Lloyds (LSE: LLOY) shares have had a bumpy three months. They’re down 12.75% in that time. Today, they trade at 98.5p, a whisker below £1. So what should investors do?

I’ll start by suggesting what they shouldn’t do. And that’s panic-sell. Top FTSE 100 stocks like this one go up and down all the time. Short-term volatility is nothing to worry about. It’s the price we pay for the big returns equities typically deliver in the longer run. Unless somebody needs their money in the immediate future, they should keep calm and carry on. So here’s a question I do think is worth considering. Should investors think about buying more?

Actually, I’d argue that’s a pretty simple question too. I believe Lloyds is a terrific stock for investors seeking an all-round combination of dividend income and share price growth. With a long-term view, it’s always a pretty good time to consider Lloyds, in my opinion. Over five, 10 years or even longer, I would expect it to deliver. Of course, there are no guarantees with any stock. And there will always be ups and downs along the way.

How big an opportunity is this?

So how excited should investors be today? Now that’s a trickier question. Right now, global markets are on a knife edge. On Thursday (30 April), the oil price hit $124, having doubled since the Iran war started on 28 February. That will drive up inflation and interest rates, and squeeze the UK economy. That could hit demand for mortgages at Lloyds subsidiary Halifax, the giant mortgage lender. It could ultimately drive up bad debts too.

Oil has since retreated to $108 doubles but shortages remain a live risk. The stock market could still crash. If it did, Lloyds would surely follow, and get cheaper.

So should investors wait? I can see the temptation, but there’s an issue here. Second-guessing market movements is next to impossible. If Iran tensions ease, we could see the mother of all relief rallies. In that scenario, investors will have missed their opportunity. As a rule, anybody who hangs around waiting for the bottom of the market, usually misses it by mile.

Also, there are solid reasons for considering Lloyds today. Higher projected interest rates could boost its profitability, by allowing it to widen the gap between what it pays savers and charges borrowers. These are called net interest margins. It’s a key banking profitability metric.

Lloyds already looks good value, with a forward price-to-earnings ratio of just 9.88 for 2026. That’s marginally below its average 10-year P/E of 10.5.

Would you risk calling this market?

However, I shouldn’t overstate the scale of its recent share price dip. The share price is still up 37% over the last year, and 111% over five years. This isn’t exactly a beaten-down stock opportunity.

That strong share price growth has squeezed the yield. The shares are forecast to yield 4.6% in 2026, which is good. But it’s well below the 10-year average forward yield of 5.8%.

So here’s my view. At below £1, Lloyds is well worth considering. Absolutely. Investors could hang on, and hope to bag it at an even cheaper price. That’s their call. It might work, it might not. Either way, it looks compelling today.