session
- Lloyds slipped roughly 2%, trading at 101.7p early in the London session.
- The company said it repurchased 5 million shares on Feb. 23 as part of its buyback.
- Key dates ahead: ex-dividend on April 9, followed by the Q1 statement set for April 29.
Lloyds Banking Group plc slipped roughly 2% to 101.7 pence in the first hours of London trading Tuesday, following a Monday close at 103.8p. So far, the share price has moved between 101.35p and 103.85p.
The decline is a big deal for investors, who’ve counted on capital returns to make sense of UK bank valuations—especially now that macro jitters are back. Lloyds is exposed on all fronts: plenty of mortgages, rates hit hard, and a substantial buyback on the table.
The bank disclosed late Monday that it picked up 5 million ordinary shares on Feb. 23, buying from Goldman Sachs International at prices ranging from 102.85p to 105.80p. The volume-weighted average price for the transaction landed at 104.5975p. That VWAP figure reflects the size of each individual trade. Lloyds plans to cancel the stock.
The company said these purchases are tied to a buyback programme capped at £1.75 billion, kicked off on Jan. 30, and running through to a deadline of Dec. 31, 2026. Goldman Sachs is handling trading decisions on its own, independent from Lloyds. The programme needs to keep getting the green light from the Prudential Regulation Authority, the company added.
Buybacks haven’t managed to budge much: the FTSE 100 ended the day almost unchanged Monday. U.S. President Donald Trump’s announcement of a 15% tariff on global imports rattled investors, raising fresh questions about trade expenses and economic momentum.
Rates remain volatile. Alan Taylor, a Bank of England policymaker, called high U.S. tariffs “here to stay,” expecting the effects to linger “many years.” He also flagged that risks now lean toward softer inflation and heightened unemployment fallout. Reuters
After posting a 12% jump in 2025 profit before tax to £6.7 billion and raising its 2026 return target, Lloyds announced a £1.75 billion buyback, according to Reuters last month. “Our continued business momentum and strategic delivery enable us to upgrade guidance,” CEO Charlie Nunn said at the time. Reuters
It’s not just Lloyds turning to buybacks. Barclays disclosed Tuesday it snapped up 4.2 million shares for cancellation on Feb. 23 as part of its repurchase scheme, underscoring how capital returns remain a key strategy across the industry.
NatWest reported it snapped up shares on Feb. 23 as part of its buyback, with purchases spread across the LSE, CHIX, and BATE, according to a filing.
But buybacks aren’t a shield. Should growth falter amid steeper tariffs, or if rate cuts show up sooner and margins get pinched, banks may find themselves forced to prop up capital rather than hand it back. Investors move fast when that happens.
Lloyds has its calendar lined up—April 9 marks the ex-dividend date, with the first-quarter interim management statement following on April 29. The annual general meeting falls on May 14. Shareholders are set to receive the dividend on May 19, per the group’s financial calendar.
