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

Key Points

• Oversea-Chinese Banking Corporation's stock price gapped up from $25.26 to $26.39 before closing at $25.44, with a trading volume of 4,652 shares.
• Analysts from Zacks Research downgraded the bank's rating from "hold" to "strong sell," contributing to a consensus rating of "sell" for the stock.
• The bank recently increased its dividend to $0.5614 per share, reflecting a significant yield of 502.0%, up from the previous $0.24.

Oversea-Chinese Banking Corporation Limited (OTCMKTS:OVCHY - Get Free Report)'s stock price gapped up prior to trading on Tuesday . The stock had previously closed at $25.26, but opened at $26.39. Oversea-Chinese Banking shares last traded at $25.44, with a volume of 4,652 shares trading hands.

Wall Street Analyst Weigh In

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

Oversea-Chinese Banking Stock Performance

The stock has a 50-day moving average price of $26.20 and a 200 day moving average price of $25.44. The company has a current ratio of 0.91, a quick ratio of 0.91 and a debt-to-equity ratio of 0.52.

Oversea-Chinese Banking Increases Dividend

The company also recently disclosed a dividend, which was paid on Friday, September 5th. Investors of record on Tuesday, August 12th were given a $0.5614 dividend. This is a positive change 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%.

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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