Oversea-Chinese Banking Corporation Limited (OTCMKTS:OVCHY) Sees Significant Drop in Short Interest

Oversea-Chinese Banking Corporation Limited (OTCMKTS:OVCHY) was the target of a large decrease in short interest during the month of May. As of May 29th, there was short interest totaling 15,576 shares, a decrease of 43.4% from the May 14th total of 27,519 shares. Currently, 0.0% of the shares of the stock are sold short. Based on an average daily volume of 74,361 shares, the short-interest ratio is presently 0.2 days.

Oversea-Chinese Banking Trading Up 0.7%

Shares of OVCHY stock traded up $0.26 during trading hours on Monday, hitting $36.94. 14,670 shares of the company’s stock traded hands, compared to its average volume of 41,208. The stock’s 50 day simple moving average is $35.80 and its 200 day simple moving average is $33.32. Oversea-Chinese Banking has a 12 month low of $24.27 and a 12 month high of $39.70. The company has a debt-to-equity ratio of 0.48, a current ratio of 0.88 and a quick ratio of 0.88.

Analysts Set New Price Targets

Separately, Zacks Research cut Oversea-Chinese Banking from a “strong-buy” rating to a “hold” rating in a report on Tuesday, March 10th. One equities research analyst has rated the stock with a Hold rating, According to MarketBeat, the stock currently has a consensus rating of “Hold”.

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.