Oversea-Chinese Banking (OTCMKTS:OVCHY) Cut to Hold at Zacks Research

Zacks Research lowered shares of Oversea-Chinese Banking (OTCMKTS:OVCHY) from a strong-buy rating to a hold rating in a report issued on Tuesday morning,Zacks.com reports.

Oversea-Chinese Banking Trading Down 1.6%

Shares of OVCHY opened at $32.37 on Tuesday. The stock has a 50 day simple moving average of $32.84 and a 200 day simple moving average of $29.25. Oversea-Chinese Banking has a 52-week low of $20.70 and a 52-week high of $35.85.

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.