Zacks Research Downgrades Banco De Chile (NYSE:BCH) to Strong Sell

Banco De Chile (NYSE:BCH) was downgraded by Zacks Research from a “hold” rating to a “strong sell” rating in a research report issued on Tuesday,Zacks.com reports.

Other analysts also recently issued reports about the company. Wall Street Zen downgraded Banco De Chile from a “hold” rating to a “sell” rating in a research note on Friday, November 28th. JPMorgan Chase & Co. boosted their price objective on shares of Banco De Chile from $33.00 to $36.00 and gave the company a “neutral” rating in a research report on Friday, January 16th. Weiss Ratings reissued a “hold (c)” rating on shares of Banco De Chile in a report on Wednesday, January 21st. Finally, The Goldman Sachs Group downgraded Banco De Chile from a “hold” rating to a “sell” rating and set a $36.00 price objective on the stock. in a research report on Tuesday, January 13th. Two analysts have rated the stock with a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, Banco De Chile currently has a consensus rating of “Reduce” and an average price target of $36.00.

Banco De Chile Trading Up 0.9%

Shares of NYSE:BCH traded up $0.39 during midday trading on Tuesday, hitting $46.01. 201,334 shares of the stock traded hands, compared to its average volume of 381,123. Banco De Chile has a one year low of $23.66 and a one year high of $46.77. The stock has a market capitalization of $22.86 billion, a PE ratio of 16.44, a P/E/G ratio of 1.27 and a beta of 0.20. The company has a quick ratio of 1.53, a current ratio of 1.53 and a debt-to-equity ratio of 2.00. The business’s 50 day moving average is $39.08 and its two-hundred day moving average is $33.72.

Banco De Chile (NYSE:BCH) last released its quarterly earnings data on Thursday, October 30th. The bank reported $0.60 earnings per share for the quarter, missing the consensus estimate of $0.62 by ($0.02). Banco De Chile had a return on equity of 23.25% and a net margin of 32.87%.The business had revenue of $764.93 million during the quarter, compared to analysts’ expectations of $831.97 million. As a group, research analysts forecast that Banco De Chile will post 2.31 earnings per share for the current year.

Hedge Funds Weigh In On Banco De Chile

A number of large investors have recently made changes to their positions in BCH. TT International Asset Management LTD purchased a new stake in shares of Banco De Chile in the 3rd quarter worth approximately $26,962,000. Qube Research & Technologies Ltd raised its position in shares of Banco De Chile by 199.1% in the 3rd quarter. Qube Research & Technologies Ltd now owns 352,465 shares of the bank’s stock valued at $10,680,000 after purchasing an additional 234,619 shares during the last quarter. Marshall Wace LLP increased its position in shares of Banco De Chile by 177.7% in the 3rd quarter. Marshall Wace LLP now owns 298,085 shares of the bank’s stock valued at $9,032,000 after acquiring an additional 190,741 shares during the period. Robeco Institutional Asset Management B.V. purchased a new position in shares of Banco De Chile in the second quarter worth about $3,454,000. Finally, Cubist Systematic Strategies LLC lifted its stake in Banco De Chile by 128.4% during the 2nd quarter. Cubist Systematic Strategies LLC now owns 197,931 shares of the bank’s stock valued at $6,021,000 after acquiring an additional 111,253 shares during the period. 1.24% of the stock is owned by hedge funds and other institutional investors.

About Banco De Chile

Banco de Chile (NYSE: BCH) is a leading Chilean financial institution headquartered in Santiago. Founded in 1893, the bank is one of the country’s oldest and most established banking groups, serving a broad spectrum of individual, corporate and institutional clients. It is publicly listed and operates under Chilean banking regulations while participating in international capital markets.

The bank’s core businesses include retail banking, commercial and corporate banking, and investment banking.