Banco De Chile (NYSE:BCH) Reaches New 1-Year High - Here's Why

Key Points

• Banco De Chile's share price hit a new 52-week high of $31.89 during recent trading, reflecting a significant increase from its previous close of $31.11.
• The company received upgrades from analysts, including a shift from "sell" to "hold" by Wall Street Zen, and currently holds a consensus target price of $23.00.
• Large institutional investors have significantly increased their holdings in Banco De Chile, with some raising their positions by over 2,400% in the second quarter alone.

Banco De Chile (NYSE:BCH - Get Free Report)'s share price reached a new 52-week high during trading on Wednesday . The company traded as high as $31.89 and last traded at $31.82, with a volume of 22721 shares. The stock had previously closed at $31.11.

Analyst Upgrades and Downgrades

BCH has been the subject of several research analyst reports. Wall Street Zen raised Banco De Chile from a "sell" rating to a "hold" rating in a research report on Saturday, September 20th. Weiss Ratings reissued a "hold (c)" rating on shares of Banco De Chile in a report on Wednesday, October 8th. Two research analysts have rated the stock with a Hold rating, Based on data from MarketBeat.com, Banco De Chile has a consensus rating of "Hold" and a consensus target price of $23.00.

Banco De Chile Trading Up 2.3%

The firm's 50-day simple moving average is $29.65 and its 200-day simple moving average is $29.29. The company has a quick ratio of 1.57, a current ratio of 1.57 and a debt-to-equity ratio of 2.09. The firm has a market capitalization of $16.07 billion, a PE ratio of 11.33, a price-to-earnings-growth ratio of 2.30 and a beta of 0.26.

Banco De Chile (NYSE:BCH - Get Free Report) last posted its earnings results on Thursday, July 31st. The bank reported $0.64 earnings per share for the quarter, topping analysts' consensus estimates of $0.63 by $0.01. Banco De Chile had a net margin of 32.62% and a return on equity of 23.00%. The company had revenue of $801.11 million during the quarter, compared to analyst estimates of $820.11 million. Equities analysts expect that Banco De Chile will post 2.31 earnings per share for the current year.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the company. Brooklyn Investment Group raised its holdings in Banco De Chile by 823.3% during the 1st quarter. Brooklyn Investment Group now owns 1,385 shares of the bank's stock valued at $37,000 after buying an additional 1,235 shares during the period. EverSource Wealth Advisors LLC lifted its position in Banco De Chile by 161.6% during the second quarter. EverSource Wealth Advisors LLC now owns 1,504 shares of the bank's stock valued at $46,000 after acquiring an additional 929 shares during the last quarter. Tower Research Capital LLC TRC raised its holdings in shares of Banco De Chile by 2,425.3% in the second quarter. Tower Research Capital LLC TRC now owns 2,500 shares of the bank's stock worth $76,000 after buying an additional 2,401 shares during the last quarter. Hantz Financial Services Inc. raised its holdings in shares of Banco De Chile by 276.2% in the second quarter. Hantz Financial Services Inc. now owns 2,513 shares of the bank's stock worth $76,000 after buying an additional 1,845 shares during the last quarter. Finally, Farther Finance Advisors LLC increased its stake in shares of Banco De Chile by 1,355.4% in the second quarter. Farther Finance Advisors LLC now owns 3,231 shares of the bank's stock worth $98,000 after acquiring an additional 3,009 shares during the period. Hedge funds and other institutional investors own 1.24% of the company's stock.

Banco De Chile Company Profile

Banco de Chile, together with its subsidiaries, provides various banking services to customers in Chile. The company offers checking and debit accounts, debit and credit cards, and lines of credit; mortgage, consume, commercial, general purpose mortgage loans, and finance leases; and factoring services, mutual fund management, stock brokerage, foreign trade, payments and collections, insurance brokerage, including life and general insurance, as well as time deposits, savings instruments, and foreign currency services through branches under the Banco de Chile and Banco Edwards brands.

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