Analysts at Zacks Investment Research upgraded shares of United Overseas Bank Ltd (NASDAQ: UOVEY) from Hold to Buy today. With a rating of Buy on the stock, the company has a 52-week high of $29.89. The one-year price target of $32.87 is above the opening price of $27.95, that has caused a number of other analysts to report on the company recently. Stock prices often trend to the upside on recommendations and new price targets of professional analysts.
The Fed stood pat on interest rates on Wednesday, helping stocks to mostly higher levels but Chairwoman Janet Yellen indicated an interest rate hike is likely by year’s end
On Wednesday, the S&P 500 SPX, +1.09% ended 1.1% higher, while the Dow DJIA, +0.90% jumped by 0.9%, or 164 points, as each exchange finished in positive territory for a second consecutive day.
The tech-heavy Nasdaq Composite COMP, +1.03% tacked on 1% and scored a record closing high.
S&P 500 futures ESZ6, +0.36% were up 6.55 points, or 0.3%, to 2,162.75 early Thursday, while Dow Jones Industrial Average futures YMZ6, +0.37% rose 58 points, or 0.3%, to 18,276. Nasdaq-100 futures NQZ6, +0.39% gained 16.25 points, or 0.3%, to 4,866.25.
Yesterday United Overseas Bank Ltd (NASDAQ: UOVEY) shares last traded at $28.03, which represents an increase of $0.09 compared to the previous closing price. Opening at $27.95, they ranged from $27.60 and $28.03 throughout the day.
United Overseas Bank Ltd (NASDAQ: UOVEY) now has a market cap of 22.53B.
The stock’s average daily volume is 57,280 shares out of a total float 392,123,000 and some 42,772 shares traded hands yesterday, below the average. Look for trading volume to pick up in the coming days as momentum traders often use swings in trading volume to determine substantial volume growth or distribution by institutional investors.
As with all potential breakouts, investors watch for volume to be at least 40%-50% higher than normal on the breakout to demonstrate that fund managers and other professional investors are jumping in.
Institutional sponsorship just refers to ownership of a stock by mutual funds, banks, pension funds and other large institutions.
These instituitional investors retain teams of analysts researching thousands of stocks, so it is good corroboration to see them taking a postion in a stock you are considering.
By tracking the activity of these professional investors—and the moving averages they affect—it allows for traders to make more effective decisions on trades.
With that in mind, United Overseas Bank Ltd (NASDAQ: UOVEY) now has a 50-day MA of $26.79 and 200-day MA of $27.16. It has traded in a 52-week range between $23.41 – 29.89 and today’s last price is 0.06% lower than the 52 week high of $29.89.
Earnings growth is a crucial factor to look at when investing in stocks and investors identify companies that have increased their earnings by at least 25% over a 3 year period.
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