Oversea-Chinese Banking (OTCMKTS:OVCHY) Sets New 12-Month High – Here’s Why

Oversea-Chinese Banking Corporation Limited (OTCMKTS:OVCHY)’s share price hit a new 52-week high during mid-day trading on Thursday . The stock traded as high as $35.70 and last traded at $35.70, with a volume of 6191 shares trading hands. The stock had previously closed at $33.97.

Analyst Ratings Changes

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

Oversea-Chinese Banking Stock Performance

The firm’s 50 day simple moving average is $31.67 and its 200 day simple moving average is $28.35.

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.