Standard Chartered (LON:STAN) Hits New 12-Month High - Time to Buy?

Key Points

• Standard Chartered shares reached a new 52-week high of GBX 2,330 and last traded at GBX 2,327, up from the previous close of GBX 2,292.33.
• Analyst sentiment is broadly positive, with an average “Moderate Buy” rating and an average price target of GBX 2,306. JPMorgan raised its target to GBX 2,470, while Deutsche Bank set a GBX 2,450 target.
• Chief Group Executive Bill Winters purchased 300,000 shares for approximately £6.66 million at GBX 2,221 per share, signaling insider confidence.

Standard Chartered PLC (LON:STAN - Get Free Report)'s stock price hit a new 52-week high during mid-day trading on Monday . The company traded as high as GBX 2,330 and last traded at GBX 2,327, with a volume of 27782582 shares changing hands. The stock had previously closed at GBX 2,292.33.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on STAN shares. JPMorgan Chase & Co. upped their price objective on Standard Chartered from GBX 2,330 to GBX 2,470 and gave the stock an "overweight" rating in a research note on Tuesday, September 8th. Jefferies Financial Group reiterated a "buy" rating and issued a GBX 2,250 target price on shares of Standard Chartered in a research note on Wednesday, July 29th. Citigroup boosted their target price on shares of Standard Chartered from GBX 2,130 to GBX 2,230 and gave the stock a "neutral" rating in a report on Thursday, July 30th. UBS Group reissued a "buy" rating and set a GBX 2,130 price target on shares of Standard Chartered in a research report on Monday, May 18th. Finally, Deutsche Bank Aktiengesellschaft restated a "buy" rating and issued a GBX 2,450 price target on shares of Standard Chartered in a report on Thursday, July 30th. Four equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of GBX 2,306.

Standard Chartered Price Performance

The firm has a market cap of £50.72 billion, a price-to-earnings ratio of 10.99, a P/E/G ratio of 0.80 and a beta of 0.59. The firm has a fifty day simple moving average of GBX 2,177.23 and a two-hundred day simple moving average of GBX 1,942.23.

Insider Buying and Selling

In related news, Chief Group Executive Bill Winters bought 300,000 shares of the stock in a transaction that occurred on Tuesday, August 4th. The stock was bought at an average cost of GBX 2,221 per share, for a total transaction of £6,663,000. 0.38% of the stock is owned by company insiders.

Standard Chartered Company Profile

Standard Chartered PLC, together with its subsidiaries, provides various banking products and services in Asia, Africa, the Middle East, Europe, and the Americas. The company operates in three segments: Corporate, Commercial & Institutional Banking; Consumer, Private & Business Banking; and Ventures. It offers retail products, such as deposits, mortgages, credit cards, and personal loans; wealth management products and services that include investments, portfolio management, insurance, and wealth advice; and transaction banking services, such as cash management, working capital, and trade financing products.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.