Standard Chartered (OTCMKTS:SCBFF) Shares Gap Up - What's Next?

Key Points

• Standard Chartered shares gapped up 4.2%, opening at $30.6075 versus the prior close of $29.47, though trading volume was very light at 375 shares.
• Analyst sentiment is broadly positive, with five Buy ratings and three Holds, producing a consensus rating of “Moderate Buy.” Recent actions included upgrades from Keefe, Bruyette & Woods and Deutsche Bank, while UBS downgraded the stock to Hold.
• The bank beat quarterly expectations, reporting $0.75 in EPS versus the $0.66 consensus and revenue of $5.70 billion versus $5.59 billion expected. Madison Asset Management also increased its position by 13.8% in the second quarter.

Standard Chartered PLC (OTCMKTS:SCBFF - Get Free Report) gapped up before the market opened on Friday. The stock had previously closed at $29.47, but opened at $30.6075. Standard Chartered shares last traded at $30.6075, with a volume of 375 shares.

Analyst Upgrades and Downgrades

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

Standard Chartered Trading Up 4.2%

The business has a 50-day moving average of $29.41 and a two-hundred day moving average of $26.26. The company has a quick ratio of 0.82, a current ratio of 0.84 and a debt-to-equity ratio of 1.58. The firm has a market capitalization of $70.19 billion, a price-to-earnings ratio of 14.69 and a beta of 0.69.

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

Institutional Inflows and Outflows

An institutional investor recently raised its position in Standard Chartered stock. Madison Asset Management LLC raised its holdings in Standard Chartered PLC (OTCMKTS:SCBFF - Free Report) by 13.8% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 42,447 shares of the company's stock after acquiring 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 Securities and Exchange Commission.

About Standard Chartered

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.

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.