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

Oversea-Chinese Banking Corporation Limited (OTCMKTS:OVCHY)’s share price gapped up before the market opened on Tuesday . The stock had previously closed at $32.2050, but opened at $34.03. Oversea-Chinese Banking shares last traded at $33.20, with a volume of 7,821 shares changing hands.

Wall Street Analyst Weigh In

Separately, Zacks Research raised shares of Oversea-Chinese Banking from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, January 14th. One equities research analyst has rated the stock with a Strong Buy rating, According to data from MarketBeat.com, Oversea-Chinese Banking has a consensus rating of “Strong Buy”.

Oversea-Chinese Banking Stock Performance

The stock has a 50 day simple moving average of $32.73 and a 200-day simple moving average of $29.16.

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.