Oversea-Chinese Banking (OTCMKTS:OVCHY) Shares Gap Down - What's Next?

Key Points

• Shares of Oversea-Chinese Banking Corporation (OTCMKTS:OVCHY) opened significantly lower at $25.08, down from the previous close of $26.20.
• Zacks Research has downgraded the stock from a "hold" rating to a "strong sell," with a consensus rating firmly in the "sell" category.
• The company recently increased its dividend from $0.24 to $0.5614 per share, indicating a substantial yield of 502.0%.

Oversea-Chinese Banking Corporation Limited (OTCMKTS:OVCHY - Get Free Report)'s stock price gapped down before the market opened on Wednesday . The stock had previously closed at $26.20, but opened at $25.08. Oversea-Chinese Banking shares last traded at $25.76, with a volume of 245 shares traded.

Analyst Ratings Changes

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 company presently has an average rating of "Sell".

Oversea-Chinese Banking Trading Down 0.2%

The firm has a 50 day simple moving average of $26.35 and a two-hundred day simple moving average of $25.43. The company has a quick ratio of 0.91, a current ratio of 0.91 and a debt-to-equity ratio of 0.52.

Oversea-Chinese Banking Increases Dividend

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

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.