Banco de Chile (BCH) Stock Rating Upgraded by Zacks Investment Research
Zacks Investment Research upgraded shares of Banco de Chile (NYSE:BCH) from a hold rating to a buy rating in a research report released on Tuesday morning. The firm currently has $114.00 price objective on the bank’s stock.
According to Zacks, “Banco De Chile is principally engaged in commercial banking in Chile, providing general banking services to a diverse customer base that includes large corporations, small and mid-sized businesses and individuals. “
Several other analysts also recently issued reports on the company. Credit Suisse Group restated a hold rating on shares of Banco de Chile in a research report on Friday, December 22nd. Deutsche Bank lowered Banco de Chile from a hold rating to a sell rating and set a $91.00 target price for the company. in a research note on Wednesday, January 24th. Bank of America lowered Banco de Chile from a neutral rating to an underperform rating in a research note on Thursday, January 18th. Finally, ValuEngine upgraded Banco de Chile from a hold rating to a buy rating in a research note on Thursday, March 1st. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating, one has given a buy rating and two have issued a strong buy rating to the stock. The stock presently has a consensus rating of Hold and a consensus price target of $93.25.
Banco de Chile (NYSE:BCH) last issued its quarterly earnings data on Friday, February 2nd. The bank reported $1.40 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.39 by $0.01. Banco de Chile had a return on equity of 19.47% and a net margin of 24.77%. The business had revenue of $705.70 million for the quarter, compared to the consensus estimate of $725.81 million. sell-side analysts anticipate that Banco de Chile will post 6.09 EPS for the current fiscal year.
The firm also recently announced an annual dividend, which will be paid on Thursday, April 5th. Investors of record on Thursday, March 29th will be paid a $3.0988 dividend. This is a positive change from Banco de Chile’s previous annual dividend of $1.76. This represents a yield of 3.06%. The ex-dividend date is Wednesday, March 28th.
A number of institutional investors have recently added to or reduced their stakes in BCH. Dean Capital Investments Management LLC acquired a new position in Banco de Chile in the fourth quarter valued at $379,000. Nomura Asset Management Co. Ltd. increased its stake in Banco de Chile by 47.3% in the third quarter. Nomura Asset Management Co. Ltd. now owns 4,395 shares of the bank’s stock valued at $401,000 after purchasing an additional 1,411 shares during the last quarter. Nordea Investment Management AB increased its stake in Banco de Chile by 31.7% in the third quarter. Nordea Investment Management AB now owns 4,988 shares of the bank’s stock valued at $455,000 after purchasing an additional 1,200 shares during the last quarter. Alliancebernstein L.P. increased its stake in Banco de Chile by 119.2% in the fourth quarter. Alliancebernstein L.P. now owns 5,059 shares of the bank’s stock valued at $488,000 after purchasing an additional 2,751 shares during the last quarter. Finally, KBC Group NV acquired a new position in Banco de Chile in the fourth quarter valued at $833,000. Hedge funds and other institutional investors own 1.30% of the company’s stock.
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About Banco de Chile
Banco de Chile is a full service financial institution, which is engaged in providing credit and non-credit products and services in Chile. The Bank offers a range of banking services to its customers, ranging from individuals to corporations. The Bank’s segments include Retail, which focuses on individuals and small and medium-sized companies, where the product offering focuses on consumer loans, commercial loans, checking accounts, credit cards, credit lines and mortgage loans; Wholesale, which focuses on corporate clients and companies, where the product offering focuses on commercial loans, checking accounts and liquidity management services, debt instruments, foreign trade, derivative contracts and leases; Treasury, which includes the associated revenues to the management of the investment portfolio and the business of financial transactions and currency trading, and Subsidiaries, which corresponds to companies and corporations controlled by the Bank.
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