Zacks Investment Research Lowers Banco Santander-Chile (BSAC) to Sell

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Banco Santander-Chile (NYSE:BSAC) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report released on Thursday.

According to Zacks, “Banco Santiago is the largest bank in Chile, in terms of assets with Ch$4,088 billion (approximately US$9.86 billion ) as of March 31, 1997. The bank is the result of the merger of two of the largest institutions in the Chilean banking system, Banco O’Higgins S.A., mainly a corporate bank, and Banco de Santiago S.A., mainly focused in consumer and middle-market lending. “

Several other research analysts also recently commented on the company. ValuEngine downgraded Banco Santander-Chile from a “buy” rating to a “hold” rating in a research note on Thursday, February 7th. JPMorgan Chase & Co. downgraded Banco Santander-Chile from an “overweight” rating to a “neutral” rating and lowered their target price for the stock from $34.00 to $32.00 in a research note on Thursday.

NYSE BSAC traded down $0.23 during trading on Thursday, hitting $30.96. 340,392 shares of the company’s stock were exchanged, compared to its average volume of 231,230. The company has a current ratio of 1.72, a quick ratio of 1.76 and a debt-to-equity ratio of 3.01. The company has a market cap of $14.56 billion, a price-to-earnings ratio of 17.20, a PEG ratio of 1.13 and a beta of 0.69. Banco Santander-Chile has a fifty-two week low of $28.67 and a fifty-two week high of $35.09.

Hedge funds and other institutional investors have recently modified their holdings of the business. Quadrant Capital Group LLC acquired a new position in Banco Santander-Chile during the fourth quarter worth about $80,000. Advisors Asset Management Inc. increased its stake in shares of Banco Santander-Chile by 58.3% in the fourth quarter. Advisors Asset Management Inc. now owns 2,971 shares of the bank’s stock valued at $89,000 after buying an additional 1,094 shares during the period. Rehmann Capital Advisory Group increased its stake in shares of Banco Santander-Chile by 3,097.4% in the third quarter. Rehmann Capital Advisory Group now owns 4,924 shares of the bank’s stock valued at $154,000 after buying an additional 4,770 shares during the period. Financial Gravity Companies Inc. acquired a new position in shares of Banco Santander-Chile in the fourth quarter valued at approximately $168,000. Finally, Fox Run Management L.L.C. acquired a new position in shares of Banco Santander-Chile in the fourth quarter valued at approximately $201,000. 13.24% of the stock is owned by hedge funds and other institutional investors.

About Banco Santander-Chile

Banco Santander-Chile provides commercial and retail banking products and services in Chile. It operates through Retail Banking, Middle-Market, and Global Corporate Banking segments. The company offers checking accounts and savings products; consumer, auto, commercial, mortgage, and government-guaranteed loans; credit and debit cards; and Chilean peso and foreign currency denominated loans to finance various commercial transactions, trade, foreign currency forward contracts, and credit lines.

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