Hold on - these things take time. I've been buying since about $28, and I expect the stock to test the recent low again. If it does I'll grab some more.
Please everyone, don't jump all over that comment, I'm strongly long on LYG. I just know that the current mess takes a while to work out. If we were halfway through this credit mess/economic slowdown that would be good progress IMO. Cash is a good thing to have right now. Just don't get emotional and sell when the stock is hit.
I think we could be bouncing around the recent price range for quite a while. A year wouldn't surprise me..
If the stock price stagnates for a year, that is no matter. If they continue to pay the same dividend then you are still earning an outstanding return. Although I agree that the real value lies in the current price