Financial Trading Blog
Stock of the day 21/02/2017 – Barclays PLC
(Source: IT-Finance.com, 21/02/2017)
The back end of 2016, however, was the complete opposite. From that post-Brexit pit Barclays rose like a phoenix from the ashes, an effectively uninterrupted run of positive trading taking it to a 15 month high of £2.41 by the middle of February. Barclays now sits at a current trading price of £2.37 (IT-Finance.com, 20/02/2017).
The bank’s third quarter figures at the end of October captured why investors were quite so enthusiastic about the stock in the second half of 2016. Despite the impact of another £600 million PPI-hit pre-tax profit rose by 35% year-on-year, coming in at an estimate-defying £837 million – for the 9 months to the end of September, however, profit was £0.3 billion lower than 2015’s £2.9 billion. Barclays even benefited from the Brexit vote, the increase in volatility and uncertainty causing a 40% surge in revenue at the bank’s bond-trading division in the months after the referendum.
In terms of Barclay’s annual results, analysts are expecting the bank to post pre-tax profit of £3.9 billion, almost double the PPI-damaged £2.05 billion seen in 2015. Attention will also be paid to CEO Jes Staley’s salary following reports that Barclays may freeze his maximum remuneration at £8 million for the next 3 years.
Barclays PLC has a consensus rating of ‘Hold’ with an average target price of £2.13.
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