Standard Chartered PLC SCBFF shares rallied 5.8% in the last trading session to close at $31.1. This move can be attributable to notable volume with a higher number of shares being traded than in a typical session. This compares to the stock's 2.1% loss over the past four weeks.
The SCBFF stock closed at a new 52-week high yesterday. The increase in share price was primarily supported by strength in the bank’s London-listed shares and its ongoing share-repurchase program. JPMorgan’s JPM decision to maintain an Overweight rating while raising its price target further reinforced investor confidence in the stock.
This company is expected to post quarterly earnings of $0.49 per share in its upcoming report, which represents a year-over-year change of -3.9%. Revenues are expected to be $5.56 billion, up 8.8% from the year-ago quarter.
While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.
For Standard Chartered, the consensus EPS estimate for the quarter has remained unchanged over the last 30 days. And a stock's price usually doesn't keep moving higher in the absence of any trend in earnings estimate revisions. So, make sure to keep an eye on SCBFF going forward to see if this recent jump can turn into more strength down the road.
The stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
Standard Chartered belongs to the Zacks Banks - Foreign industry. Another stock from the same industry, DANSKE BANK DNKEY, closed the last trading session 0.2% higher at $29.29. Over the past month, DNKEY has returned 1.4%.
For DANSKE BANK, the consensus EPS estimate for the upcoming report has remained unchanged over the past month at $0.58. This represents a change of +11.5% from what the company reported a year ago. DANSKE BANK currently has a Zacks Rank of #2 (Buy).
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Standard Chartered PLC (SCBFF): Free Stock Analysis Report
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This article originally published on Zacks Investment Research (zacks.com).