Banco De Chile (NYSE:BCH) Shares Gap Down – Time to Sell?

Banco De Chile (NYSE:BCH)’s share price gapped down prior to trading on Monday . The stock had previously closed at $38.05, but opened at $36.11. Banco De Chile shares last traded at $35.2260, with a volume of 29,403 shares changing hands.

Analyst Ratings Changes

Several brokerages have weighed in on BCH. Weiss Ratings reissued a “hold (c)” rating on shares of Banco De Chile in a report on Wednesday, January 21st. The Goldman Sachs Group cut Banco De Chile from a “hold” rating to a “sell” rating and set a $36.00 price target on the stock. in a research report on Tuesday, January 13th. UBS Group set a $48.00 price objective on Banco De Chile and gave the stock a “neutral” rating in a report on Friday, February 6th. Zacks Research upgraded Banco De Chile from a “strong sell” rating to a “hold” rating in a research note on Wednesday, March 11th. Finally, JPMorgan Chase & Co. upped their price objective on shares of Banco De Chile from $33.00 to $36.00 and gave the company a “neutral” rating in a report on Friday, January 16th. Four investment analysts have rated the stock with a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, Banco De Chile currently has a consensus rating of “Reduce” and an average target price of $40.00.

Banco De Chile Price Performance

The firm has a market cap of $17.90 billion, a P/E ratio of 12.69 and a beta of 0.20. The business’s fifty day simple moving average is $41.59 and its 200-day simple moving average is $37.51. The company has a current ratio of 1.59, a quick ratio of 1.53 and a debt-to-equity ratio of 2.09.

Banco De Chile (NYSE:BCH) last posted its quarterly earnings results on Thursday, January 29th. The bank reported $0.58 EPS for the quarter, missing analysts’ consensus estimates of $0.60 by ($0.02). Banco De Chile had a return on equity of 23.94% and a net margin of 33.09%.The company had revenue of $831.63 million during the quarter, compared to the consensus estimate of $878.92 million. As a group, analysts forecast that Banco De Chile will post 2.31 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the stock. Hsbc Holdings PLC purchased a new stake in shares of Banco De Chile in the fourth quarter worth about $878,000. Caitong International Asset Management Co. Ltd grew its stake in Banco De Chile by 40,350.0% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 809 shares of the bank’s stock valued at $31,000 after acquiring an additional 807 shares in the last quarter. Compound Planning Inc. purchased a new position in Banco De Chile during the fourth quarter valued at approximately $271,000. XTX Topco Ltd bought a new stake in Banco De Chile during the 4th quarter worth approximately $890,000. Finally, Millennium Management LLC lifted its stake in Banco De Chile by 56.0% in the 4th quarter. Millennium Management LLC now owns 75,883 shares of the bank’s stock worth $2,884,000 after purchasing an additional 27,232 shares in the last quarter. Hedge funds and other institutional investors own 1.24% of the company’s stock.

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.