Banco Santander Chile (NYSE: BSAC) received a downgrade from Wall Street Zen, shifting its rating from “hold” to “sell” in a research report released on November 17, 2023. This decision reflects a growing caution among analysts regarding the bank’s future performance.
Analyst Ratings Overview
Banco Santander Chile has been the subject of several research reports recently. On October 8, 2023, Weiss Ratings reaffirmed a “hold (c)” rating for the bank’s shares. Following that, on October 16, 2023, JPMorgan Chase & Co. raised its target price from $28.00 to $30.00, maintaining a “neutral” rating. Citigroup took a more conservative approach, downgrading its rating from “buy” to “hold” on November 7, 2023.
Further insight came from UBS Group, which increased its price target from $24.00 to $29.00 while also assigning a “neutral” rating on November 10, 2023. Currently, four analysts have rated the stock as “hold,” while one has assigned a “sell” rating. According to data from MarketBeat, Banco Santander Chile has an average rating of “reduce” and an average price target of $27.67.
Recent Financial Performance
The bank recently announced its quarterly earnings on November 17, 2023, reporting an earnings per share (EPS) of $0.99 for the quarter. Banco Santander Chile achieved a return on equity of 22.18% and a net margin of 24.74%. The company generated revenues of approximately $740.10 million during the same period. Analysts forecast that the bank will post an EPS of 2.07 for the current fiscal year.
Institutional investors are actively adjusting their positions in Banco Santander Chile. Simplex Trading LLC acquired a new position valued at around $25,000 in the second quarter, while Raymond James Financial Inc. invested approximately $33,000. EverSource Wealth Advisors LLC significantly increased its stake by 577.8%, now holding 1,559 shares valued at $39,000 after adding 1,329 shares.
Hantz Financial Services Inc. also raised its stake by 380.5%, bringing its total to 3,532 shares valued at $89,000 after an additional purchase of 2,797 shares. Notably, Quadrant Capital Group LLC purchased a new position worth $152,000 in the third quarter. Currently, institutional investors and hedge funds hold approximately 6.42% of the bank’s stock.
Founded in the late 1970s as Banco de Santiago, Banco Santander Chile is headquartered in Santiago and operates as a prominent financial institution in the country. The bank offers a wide range of services, including retail and commercial lending, deposit accounts, credit cards, wealth management, and corporate banking solutions, serving individuals and businesses of all sizes.
As Banco Santander Chile navigates these changes in analyst ratings and institutional investments, its performance in the upcoming quarters will be closely monitored by stakeholders and market analysts alike.
