Banco De Chile (NYSE:BCH) Sees Significant Growth in Short Interest

Key Points

• Banco De Chile experienced a significant increase in short interest, rising by 42.9% in August to a total of 305,400 shares shorted.
• Several institutional investors have made substantial increases to their positions in the bank, with one firm, Tower Research Capital LLC, increasing its holdings by 2,425.3%.
• Analysts have downgraded Banco De Chile's stock from a "hold" to a "sell" rating, reflecting growing concerns despite its average price target of $23.00.

Banco De Chile (NYSE:BCH - Get Free Report) saw a large growth in short interest during the month of August. As of August 31st, there was short interest totaling 305,400 shares, a growth of 42.9% from the August 15th total of 213,700 shares. Currently, 0.1% of the company's shares are sold short. Based on an average trading volume of 303,800 shares, the days-to-cover ratio is currently 1.0 days. Based on an average trading volume of 303,800 shares, the days-to-cover ratio is currently 1.0 days. Currently, 0.1% of the company's shares are sold short.

Hedge Funds Weigh In On Banco De Chile

Institutional investors and hedge funds have recently made changes to their positions in the stock. Bessemer Group Inc. raised its holdings in shares of Banco De Chile by 16.4% in the 2nd quarter. Bessemer Group Inc. now owns 467,468 shares of the bank's stock valued at $14,220,000 after purchasing an additional 65,708 shares in the last quarter. Itau Unibanco Holding S.A. lifted its stake in Banco De Chile by 104.6% in the first quarter. Itau Unibanco Holding S.A. now owns 437,338 shares of the bank's stock valued at $11,054,000 after buying an additional 223,565 shares during the last quarter. Goldman Sachs Group Inc. grew its position in shares of Banco De Chile by 53.8% during the first quarter. Goldman Sachs Group Inc. now owns 216,950 shares of the bank's stock worth $5,747,000 after acquiring an additional 75,924 shares during the last quarter. Cubist Systematic Strategies LLC increased its holdings in shares of Banco De Chile by 128.4% in the 2nd quarter. Cubist Systematic Strategies LLC now owns 197,931 shares of the bank's stock valued at $6,021,000 after acquiring an additional 111,253 shares during the period. Finally, Wellington Management Group LLP purchased a new stake in Banco De Chile in the 4th quarter valued at $4,033,000. 1.24% of the stock is owned by institutional investors and hedge funds.

Banco De Chile Trading Up 0.0%

Shares of Banco De Chile stock traded up $0.01 during mid-day trading on Friday, hitting $29.31. The stock had a trading volume of 247,320 shares, compared to its average volume of 298,373. The firm has a 50-day moving average of $28.83 and a two-hundred day moving average of $28.90. The firm has a market cap of $14.80 billion, a P/E ratio of 10.43, a price-to-earnings-growth ratio of 2.17 and a beta of 0.30. The company has a quick ratio of 1.57, a current ratio of 1.57 and a debt-to-equity ratio of 2.09. Banco De Chile has a 12-month low of $22.06 and a 12-month high of $31.84.

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 (EPS) for the quarter, topping the consensus estimate of $0.63 by $0.01. The company had revenue of $801.11 million during the quarter, compared to analysts' expectations of $820.11 million. Banco De Chile had a return on equity of 23.00% and a net margin of 32.62%. Sell-side analysts forecast that Banco De Chile will post 2.31 earnings per share for the current year.

Analyst Ratings Changes

Separately, Wall Street Zen raised shares of Banco De Chile from a "sell" rating to a "hold" rating in a research report on Saturday. One analyst has rated the stock with a Hold rating, According to data from MarketBeat.com, Banco De Chile has an average rating of "Hold" and a consensus target price of $23.00.

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.