Oversea-Chinese Banking (OTCMKTS:OVCHY) Stock Price Up 4.3% - Here's Why

Key Points

• Oversea-Chinese Banking Corporation's stock price rose 4.3% to $26.91, despite a significant 54% decline in trading volume.
• Zacks Research downgraded the stock from a "hold" rating to a "strong sell" rating, contributing to a consensus rating of "sell" among analysts.
• The bank recently increased its dividend to $0.5614, a substantial increase from the previous dividend of $0.24, resulting in a remarkable dividend yield of 502.0%.

Oversea-Chinese Banking Corporation Limited (OTCMKTS:OVCHY - Get Free Report) rose 4.3% during trading on Wednesday . The stock traded as high as $26.91 and last traded at $26.91. Approximately 8,909 shares changed hands during trading, a decline of 54% from the average daily volume of 19,169 shares. The stock had previously closed at $25.80.

Analyst Upgrades and Downgrades

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

Oversea-Chinese Banking Stock Up 1.4%

The stock has a 50 day simple moving average of $25.99 and a 200 day simple moving average of $25.51.

Oversea-Chinese Banking Increases Dividend

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

Oversea-Chinese Banking Company Profile

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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