Standard Chartered Advances Share Buy-back Program with Recent Purchase

Standard Chartered ( (GB:STAN) ) has issued an update.

Standard Chartered PLC announced the purchase of 772,000 of its ordinary shares as part of its ongoing share buy-back program, with the purchase executed through J.P. Morgan Securities plc. The shares were acquired at a volume-weighted average price of 1,150.7667 GB pence per share. The company plans to cancel the purchased shares, reducing the total number of shares in issue to 2,344,800,241, which will also be the total number of voting rights. This move is part of Standard Chartered’s strategy to manage its capital structure and enhance shareholder value.

The most recent analyst rating on (GB:STAN) stock is a Hold with a £11.70 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, primarily focused on providing financial services and products across Asia, Africa, and the Middle East. The company offers a wide range of services including personal banking, corporate banking, wealth management, and investment banking, catering to both individual and institutional clients.

Average Trading Volume: 7,556,669

Technical Sentiment Signal: Buy

Current Market Cap: £26.68B

For a thorough assessment of STAN stock, go to TipRanks’ Stock Analysis page.