Oversea-Chinese Banking Corporation Limited (OTCMKTS:OVCHY) Short Interest Down 29.1% in September

Key Points

• Short interest in Oversea-Chinese Banking Corporation Limited decreased by 29.1% in September, with a total of 3,900 shares short as of September 30.
• The company's dividend was recently increased to $0.5614 per share, significantly up from the previous dividend of $0.24, yielding 502.0%.
• Zacks Research downgraded the stock from a "hold" rating to a "strong sell" rating, with the consensus rating remaining a "sell."

Oversea-Chinese Banking Corporation Limited (OTCMKTS:OVCHY - Get Free Report) was the target of a large drop in short interest in the month of September. As of September 30th, there was short interest totaling 3,900 shares, a drop of 29.1% from the September 15th total of 5,500 shares. Based on an average daily trading volume, of 55,000 shares, the days-to-cover ratio is presently 0.1 days. Based on an average daily trading volume, of 55,000 shares, the days-to-cover ratio is presently 0.1 days.

Oversea-Chinese Banking Price Performance

OVCHY stock traded down $0.15 during trading hours on Thursday, reaching $26.03. 5,515 shares of the stock were exchanged, compared to its average volume of 19,124. The firm's 50-day moving average is $25.97 and its 200-day moving average is $25.52. Oversea-Chinese Banking has a 12 month low of $20.70 and a 12 month high of $27.95.

Oversea-Chinese Banking Increases Dividend

The company also recently announced a dividend, which was paid on Friday, September 5th. Shareholders of record on Tuesday, August 12th were issued a dividend of $0.5614 per share. This is a boost from Oversea-Chinese Banking's previous dividend of $0.24. The ex-dividend date was Monday, August 11th. This represents a yield of 502.0%.

Analyst Upgrades and Downgrades

Separately, Zacks Research downgraded Oversea-Chinese Banking from a "hold" rating to a "strong sell" rating in a research note on Friday, September 12th. One research analyst has rated the stock with a Sell rating, Based on data from MarketBeat.com, the stock presently has a consensus rating of "Sell".

About Oversea-Chinese Banking

Oversea-Chinese Banking Corporation Limited engages in the provision of financial services in Singapore, Malaysia, Indonesia, Greater China, rest of the Asia Pacific, and internationally. The company's Global Consumer/Private Banking segment provides products and services to individual customers, including checking accounts, and savings and fixed deposits; housing and other personal loans; credit cards; wealth management products consisting of unit trusts, banc assurance products, and structured deposits; and brokerage services.

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