Banco Santander Chile (NYSE:BSAC) has been downgraded from a “hold” to a “sell” rating by Wall Street Zen in a research report published on Tuesday. This decision comes as the bank faces mixed evaluations from various financial analysts.
In addition to the recent downgrade, several other firms have assessed Banco Santander Chile’s stock. On October 8, 2023, Weiss Ratings reaffirmed a “hold (c)” rating for the bank. Following this, on October 16, JPMorgan Chase & Co. raised their target price for the bank’s shares from $28.00 to $30.00, while maintaining a “neutral” rating. Citigroup, however, took a more negative stance, downgrading the bank’s shares from a “buy” to a “hold” rating on November 7. UBS Group also increased its price target from $24.00 to $29.00 and assigned a “neutral” rating on November 10.
Currently, four research analysts have rated the stock as a hold, while one analyst has issued a sell rating. According to MarketBeat, the average rating for Banco Santander Chile stands at “Reduce,” with a mean price target of $27.67.
Recent Financial Performance
Banco Santander Chile’s recent quarterly earnings report, released on November 17, 2023, showed an earnings per share (EPS) of $0.99. The bank achieved a return on equity of 22.18% and a net margin of 24.74%. Revenue for the quarter reached $740.10 million. Analysts anticipate that the bank will post an EPS of 2.07 for the current fiscal year.
Institutional Investment Trends
Recent changes in institutional investment reflect growing interest in Banco Santander Chile. Simplex Trading LLC established a new position in the bank during the second quarter, valued at approximately $25,000. Raymond James Financial Inc. followed suit, acquiring a new stake worth around $33,000 in the same period.
EverSource Wealth Advisors LLC significantly increased its holdings by 577.8%, now owning 1,559 shares valued at $39,000 after purchasing an additional 1,329 shares. Hantz Financial Services Inc. also expanded its stake by 380.5%, bringing their total to 3,532 shares valued at $89,000 after acquiring an additional 2,797 shares. During the third quarter, Quadrant Capital Group LLC entered the market with a new position worth $152,000. At present, 6.42% of Banco Santander Chile’s stock is owned by institutional investors and hedge funds.
Banco Santander Chile, headquartered in Santiago, is a prominent financial institution in Chile and a crucial part of the global Santander Group. The bank provides a wide array of banking and financial services, including retail and commercial lending, deposit accounts, credit cards, wealth management, insurance products, and corporate banking solutions. Originally founded as Banco de Santiago in the late 1970s, it became part of the Santander Group during the privatization movement in Chile in the late 1980s.
As the financial landscape evolves, the performance and ratings of Banco Santander Chile will be closely monitored by investors and analysts alike.
