Societe Generale Group (OTCMKTS:SCGLY) Shares Gap Down - Here's What Happened

Key Points

• Societe Generale shares fell sharply at the open, dropping from a prior close of $17.35 to $16.72 and last trading near $16.69.
• Analyst views remain broadly positive, with a consensus “Moderate Buy” rating based on one Strong Buy, four Buy, three Hold and one Sell ratings.
• The bank exceeded quarterly expectations, reporting $0.50 earnings per share versus the $0.39 consensus and revenue of $8.25 billion versus $8.03 billion expected.

Societe Generale Group (OTCMKTS:SCGLY - Get Free Report)'s share price gapped down before the market opened on Thursday . The stock had previously closed at $17.35, but opened at $16.72. Societe Generale Group shares last traded at $16.6940, with a volume of 99,835 shares traded.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on SCGLY shares. Citigroup reiterated a "buy" rating on shares of Societe Generale Group in a research note on Monday, July 20th. Zacks Research raised shares of Societe Generale Group from a "strong sell" rating to a "hold" rating in a research report on Monday, June 29th. Keefe, Bruyette & Woods downgraded shares of Societe Generale Group from a "hold" rating to a "moderate sell" rating in a report on Friday, August 21st. Societe Generale upgraded shares of Societe Generale Group from a "market perform" rating to a "hold" rating in a research note on Friday, May 15th. Finally, Kepler Capital Markets raised shares of Societe Generale Group from a "hold" rating to a "strong-buy" rating in a report on Monday, July 6th. One investment analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, Societe Generale Group currently has a consensus rating of "Moderate Buy".

Societe Generale Group Stock Performance

The stock has a market cap of $61.69 billion, a P/E ratio of 8.47, a price-to-earnings-growth ratio of 0.53 and a beta of 0.80. The company has a current ratio of 1.21, a quick ratio of 1.21 and a debt-to-equity ratio of 2.06. The stock has a 50 day simple moving average of $17.92 and a 200 day simple moving average of $16.80.

Societe Generale Group (OTCMKTS:SCGLY - Get Free Report) last released its earnings results on Thursday, July 30th. The financial services provider reported $0.50 earnings per share for the quarter, beating analysts' consensus estimates of $0.39 by $0.11. Societe Generale Group had a return on equity of 7.29% and a net margin of 23.30%.The firm had revenue of $8.25 billion during the quarter, compared to the consensus estimate of $8.03 billion. On average, equities analysts expect that Societe Generale Group will post 1.82 earnings per share for the current year.

About Societe Generale Group

Société Générale Group, founded in 1864 and headquartered in Paris, is one of France's largest banking groups. It offers a broad range of financial services to individuals, businesses, institutions and governments. The firm operates through multiple businesses that collectively provide banking, financing, investment and advisory solutions across retail, corporate and institutional client segments.

The group's core activities encompass retail banking services such as deposit accounts, consumer and mortgage lending, payment services and wealth management.

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