Standard Chartered (LON:STAN) Sets New 12-Month High – Should You Buy?

Standard Chartered PLC (LON:STAN)’s stock price reached a new 52-week high on Monday . The stock traded as high as GBX 2,330 and last traded at GBX 2,327, with a volume of 27782582 shares trading hands. The stock had previously closed at GBX 2,292.33.

More Standard Chartered News

Here are the key news stories impacting Standard Chartered this week:

• Positive Sentiment: Standard Chartered’s bullish research on Arbitrum, including a potential target of $10 for ARB and claims that the token is “hugely undervalued,” has increased attention on the bank’s digital-assets research and crypto-market expertise. Arbitrum rose after the note, particularly following the launch of Robinhood’s blockchain-related initiative. The direct financial benefit to STAN is unclear, but the development supports its profile in institutional digital-asset markets. Arbitrum Is Hugely Undervalued, Standard Chartered Says
• Positive Sentiment: Standard Chartered Capital appointed Abhinav Trivedi as managing director and chief executive officer. The leadership change could support growth and execution at the group’s capital-markets business, although investors will need more detail on his mandate and strategic priorities before assigning a material valuation impact. Standard Chartered Capital appoints Abhinav Trivedi
• Neutral Sentiment: Coverage of CEO Bill Winters’ career and management decisions provides visibility into his leadership style but does not announce a change to strategy, guidance or capital returns. Standard Chartered CEO Bill Winters interview
• Neutral Sentiment: Standard Chartered’s view that the Bank of Japan will pursue gradual policy normalisation may affect the bank’s Asia-focused interest income and market activity, but the overall earnings effect is mixed and depends on the pace of rate increases. Bank of Japan gradual normalisation outlook

Wall Street Analyst Weigh In

Several brokerages recently issued reports on STAN. Citigroup increased their target price on shares of Standard Chartered from GBX 2,130 to GBX 2,230 and gave the stock a “neutral” rating in a research note on Thursday, July 30th. Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating and issued a GBX 2,450 price target on shares of Standard Chartered in a research note on Thursday, July 30th. JPMorgan Chase & Co. upped their price objective on shares of Standard Chartered from GBX 2,330 to GBX 2,470 and gave the company an “overweight” rating in a report on Tuesday, September 8th. Finally, Jefferies Financial Group reissued a “buy” rating and set a GBX 2,250 price objective on shares of Standard Chartered in a research report on Wednesday, July 29th. Four equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, Standard Chartered has an average rating of “Moderate Buy” and a consensus price target of GBX 2,306.

Standard Chartered Stock Performance

The stock’s 50 day simple moving average is GBX 2,183.50 and its 200 day simple moving average is GBX 1,949.19. The firm has a market cap of £50.39 billion, a P/E ratio of 10.92, a price-to-earnings-growth ratio of 0.80 and a beta of 0.59.

Insider Activity at Standard Chartered

In other Standard Chartered news, Chief Group Executive Bill Winters bought 300,000 shares of the stock in a transaction that occurred on Tuesday, August 4th. The shares were bought at an average price of GBX 2,221 per share, for a total transaction of £6,663,000. 0.38% of the stock is currently owned by insiders.

Standard Chartered Company Profile

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. It offers retail products, such as deposits, mortgages, credit cards, and personal loans; wealth management products and services that include investments, portfolio management, insurance, and wealth advice; and transaction banking services, such as cash management, working capital, and trade financing products.