Standard Chartered (OTCMKTS:SCBFF) Shares Gap Up - Still a Buy?

Key Points

• Standard Chartered shares opened sharply higher, rising from a prior close of $27.995 to $29.64, although trading volume was very light at 307 shares.
• Analyst sentiment is generally favorable: five analysts rate the stock a Buy and three rate it Hold, producing a consensus “Moderate Buy” rating despite mixed recent rating changes.
• The bank exceeded quarterly expectations, reporting $0.75 EPS versus a $0.66 estimate and revenue of $5.70 billion versus $5.59 billion expected; Madison Asset Management also increased its stake by 13.8%.

Standard Chartered PLC (OTCMKTS:SCBFF - Get Free Report)'s stock price gapped up before the market opened on Tuesday. The stock had previously closed at $27.9950, but opened at $29.64. Standard Chartered shares last traded at $29.64, with a volume of 307 shares traded.

Analysts Set New Price Targets

A number of analysts have weighed in on the stock. Keefe, Bruyette & Woods raised shares of Standard Chartered from a "hold" rating to a "moderate buy" rating in a research report on Monday, September 14th. UBS Group cut Standard Chartered from a "buy" rating to a "hold" rating in a report on Thursday, July 23rd. Deutsche Bank Aktiengesellschaft raised Standard Chartered from a "hold" rating to a "buy" rating in a report on Tuesday, June 23rd. Citigroup restated a "neutral" rating on shares of Standard Chartered in a research note on Wednesday, September 23rd. Finally, Morgan Stanley reissued an "overweight" rating on shares of Standard Chartered in a report on Wednesday, July 8th. Five investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy".

Standard Chartered Trading Down 0.3%

The firm has a market cap of $67.39 billion, a PE ratio of 14.10 and a beta of 0.66. The stock has a fifty day simple moving average of $29.69 and a two-hundred day simple moving average of $26.67.

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

Institutional Inflows and Outflows

A hedge fund recently raised its stake in Standard Chartered stock. Madison Asset Management LLC boosted its holdings in shares of Standard Chartered PLC (OTCMKTS:SCBFF - Free Report) by 13.8% in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The firm owned 42,447 shares of the company's stock after buying 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 SEC filing.

Standard Chartered Company Profile

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

Its principal businesses include corporate, commercial and institutional banking; transaction banking; financial markets; wealth management; and retail banking. Standard Chartered offers services such as lending, trade finance, cash management, foreign exchange, investment banking, asset management, mortgages, personal banking and investment products.

The group traces its origins to the Chartered Bank of India, Australia and China, founded in 1853, and the Standard Bank of British South Africa, founded in 1862.

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