Standard Chartered (OTCMKTS:SCBFF) Trading 7.8% Higher After Analyst Upgrade

Standard Chartered PLC (OTCMKTS:SCBFF) shares shot up 7.8% during trading on Monday after Zacks Research upgraded the stock from a hold rating to a strong-buy rating. The company traded as high as $24.01 and last traded at $24.01. 190 shares changed hands during trading, a decline of 99% from the average session volume of 20,871 shares. The stock had previously closed at $22.27.

A number of other analysts also recently weighed in on the company. Citigroup reiterated a “neutral” rating on shares of Standard Chartered in a research report on Monday, November 3rd. The Goldman Sachs Group upgraded shares of Standard Chartered from a “hold” rating to a “buy” rating in a research report on Thursday, December 11th. Finally, Morgan Stanley upgraded shares of Standard Chartered from an “equal weight” rating to an “overweight” rating in a research report on Monday, November 24th. One equities research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and one has given a Hold rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Buy”.

Standard Chartered Trading Down 1.9%

The stock has a market capitalization of $52.45 billion, a PE ratio of 12.27 and a beta of 0.54. The firm has a 50-day moving average price of $20.70 and a 200-day moving average price of $18.83.

Standard Chartered (OTCMKTS:SCBFF) last posted its quarterly earnings results on Thursday, October 30th. The company reported $0.51 EPS for the quarter, topping analysts’ consensus estimates of $0.45 by $0.06. Standard Chartered had a net margin of 12.84% and a return on equity of 10.88%. The company had revenue of $5.15 billion for the quarter, compared to analysts’ expectations of $4.97 billion. Sell-side analysts expect that Standard Chartered PLC will post 1.66 earnings per share for the current fiscal year.

About Standard Chartered

Standard Chartered PLC, together with its subsidiaries, provides various banking products and services in Asia, Africa, the Middle East, Europe, and the Americas. The company operates in three segments: Corporate, Commercial & Institutional Banking; Consumer, Private & Business Banking; and Ventures.