Oversea-Chinese Banking (OTCMKTS:OVCHY) Shares Gap Down - Here's What Happened

Key Points

• OVCHY gapped down pre-market: the stock closed at $34.4680, opened at $33.11 and last traded at $34.32 on light volume (1,342 shares).
• Zacks Research downgraded the stock from "strong-buy" to "hold", and the consensus rating on MarketBeat is currently "Hold".
• Key financials and technicals: OCBC shows a current and quick ratio of 0.88, debt-to-equity of 0.48, a 50-day moving average of $34.04 and a 200-day moving average of $31.40.

Oversea-Chinese Banking Corporation Limited (OTCMKTS:OVCHY - Get Free Report)'s stock price gapped down before the market opened on Monday . The stock had previously closed at $34.4680, but opened at $33.11. Oversea-Chinese Banking shares last traded at $34.32, with a volume of 1,342 shares trading hands.

Wall Street Analysts Forecast Growth

Separately, Zacks Research cut Oversea-Chinese Banking from a "strong-buy" rating to a "hold" rating in a report on Tuesday, March 10th. One equities research analyst has rated the stock with a Hold rating, According to data from MarketBeat, the stock currently has an average rating of "Hold".

Oversea-Chinese Banking Trading Down 1.0%

The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 0.48. The company has a fifty day moving average price of $34.04 and a two-hundred day moving average price of $31.40.

Oversea-Chinese Banking Company Profile

Oversea-Chinese Banking Corporation Limited (commonly known as OCBC) is a Singapore-based regional bank that provides a broad range of banking and financial services to retail, corporate and institutional customers. Its core activities include consumer banking, wealth management, commercial and corporate banking, treasury and markets, trade finance, and transaction banking. OCBC also conducts investment banking activities and offers asset management services, and its group structure includes insurance and other financial services delivered through affiliated subsidiaries and regional units.

The bank traces its origins to a 1932 merger of several Chinese-named banks in Singapore and has since grown into one of the region's larger financial institutions with a significant presence across Southeast Asia and Greater China.

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