Banco De Chile (NYSE:BCH) Shares Cross Above 200-Day Moving Average - Here's Why

Key Points

• Banco de Chile shares rose above their 200-day moving average, reaching $42.14 before last trading at about $41.53, compared with the $39.51 long-term average.
• Analyst sentiment remains cautious: JPMorgan raised its price target to $45 while maintaining a neutral rating, but the stock’s overall average rating is “Reduce” with a $40 target price.
• The bank reported quarterly earnings of $0.84 per share on $999.95 million in revenue, with a 31.01% net margin and 21.10% return on equity; analysts expect full-year EPS of $2.87.

Banco De Chile (NYSE:BCH - Get Free Report)'s stock price passed above its two hundred day moving average during trading on Monday. The stock has a two hundred day moving average of $39.51 and traded as high as $42.14. Banco De Chile shares last traded at $41.5260, with a volume of 190,431 shares.

Analyst Upgrades and Downgrades

BCH has been the topic of several research reports. Wall Street Zen upgraded shares of Banco De Chile from a "sell" rating to a "hold" rating in a research report on Saturday, August 8th. Weiss Ratings upgraded shares of Banco De Chile from a "hold (c)" rating to a "hold (c+)" rating in a research report on Friday. Finally, JPMorgan Chase & Co. increased their target price on Banco De Chile from $42.00 to $45.00 and gave the company a "neutral" rating in a research note on Friday, August 7th. Four research analysts have rated the stock with a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Reduce" and an average target price of $40.00.

Banco De Chile Stock Performance

The firm has a market cap of $20.97 billion, a PE ratio of 15.73 and a beta of 0.23. The company has a 50 day simple moving average of $41.54 and a 200-day simple moving average of $39.51. The company has a debt-to-equity ratio of 1.94, a current ratio of 1.48 and a quick ratio of 1.48.

Banco De Chile (NYSE:BCH - Get Free Report) last issued its quarterly earnings results on Wednesday, July 1st. The bank reported $0.84 EPS for the quarter. The business had revenue of $999.95 million for the quarter. Banco De Chile had a net margin of 31.01% and a return on equity of 21.10%. As a group, equities research analysts anticipate that Banco De Chile will post 2.87 EPS for the current year.

Hedge Funds Weigh In On Banco De Chile

Several institutional investors and hedge funds have recently made changes to their positions in the business. Caitong International Asset Management Co. Ltd lifted its stake in Banco De Chile by 40,350.0% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 809 shares of the bank's stock worth $31,000 after purchasing an additional 807 shares during the last quarter. SPX Gestao de Recursos Ltda purchased a new stake in Banco De Chile during the first quarter valued at about $53,000. EverSource Wealth Advisors LLC grew its stake in shares of Banco De Chile by 94.8% during the first quarter. EverSource Wealth Advisors LLC now owns 2,944 shares of the bank's stock valued at $109,000 after buying an additional 1,433 shares during the last quarter. Savant Capital LLC bought a new position in shares of Banco De Chile during the fourth quarter valued at about $206,000. Finally, Sequoia Financial Advisors LLC purchased a new position in shares of Banco De Chile in the first quarter worth about $213,000. Institutional investors own 1.24% of the company's stock.

About Banco De Chile

Banco de Chile is a full-service financial institution headquartered in Santiago, Chile. Founded in 1893, it is one of the country's largest and longest-established banks and serves individuals, businesses, corporations and institutional clients.

The bank provides a broad range of banking and financial services, including checking and savings accounts, consumer and commercial loans, mortgages, credit and debit cards, payment services, cash management, trade finance and foreign-exchange services.

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