Banco de Chile (BCH) Lifted to “Buy” at Zacks Investment Research

Zacks Investment Research upgraded shares of Banco de Chile (NYSE:BCH) from a hold rating to a buy rating in a report issued on Tuesday morning. Zacks Investment Research currently has $35.00 target price 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. “

A number of other research firms also recently issued reports on BCH. ValuEngine downgraded Banco de Chile from a sell rating to a strong sell rating in a research report on Friday, November 23rd. Credit Suisse Group set a $76.00 target price on Banco de Chile and gave the company a hold rating in a research report on Thursday, December 20th.

BCH opened at $30.82 on Tuesday. Banco de Chile has a 1 year low of $27.04 and a 1 year high of $34.62. The stock has a market capitalization of $15.74 billion, a price-to-earnings ratio of 18.13, a PEG ratio of 1.15 and a beta of 0.43.

The business also recently announced a special dividend, which will be paid on Thursday, April 4th. Investors of record on Friday, March 22nd will be given a $1.0575 dividend. This represents a dividend yield of 3.24%. The ex-dividend date is Thursday, March 21st. Banco de Chile’s dividend payout ratio is currently 45.29%.

Several large investors have recently added to or reduced their stakes in BCH. PNC Financial Services Group Inc. increased its position in shares of Banco de Chile by 146.4% in the fourth quarter. PNC Financial Services Group Inc. now owns 1,035 shares of the bank’s stock valued at $29,000 after acquiring an additional 615 shares during the last quarter. Quadrant Capital Group LLC increased its position in shares of Banco de Chile by 2,974.8% in the fourth quarter. Quadrant Capital Group LLC now owns 5,012 shares of the bank’s stock valued at $142,000 after acquiring an additional 4,849 shares during the last quarter. Parallel Advisors LLC grew its holdings in Banco de Chile by 200.0% during the fourth quarter. Parallel Advisors LLC now owns 5,562 shares of the bank’s stock worth $159,000 after purchasing an additional 3,708 shares during the period. Legal & General Group Plc grew its holdings in Banco de Chile by 200.0% during the fourth quarter. Legal & General Group Plc now owns 5,808 shares of the bank’s stock worth $167,000 after purchasing an additional 3,872 shares during the period. Finally, World Asset Management Inc grew its holdings in Banco de Chile by 78.8% during the fourth quarter. World Asset Management Inc now owns 7,688 shares of the bank’s stock worth $220,000 after purchasing an additional 3,388 shares during the period. 1.28% of the stock is currently owned by institutional investors and hedge funds.

Banco de Chile Company Profile

Banco de Chile, together with its subsidiaries, provides banking and financial products and services to customers in Chile. The company operates through four segments: Retail, Wholesale, Treasury and Money Market Operations, and Subsidiaries. It offers deposit products, such as checking accounts, current accounts, demand deposits, demand accounts, saving accounts, and time deposits; credit cards; installment loans; credit lines; and residential mortgage loans, as well as short and long term financing.

See Also: Earnings Reports

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