Banco Santander-Chile (BSAC) Upgraded to Buy at Zacks Investment Research
Banco Santander-Chile (NASDAQ:BSAC) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued on Tuesday. The brokerage presently has a $29.00 price objective on the bank’s stock. Zacks Investment Research‘s price target suggests a potential upside of 11.20% from the company’s current price.
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 analysts also recently weighed in on BSAC. Credit Suisse Group reiterated a “neutral” rating and issued a $26.00 price objective (up previously from $25.00) on shares of Banco Santander-Chile in a research report on Wednesday, April 19th. Goldman Sachs Group, Inc. (The) upped their target price on Banco Santander-Chile from $23.00 to $26.00 and gave the company a “neutral” rating in a report on Tuesday, May 2nd. Finally, BidaskClub downgraded Banco Santander-Chile from a “buy” rating to a “hold” rating in a report on Friday, June 9th. One analyst has rated the stock with a sell rating, two have issued a hold rating, one has assigned a buy rating and one has given a strong buy rating to the company. The company has a consensus rating of “Hold” and an average price target of $25.25.
Shares of Banco Santander-Chile (NASDAQ:BSAC) traded down 0.42% on Tuesday, reaching $26.08. 484,883 shares of the company were exchanged. Banco Santander-Chile has a 12-month low of $20.05 and a 12-month high of $26.72. The stock’s 50-day moving average is $24.74 and its 200 day moving average is $23.43. The firm has a market capitalization of $12.29 billion and a PE ratio of 16.30.
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Institutional investors have recently made changes to their positions in the stock. BNP Paribas Arbitrage SA acquired a new position in shares of Banco Santander-Chile during the first quarter worth approximately $235,000. Sumitomo Mitsui Trust Holdings Inc. increased its position in shares of Banco Santander-Chile by 27.6% in the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 11,930 shares of the bank’s stock worth $299,000 after buying an additional 2,580 shares in the last quarter. Eqis Capital Management Inc. acquired a new position in shares of Banco Santander-Chile during the first quarter worth approximately $428,000. Commerzbank Aktiengesellschaft FI acquired a new position in shares of Banco Santander-Chile during the first quarter worth approximately $224,000. Finally, Canada Pension Plan Investment Board increased its position in shares of Banco Santander-Chile by 58.8% in the first quarter. Canada Pension Plan Investment Board now owns 271,592 shares of the bank’s stock worth $6,812,000 after buying an additional 100,523 shares in the last quarter.
About Banco Santander-Chile
Banco Santander-Chile (the Bank), formerly Banco Santander Chile, is a Chilean bank. The Bank’s segments include Retail banking, Middle-market, Global Corporate Banking and Corporate Activities (Other). The Retail Banking segment consists of individuals and small to middle-sized entities (SMEs). The Middle-market segment serves companies and large corporations.
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