Itaú Unibanco downgrades Banco Santander-Chile (NYSE: BSAC) to market performance

Banco Santander-Chile (NYSE: BSAC – Get a rating) was downgraded by Itaú Unibanco research analysts from an “outperform” rating to a “market performance” rating in a research report released Tuesday to clients and investors, Stock Target Advisor reports. They currently have a $22.00 price target on the bank’s stock. Itaú Unibanco’s price target would indicate a potential upside of 11.90% from the stock’s previous close.

Several other equity research analysts also commented on the stock. StockNews.com upgraded shares of Banco Santander-Chile from a “sell” rating to a “hold” rating in a Friday, May 20 research report. Zacks Investment Research moved Banco Santander-Chile shares from a “hold” rating to a “buy” rating and set a price target of $24.00 for the company in a Tuesday, April 19 report. Itau BBA Securities downgraded shares of Banco Santander-Chile from an “outperforming” rating to a “market performance” rating and set a price target of $22.00 for the company. in a report on Tuesday. JPMorgan Chase & Co. downgraded shares of Banco Santander-Chile from an “overweight” rating to a “neutral” rating and set a price target of $23.00 for the company. in a report on Thursday, February 17. Finally, Credit Suisse Group upgraded Banco Santander-Chile from a “neutral” rating to an “outperforming” rating and raised its target price for the company from $19.00 to $24.00 in a research report by the Wednesday March 2. Five research analysts gave the stock a hold rating and two gave the stock a buy rating. According to MarketBeat.com, Banco Santander-Chile currently has an average rating of “Hold” and an average target price of $23.00.

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Shares of NYSE BSAC traded down $0.04 at midday Tuesday, hitting $19.66. 18,446 shares of the company were traded, compared to its average volume of 691,903. Banco Santander-Chile has a 1-year low of $15.37 and a 1-year high of $22.95. The stock has a market capitalization of $9.26 billion, a price-to-earnings ratio of 8.85, a growth price-to-earnings ratio of 2.08 and a beta of 0.69. The company has a debt ratio of 3.89, a quick ratio of 1.80 and a current ratio of 1.80. The company has a fifty-day moving average of $20.30 and a 200-day moving average of $19.49.

A number of institutional investors and hedge funds have recently bought and sold shares of the company. American Century Companies Inc. increased its stake in Banco Santander-Chile by 5.3% in the third quarter. American Century Companies Inc. now owns 16,731 shares of the bank worth $331,000 after acquiring 849 additional shares last quarter. Atlas Capital Advisors LLC increased its stake in Banco Santander-Chile by 16.7% in the first quarter. Atlas Capital Advisors LLC now owns 6,400 shares of the bank worth $145,000 after acquiring 917 additional shares in the last quarter. Cardinal Capital Management increased its stake in Banco Santander-Chile by 2.3% in the first quarter. Cardinal Capital Management now owns 46,451 shares of the bank worth $1,049,000 after acquiring 1,030 additional shares in the last quarter. Bank of America Corp DE increased its stake in Banco Santander-Chile by 10.3% in the first quarter. Bank of America Corp DE now owns 13,467 shares of the bank worth $304,000 after acquiring 1,253 additional shares last quarter. Finally, Northwestern Mutual Wealth Management Co. increased its stake in Banco Santander-Chile by 144.4% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 2,131 shares of the bank worth $35,000 after acquiring 1,259 additional shares last quarter. Institutional investors hold 10.65% of the company’s shares.

About Banco Santander-Chile (Get a rating)

Banco Santander-Chile, together with its subsidiaries, provides commercial and retail banking products and services in Chile. It operates through the Retail Banking, Middle Market, Corporate Investment Banking and Corporate Activities segments. The company offers debit and credit cards, checking accounts and savings products. consumer, auto, commercial, mortgage and government guaranteed loans; and loans denominated in Chilean pesos and foreign currencies to finance various commercial transactions, exchanges, forward exchange contracts and lines of credit, as well as mortgage financing services.

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