Investors Research Corp Reduces Stake in Banco De Chile $BCH

Key Points

• Investors Research Corp significantly reduced its stake in Banco De Chile, selling 24,938 shares and holding only 1,575 shares, a decrease of 94.1% in the second quarter.
• Goldman Sachs and other firms increased their investments in Banco De Chile, with Goldman Sachs raising its stake by 53.8% to own 216,950 shares.
• Analyst ratings for Banco De Chile were downgraded from a "hold" to a "sell" as of September 5, with an average target price set at $23.00.

Investors Research Corp lowered its position in Banco De Chile (NYSE:BCH - Free Report) by 94.1% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,575 shares of the bank's stock after selling 24,938 shares during the quarter. Investors Research Corp's holdings in Banco De Chile were worth $48,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. Silvercrest Asset Management Group LLC acquired a new stake in shares of Banco De Chile in the 4th quarter worth approximately $11,494,000. Itau Unibanco Holding S.A. boosted its holdings in shares of Banco De Chile by 104.6% during the 1st quarter. Itau Unibanco Holding S.A. now owns 437,338 shares of the bank's stock worth $11,054,000 after buying an additional 223,565 shares during the period. Wellington Management Group LLP bought a new stake in shares of Banco De Chile during the 4th quarter worth $4,033,000. D. E. Shaw & Co. Inc. boosted its holdings in Banco De Chile by 863.4% in the 4th quarter. D. E. Shaw & Co. Inc. now owns 132,991 shares of the bank's stock valued at $3,016,000 after purchasing an additional 119,187 shares during the period. Finally, Goldman Sachs Group Inc. lifted its holdings in shares of Banco De Chile by 53.8% during the 1st 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 period. Institutional investors own 1.24% of the company's stock.

Banco De Chile Stock Performance

Shares of NYSE:BCH traded down $0.03 during mid-day trading on Friday, reaching $29.27. 48,005 shares of the company traded hands, compared to its average volume of 295,835. The company's 50 day moving average price is $28.82 and its 200-day moving average price is $28.88. The firm has a market cap of $14.79 billion, a PE ratio of 10.39, a PEG ratio of 2.20 and a beta of 0.30. The company has a debt-to-equity ratio of 2.09, a current ratio of 1.57 and a quick ratio of 1.57. Banco De Chile has a 52 week low of $22.06 and a 52 week 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 EPS for the quarter, beating analysts' consensus estimates of $0.63 by $0.01. Banco De Chile had a return on equity of 23.00% and a net margin of 32.62%.The firm had revenue of $801.11 million during the quarter, compared to the consensus estimate of $820.11 million. On average, equities analysts expect that Banco De Chile will post 2.31 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Separately, Wall Street Zen cut shares of Banco De Chile from a "hold" rating to a "sell" rating in a research report on Friday, September 5th. One equities research analyst has rated the stock with a Hold rating, According to data from MarketBeat, the stock currently has an average rating of "Hold" and an average target price of $23.00.

Banco De Chile 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.