I agree SBK. LLOY is in a significantly worse place than it was 5 years ago. Back then there was optimism, Brexit was seen as a pipe dream of a minority - turned out that perception was wrong.
LLOY may have managed to outlive PPI claims but it’s seen very much as a very slow growth, lumbering old giant with relatively high costs relative to newer competitors in an isolated (how isolated we have yet to find out) economy that’s unlikely to see significant growth it the immediate future - all LLOY can do is lose as little market share as possible in market place with precious little growth where, despite it’s significant size, can’t dictate pricing, it’s all too competitive.
P/E of high single figures, the SP around 60p underpinned by the dividend, i.e. dull, dull, boring but decent cash sounds not unreasonable, not until the waters clear.
Definitely I can see a place for it in a portfolio where I want some (my assessment) solid income so I can take some low dividend but capital growth risk elsewhere, that always works for me.
But LLOY on it’s own… 5.5% yield is far better than the rate on cash I can get. Risk of capital loss is always there but I think the dividend is relatively solid (famous last words, do not tempt fate!) albeit slim to no chance of any real growth but I can live with some of that as this isn’t the one I’m expecting to do anything much other than just churn out cash.