Standard Chartered (OTCMKTS:SCBFF) Trading 4% Higher - Here's Why

Key Points

• Standard Chartered shares rose 4% to $31.04 in mid-day trading, although volume was 52% below the average session level.
• Analyst sentiment remains positive overall, with a consensus “Moderate Buy” rating from eight analysts: four Buys and four Holds.
• The bank exceeded quarterly expectations, reporting $0.75 EPS versus the $0.66 estimate and revenue of $5.70 billion against the $5.59 billion consensus.

Standard Chartered PLC (OTCMKTS:SCBFF - Get Free Report) shares were up 4% during mid-day trading on Thursday . The company traded as high as $31.0375 and last traded at $31.0375. 5,532 shares traded hands during trading, a decline of 52% from the average session volume of 11,417 shares. The stock had previously closed at $29.8550.

Wall Street Analysts Forecast Growth

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

Standard Chartered Price Performance

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 company's fifty day simple moving average is $28.80 and its two-hundred day simple moving average is $25.74. The stock has a market capitalization of $69.60 billion, a PE ratio of 14.56 and a beta of 0.69.

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

Hedge Funds Weigh In On Standard Chartered

A hedge fund recently raised its position in Standard Chartered stock. Madison Asset Management LLC increased its position 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 fund owned 42,447 shares of the company's stock after acquiring an additional 5,154 shares during the quarter. Madison Asset Management LLC's holdings in Standard Chartered were worth $2,313,000 as of its most recent filing with the SEC.

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.

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