Zacks Investment Research Downgrades Standard Chartered (OTCMKTS:SCBFF) to Sell

Standard Chartered (OTCMKTS:SCBFF) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued to clients and investors on Tuesday, Zacks.com reports.

According to Zacks, “Standard Chartered PLC operates as a banking group principally in Asia, Africa, and the Middle East. The bank provides consumer and wholesale banking products and services to individuals, small and medium-sized enterprises (SMEs), corporate, and institutional customers. Services offered by Standard Chartered include: loans and savings accounts, demand drafts, foreign exchange services, credit cards, insurance and investment advisory services. It also provides private and priority banking; international banking; cash management; trade finance and working capital as well as Internet banking services. Standard Chartered PLC is headquartered in London, the United Kingdom. “

Several other equities research analysts have also issued reports on the stock. Investec reiterated a “sell” rating on shares of Standard Chartered in a research report on Thursday, June 27th. Societe Generale raised shares of Standard Chartered from a “hold” rating to a “buy” rating in a research note on Tuesday, July 2nd. HSBC reaffirmed a “reduce” rating on shares of Standard Chartered in a research note on Wednesday, May 1st. Finally, ValuEngine raised shares of Standard Chartered from a “sell” rating to a “hold” rating in a research report on Wednesday, May 1st. Four equities research analysts have rated the stock with a sell rating, two have given a hold rating and two have issued a buy rating to the company. The company presently has an average rating of “Hold”.

OTCMKTS SCBFF opened at $7.45 on Tuesday. The company has a market capitalization of $23.94 billion, a PE ratio of 12.21 and a beta of 1.32. The company has a 50-day simple moving average of $8.44 and a 200 day simple moving average of $8.45. Standard Chartered has a 52-week low of $6.64 and a 52-week high of $9.55.

About Standard Chartered

Standard Chartered PLC., together with its subsidiaries, provides various banking products and services primarily in Asia, Africa, and the Middle East. The company operates through Corporate & Institutional Banking, Retail banking, Commercial Banking, and Private Banking segments. It offers retail products, such as deposits, savings, mortgages, credit cards, and personal loans; wealth management that include investments, portfolio management, insurance and advices, and planning services; and transaction banking services, such as cash management, payments and transactions, securities services, and trade financing products.

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