Oversea-Chinese Banking (OTCMKTS:OVCHY) Shares Gap Up - Still a Buy?

Key Points

• Oversea-Chinese Banking Corporation shares gapped up from a previous close of $26.19 to $27.30 before the market opened, and last traded at $26.65.
• Zacks Research has downgraded the stock's rating from "hold" to a "strong sell", with an average rating of "Sell" among analysts.
• The company recently declared a dividend boost to $0.5614, representing a dividend yield of 502%, up from the previous $0.24.

Oversea-Chinese Banking Corporation Limited (OTCMKTS:OVCHY - Get Free Report)'s stock price gapped up before the market opened on Tuesday . The stock had previously closed at $26.19, but opened at $27.30. Oversea-Chinese Banking shares last traded at $26.65, with a volume of 1,602 shares traded.

Wall Street Analysts Forecast Growth

Separately, Zacks Research downgraded 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 stock presently has a consensus rating of "Sell".

Oversea-Chinese Banking Stock Down 0.2%

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

Oversea-Chinese Banking Increases Dividend

The company also recently disclosed 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. The ex-dividend date of this dividend was Monday, August 11th. This represents a yield of 502.0%. This is a positive change from Oversea-Chinese Banking's previous dividend of $0.24.

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.