Bank of Communications Co. experienced a significant increase in short interest, rising by 187.9% in December. As of December 31, 2023, short interest reached a total of 167 shares, up from 58 shares recorded on December 15. With an average daily trading volume of 86 shares, the days-to-cover ratio currently stands at 1.9 days, indicating a relatively low level of short selling activity compared to the total outstanding shares.
The stock opened at $21.15 on Thursday, and the bank boasts a market capitalization of $62.83 billion. The price-to-earnings (P/E) ratio is noted at 5.47, with a beta of -0.16, reflecting lower volatility compared to the market. The shares have fluctuated within a one-year range, hitting a low of $19.70 and a high of $25.00. The fifty-day moving average price is $23.75, while the two-hundred-day moving average is $22.54.
On October 30, 2023, Bank of Communications reported its quarterly earnings, revealing earnings per share (EPS) of $0.73. This figure fell short of analysts’ expectations, which had forecasted an EPS of $0.91 by $0.18. The bank achieved a return on equity of 7.70% and a net margin of 18.19%. Revenue for the quarter was reported at $9.38 billion, surpassing the consensus estimate of $9.11 billion.
Overview of Bank of Communications
Bank of Communications Co., Ltd., listed under OTCMKTS: BCMXY, is a leading Chinese commercial bank. Established in the early 20th century, it has evolved into one of China’s major banks, playing a crucial role in supporting domestic economic activities, trade, and finance. The bank integrates traditional banking services with modern financial offerings across various customer segments.
Its primary business areas include retail banking, corporate and investment banking, treasury and financial market operations, as well as wealth and asset management. This diversified portfolio allows the bank to cater to individual, corporate, and institutional clients effectively.
As financial markets continue to evolve, Bank of Communications remains a key player in the Chinese banking sector, reflecting both stability and growth potential amid changing economic conditions.
