Bank of America Corp DE Sells 63,026 Shares of Banco De Chile $BCH

Key Points

• Bank of America sharply reduced its Banco de Chile position by selling 63,026 shares, an 82.1% decrease, leaving it with 13,716 shares worth approximately $508,000. Institutional investors collectively own 1.24% of BCH.
• Banco de Chile reported quarterly EPS of $0.84 on revenue of $999.95 million, with a 21.10% return on equity and a 31.01% net margin. Analysts expect full-year EPS of $2.87.
• BCH was trading at $42.38, near the analysts’ average price target of $40.00. The consensus rating is “Reduce,” with four Hold ratings and one Sell rating.

Bank of America Corp DE cut its holdings in shares of Banco De Chile (NYSE:BCH - Free Report) by 82.1% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 13,716 shares of the bank's stock after selling 63,026 shares during the quarter. Bank of America Corp DE's holdings in Banco De Chile were worth $508,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. Caitong International Asset Management Co. Ltd grew its holdings in shares of Banco De Chile by 33,900.0% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 680 shares of the bank's stock worth $26,000 after purchasing an additional 678 shares in the last quarter. SPX Gestao de Recursos Ltda bought a new position in Banco De Chile in the first quarter worth $53,000. EverSource Wealth Advisors LLC lifted its position in Banco De Chile by 161.6% in the second quarter. EverSource Wealth Advisors LLC now owns 1,504 shares of the bank's stock worth $46,000 after purchasing an additional 929 shares during the period. Smartleaf Asset Management LLC boosted its stake in Banco De Chile by 286.1% during the fourth quarter. Smartleaf Asset Management LLC now owns 1,722 shares of the bank's stock worth $66,000 after buying an additional 1,276 shares in the last quarter. Finally, Tower Research Capital LLC TRC lifted its holdings in shares of Banco De Chile by 2,425.3% during the 2nd quarter. Tower Research Capital LLC TRC now owns 2,500 shares of the bank's stock worth $76,000 after acquiring an additional 2,401 shares during the period. 1.24% of the stock is owned by institutional investors.

Banco De Chile Trading Up 0.1%

Shares of BCH opened at $42.38 on Wednesday. The company has a debt-to-equity ratio of 1.94, a quick ratio of 1.48 and a current ratio of 1.48. The company has a market cap of $21.40 billion, a price-to-earnings ratio of 16.05 and a beta of 0.23. The stock has a fifty day moving average price of $41.09 and a two-hundred day moving average price of $39.42. Banco De Chile has a 52-week low of $29.11 and a 52-week high of $46.77.

Banco De Chile (NYSE:BCH - Get Free Report) last announced its earnings results on Wednesday, July 1st. The bank reported $0.84 EPS for the quarter. The company had revenue of $999.95 million for the quarter. Banco De Chile had a return on equity of 21.10% and a net margin of 31.01%. Analysts predict that Banco De Chile will post 2.87 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of brokerages have commented on BCH. UBS Group set a $39.00 price target on shares of Banco De Chile and gave the stock a "neutral" rating in a research note on Friday, May 22nd. Weiss Ratings upgraded Banco De Chile from a "hold (c-)" rating to a "hold (c)" rating in a research note on Monday, August 3rd. JPMorgan Chase & Co. raised their target price on Banco De Chile from $42.00 to $45.00 and gave the stock a "neutral" rating in a research report on Friday, August 7th. Finally, Wall Street Zen upgraded Banco De Chile from a "sell" rating to a "hold" rating in a research note on Saturday, August 8th. Four equities research analysts have rated the stock with a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, Banco De Chile has an average rating of "Reduce" and an average target price of $40.00.

Banco De Chile Company Profile

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.