Standard Chartered (OTCMKTS:SCBFF) Hits New 1-Year High - What's Next?

Key Points

• Standard Chartered shares reached a new 52-week high of $31.4025, up from a previous close of $31.18, while trading above both its 50-day and 200-day moving averages.
• The bank exceeded quarterly expectations, reporting $0.75 in earnings per share versus the $0.66 consensus estimate and revenue of $5.70 billion versus $5.59 billion expected.
• Analyst sentiment is cautiously positive, with four Buy and four Hold ratings producing a “Moderate Buy” consensus; Madison Asset Management also increased its stake by 13.8% during the second quarter.

Shares of Standard Chartered PLC (OTCMKTS:SCBFF - Get Free Report) reached a new 52-week high on Monday . The company traded as high as $31.4025 and last traded at $31.4025, with a volume of 505 shares trading hands. The stock had previously closed at $31.18.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on SCBFF. Morgan Stanley reissued an "overweight" rating on shares of Standard Chartered in a research note on Wednesday, July 8th. Citigroup restated a "neutral" rating on shares of Standard Chartered in a research note on Thursday, July 16th. UBS Group lowered shares of Standard Chartered from a "buy" rating to a "hold" rating in a research note on Thursday, July 23rd. Finally, Deutsche Bank Aktiengesellschaft upgraded shares of Standard Chartered from a "hold" rating to a "buy" rating in a research report on Tuesday, June 23rd. Four research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to MarketBeat, the company has a consensus rating of "Moderate Buy".

Standard Chartered Trading Up 0.7%

The company has a debt-to-equity ratio of 1.58, a quick ratio of 0.82 and a current ratio of 0.84. The firm has a market cap of $71.39 billion, a price-to-earnings ratio of 14.94 and a beta of 0.69. The business has a fifty day simple moving average of $28.95 and a 200-day simple moving average of $25.83.

Standard Chartered (OTCMKTS:SCBFF - Get Free Report) last announced its quarterly earnings results on Wednesday, July 29th. The company reported $0.75 EPS for the quarter, beating analysts' consensus estimates of $0.66 by $0.09. Standard Chartered had a return on equity of 10.84% and a net margin of 13.79%.The firm had revenue of $5.70 billion for the quarter, compared to analyst estimates of $5.59 billion. As a group, equities analysts forecast that Standard Chartered PLC will post 2.44 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Standard Chartered

A hedge fund recently raised its stake in Standard Chartered stock. Madison Asset Management LLC lifted its holdings in shares of Standard Chartered PLC (OTCMKTS:SCBFF - Free Report) by 13.8% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 42,447 shares of the company's stock after purchasing an additional 5,154 shares during the period. Madison Asset Management LLC's holdings in Standard Chartered were worth $2,313,000 as of its most recent filing with the SEC.

Standard Chartered Company Profile

Standard Chartered PLC is an international banking group headquartered in London. The company provides financial services to individuals, businesses, financial institutions and governments through operations spanning Asia, Africa, the Middle East, the United Kingdom and the Americas.

Its principal activities include corporate, commercial and institutional banking, retail banking, private banking and wealth management. Standard Chartered offers lending, trade finance, transaction banking, foreign exchange, investment banking, capital markets, cash management and investment products, along with personal banking services such as deposits, mortgages, credit cards and other forms of consumer finance in selected markets.

Standard Chartered traces its history to the formation of Chartered Bank of India, Australia and China in 1853 and the Standard Bank of British South Africa in 1862.

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