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According to TipRanks, Standard Chartered, a London-based international bank, has announced a significant buyback program aimed at boosting its shareholder value. The buyback, which will cost around $2.7 billion, represents about 10% of the company’s current market capitalization. This move is a positive sign for investors, as it indicates the bank’s confidence in its future performance and its ability to generate value for shareholders. The buyback program will be used to repurchase shares in the open market, reducing the number of outstanding shares and increasing earnings per share (EPS) for existing shareholders. TipRanks notes that Standard Chartered has a 12-month target price of $18.60, which suggests that the company’s stock has room to grow. Overall, this buyback announcement is expected to benefit existing shareholders, and could lead to improved sentiment around the company’s stock.

Source: https://www.tipranks.com/news/company-announcements/standard-chartered-boosts-shareholder-value-with-buyback