Zacks Investment Research Lowers Banco de Chile (BCH) to Strong Sell

Banco de Chile (NYSE:BCH) was downgraded by Zacks Investment Research from a “hold” rating to a “strong sell” rating in a note issued to investors on Friday, Zacks.com reports.

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. “

Separately, ValuEngine lowered Banco de Chile from a “buy” rating to a “hold” rating in a research note on Monday, February 4th.

Shares of BCH stock traded down $0.08 during trading hours on Friday, hitting $28.21. 47,479 shares of the company’s stock were exchanged, compared to its average volume of 54,756. The company has a debt-to-equity ratio of 2.66, a quick ratio of 1.39 and a current ratio of 1.39. The stock has a market capitalization of $14.36 billion, a PE ratio of 16.59, a PEG ratio of 1.11 and a beta of 0.41. Banco de Chile has a 52 week low of $27.04 and a 52 week high of $32.83.

A number of large investors have recently added to or reduced their stakes in BCH. Dimensional Fund Advisors LP raised its position in shares of Banco de Chile by 199.9% during the fourth quarter. Dimensional Fund Advisors LP now owns 537,102 shares of the bank’s stock worth $15,365,000 after purchasing an additional 357,982 shares during the period. Bank of America Corp DE raised its position in shares of Banco de Chile by 234.3% during the fourth quarter. Bank of America Corp DE now owns 168,278 shares of the bank’s stock worth $4,812,000 after purchasing an additional 117,940 shares during the period. Northern Trust Corp raised its position in shares of Banco de Chile by 202.4% during the fourth quarter. Northern Trust Corp now owns 135,497 shares of the bank’s stock worth $3,875,000 after purchasing an additional 90,694 shares during the period. Deutsche Bank AG raised its position in shares of Banco de Chile by 593.4% during the fourth quarter. Deutsche Bank AG now owns 89,013 shares of the bank’s stock worth $2,545,000 after purchasing an additional 76,176 shares during the period. Finally, BlackRock Inc. raised its position in shares of Banco de Chile by 75.3% during the fourth quarter. BlackRock Inc. now owns 138,935 shares of the bank’s stock worth $3,974,000 after purchasing an additional 59,699 shares during the period. 1.28% of the stock is currently owned by hedge funds and other institutional investors.

About Banco de Chile

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.

Further Reading: Initial Public Offering (IPO)

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