Standard Chartered (OTCMKTS:SCBFF) Sets New 12-Month High – Here’s What Happened

Standard Chartered PLC (OTCMKTS:SCBFF)’s stock price hit a new 52-week high during mid-day trading on Wednesday. The company traded as high as $31.5625 and last traded at $31.5625, with a volume of 397 shares trading hands. The stock had previously closed at $30.2475.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on SCBFF. Morgan Stanley reissued an “overweight” rating on shares of Standard Chartered in a report on Wednesday, July 8th. UBS Group lowered shares of Standard Chartered from a “buy” rating to a “hold” rating in a research report on Thursday, July 23rd. Citigroup reiterated a “neutral” rating on shares of Standard Chartered in a research report on Wednesday, September 23rd. Deutsche Bank Aktiengesellschaft raised shares of Standard Chartered from a “hold” rating to a “buy” rating in a research note on Tuesday, June 23rd. Finally, 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. Five 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 currently has an average rating of “Moderate Buy”.

Standard Chartered Stock Down 4.4%

The business has a 50 day moving average price of $29.65 and a two-hundred day moving average price of $26.56. The stock has a market cap of $65.73 billion, a P/E ratio of 13.75 and a beta of 0.66.

Standard Chartered (OTCMKTS:SCBFF) last issued its earnings results on Wednesday, July 29th. The company reported $0.75 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.66 by $0.09. Standard Chartered had a return on equity of 10.84% and a net margin of 13.79%.The company had revenue of $5.70 billion for the quarter, compared to the consensus estimate of $5.59 billion. On average, research analysts forecast that Standard Chartered PLC will post 2.44 earnings per share for the current year.

Hedge Funds Weigh In On Standard Chartered

An institutional investor recently raised its position in Standard Chartered stock. Madison Asset Management LLC increased its stake in shares of Standard Chartered PLC (OTCMKTS:SCBFF) by 13.8% in 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 at the end of the most recent quarter.

About Standard Chartered

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.