Banco Macro (NYSE:BMA) Shares Up 9.1% – Still a Buy?

Banco Macro S.A. (NYSE:BMA)’s stock price traded up 9.1% during mid-day trading on Thursday . The company traded as high as $106.10 and last traded at $105.54. 157,569 shares traded hands during mid-day trading, a decline of 54% from the average session volume of 343,362 shares. The stock had previously closed at $96.76.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on BMA. StockNews.com lowered Banco Macro from a “buy” rating to a “hold” rating in a report on Thursday, September 26th. Morgan Stanley raised Banco Macro from an “underweight” rating to an “overweight” rating and set a $12.50 price target on the stock in a research report on Monday, December 16th.

Banco Macro Stock Performance

The company has a market capitalization of $6.80 billion, a price-to-earnings ratio of 9.33 and a beta of 1.75. The stock has a 50 day simple moving average of $86.46 and a 200 day simple moving average of $69.37. The company has a quick ratio of 0.79, a current ratio of 1.02 and a debt-to-equity ratio of 0.13.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the stock. Candriam S.C.A. acquired a new position in Banco Macro during the 2nd quarter valued at about $43,236,000. TT International Asset Management LTD increased its position in shares of Banco Macro by 21.9% during the 3rd quarter. TT International Asset Management LTD now owns 611,476 shares of the bank’s stock valued at $38,828,000 after purchasing an additional 109,793 shares during the period. Duquesne Family Office LLC raised its stake in shares of Banco Macro by 30.9% in the 2nd quarter. Duquesne Family Office LLC now owns 273,130 shares of the bank’s stock worth $15,659,000 after buying an additional 64,400 shares in the last quarter. Ping Capital Management Inc. acquired a new stake in shares of Banco Macro in the second quarter valued at $12,326,000. Finally, Marshall Wace LLP boosted its stake in Banco Macro by 72.3% during the second quarter. Marshall Wace LLP now owns 165,558 shares of the bank’s stock valued at $9,491,000 after buying an additional 69,494 shares in the last quarter.

About Banco Macro

Banco Macro SA provides various banking products and services to retail and corporate customers in Argentina. It offers various retail banking products and services, such as savings and checking accounts, time deposits, credit and debit cards, consumer finance loans, mortgage loans, automobile loans, overdrafts, credit-related services, home and car insurance coverage, tax collection, utility payments, automated teller machines, and money transfers.