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

Standard Chartered PLC (OTCMKTS:SCBFF) shares 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 changing hands.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on the stock. Keefe, Bruyette & Woods upgraded shares of Standard Chartered from a “hold” rating to a “moderate buy” rating in a research report on Monday, September 14th. Morgan Stanley restated an “overweight” rating on shares of Standard Chartered in a research report on Wednesday, July 8th. Citigroup reaffirmed a “neutral” rating on shares of Standard Chartered in a research note on Wednesday, September 23rd. Deutsche Bank Aktiengesellschaft upgraded Standard Chartered from a “hold” rating to a “buy” rating in a report on Tuesday, June 23rd. Finally, UBS Group lowered Standard Chartered from a “buy” rating to a “hold” rating in a research report on Thursday, July 23rd. Five equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat.com, Standard Chartered presently has an average rating of “Moderate Buy”.

Standard Chartered Stock Performance

The firm has a 50-day moving average of $29.69 and a 200-day moving average of $26.67. The firm has a market capitalization of $67.39 billion, a P/E ratio of 14.10 and a beta of 0.66.

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

Institutional Investors Weigh In On Standard Chartered

An institutional investor recently raised its stake in Standard Chartered stock. Madison Asset Management LLC lifted its stake in shares of Standard Chartered PLC (OTCMKTS:SCBFF) by 13.8% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 42,447 shares of the company’s stock after buying 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 Securities and Exchange Commission (SEC).

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.