Is the Lloyds share price too cheap to miss?

Key points

With an interest rate hike imminent, the bank may benefit

A relatively low forward P/E ratio suggests the Lloyds share price is cheap

Ratings have been steadily improving for this company in recent months

Up 45% from one year ago, Lloyds Banking Group (LSE: LLOY) is a big-hitter within the global banking industry. Like a number of other stocks, the Lloyds share price plummeted when the pandemic hit, almost halving in value. With an interest rate hike on the horizon, however, could this stock now be considered too cheap to miss? Should I be adding it to my portfolio? Let’s take a closer look. Interest rates

Interest rates have a big impact on the firm, because these dictate how much it can charge customers to whom it lends money. Since the financial crash of 2007 and 2008, UK interest rates have always been below 6%. Following the outbreak of the pandemic, they fell to just 0.1%.

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