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Standard Chartered ( (GB:STAN) ) just unveiled an update.
Standard Chartered PLC announced the purchase of 774,000 of its ordinary shares as part of its ongoing share buy-back program. The shares were acquired at a volume-weighted average price of 1,146.5033 GB pence. The company plans to cancel these shares, reducing the total number of shares in issue to 2,345,572,241, which will also be the total number of voting rights. This move is part of a strategic effort to manage capital efficiently and enhance shareholder value.
The most recent analyst rating on (GB:STAN) stock is a Hold with a £8.15 price target. To see the full list of analyst forecasts on Standard Chartered stock, see the GB:STAN Stock Forecast page.
Spark’s Take on GB:STAN Stock
According to Spark, TipRanks’ AI Analyst, GB:STAN is a Outperform.
Standard Chartered’s overall stock score is supported by strong financial growth, strategic initiatives like share buybacks, and an attractive valuation. However, challenges such as declining cash flows and mixed technical indicators temper its overall attractiveness. The positive earnings call and corporate events further bolster the stock’s outlook.
To see Spark’s full report on GB:STAN stock, click here.
More about Standard Chartered
Standard Chartered PLC is a leading international banking group, offering a wide range of financial services and products. It operates primarily in Asia, Africa, and the Middle East, focusing on corporate and institutional banking, retail banking, and wealth management.
Average Trading Volume: 7,556,669
Technical Sentiment Signal: Buy
Current Market Cap: £26.68B
See more insights into STAN stock on TipRanks’ Stock Analysis page.