Oversea-Chinese Banking (OTCMKTS:OVCHY) Shares Gap Up – What’s Next?

Oversea-Chinese Banking Corporation Limited (OTCMKTS:OVCHY)’s stock price gapped up prior to trading on Friday . The stock had previously closed at $31.42, but opened at $32.90. Oversea-Chinese Banking shares last traded at $31.77, with a volume of 17,377 shares changing hands.

Analysts Set New Price Targets

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

Oversea-Chinese Banking Trading Up 2.3%

The business has a fifty day moving average price of $29.63 and a 200 day moving average price of $27.35.

About Oversea-Chinese Banking

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.