Standard Chartered (LON:STAN) Trading Down 9.8% - Here's What Happened

Standard Chartered PLC (LON:STAN - Get Free Report) shares were down 9.8% during trading on Friday . The stock traded as low as GBX 999 ($12.72) and last traded at GBX 1,039.38 ($13.23). Approximately 646,990,750 shares changed hands during mid-day trading, an increase of 2,485% from the average daily volume of 25,029,953 shares. The stock had previously closed at GBX 1,152.50 ($14.67).

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on STAN. Deutsche Bank Aktiengesellschaft reissued a "hold" rating and set a GBX 970 ($12.35) price target on shares of Standard Chartered in a research report on Monday, February 24th. Citigroup raised their price target on shares of Standard Chartered from GBX 1,170 ($14.89) to GBX 1,250 ($15.91) and gave the company a "neutral" rating in a report on Thursday, March 6th. Three analysts have rated the stock with a hold rating and three have issued a buy rating to the company's stock. According to MarketBeat.com, Standard Chartered currently has a consensus rating of "Moderate Buy" and a consensus target price of GBX 1,073.33 ($13.66).

Standard Chartered Stock Down 0.5 %

The firm has a market capitalization of £28.15 billion, a price-to-earnings ratio of 8.39, a price-to-earnings-growth ratio of 0.80 and a beta of 0.85. The firm's 50 day moving average is GBX 1,146.94 and its 200 day moving average is GBX 1,001.20.

Standard Chartered Increases Dividend

The firm also recently disclosed a dividend, which will be paid on Monday, May 19th. Shareholders of record on Thursday, March 27th will be given a dividend of $0.28 per share. The ex-dividend date is Thursday, March 27th. This is a positive change from Standard Chartered's previous dividend of $0.09. This represents a yield of 1.79%. Standard Chartered's dividend payout ratio (DPR) is presently 20.71%.

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Insider Activity

In other news, insider Bill Winters sold 62,739 shares of the stock in a transaction on Wednesday, March 19th. The shares were sold at an average price of GBX 1,191 ($15.16), for a total transaction of £747,221.49 ($951,147.52). Insiders have sold a total of 144,361 shares of company stock worth $122,238,845 in the last ninety days. Corporate insiders own 1.43% of the company's stock.

About Standard Chartered

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.