JPMorgan Cuts Banco De Chile Price Target to $44.00

Banco De Chile (NYSE:BCH) saw its price target reduced from $45.00 to $44.00 by JPMorgan Chase & Co. in a research note issued on Tuesday. The firm maintained a "neutral" rating on the stock. Despite the downgrade, JPMorgan's price target suggests a potential upside of 12.02% from the current trading price.

Other analysts have recently weighed in on Banco De Chile as well. Wall Street Zen upgraded the stock from a "sell" to a "hold" rating on August 8th, while Weiss Ratings improved its rating from a "hold (c)" to a "hold (c+)" on September 25th. Currently, four analysts rate the stock as a "Hold" and one as a "Sell," giving it a consensus "Reduce" rating with an average target price of $39.67.

On Tuesday, Banco De Chile's shares traded down $0.14 to $39.28, with a trading volume of 42,742 shares, significantly lower than its average volume of 363,292. The stock has a 52-week range of $29.98 to $46.77. The company reported earnings per share of $0.84 for the last quarter, with revenue of $999.95 million. Analysts expect the bank to post $2.87 earnings per share for the current fiscal year.

Institutional investors have been active in adjusting their holdings. Hsbc Holdings PLC acquired a new position worth $878,000 in the fourth quarter, while Advisors Preferred LLC increased its stake by 278.9% during the first quarter. Other notable investors include ABS Direct Equity Fund LLC, Quantinno Capital Management LP, and Kestra Private Wealth Services LLC. Currently, 1.24% of the stock is owned by hedge funds and other institutional investors.