Banco Macro (NYSE:BMA) Stock Price Up 6.5%

Shares of Banco Macro SA ADR (NYSE:BMA) rose 6.5% on Wednesday . The stock traded as high as $26.97 and last traded at $26.42, approximately 439,600 shares were traded during mid-day trading. A decline of 21% from the average daily volume of 558,145 shares. The stock had previously closed at $24.80.

BMA has been the topic of several recent research reports. Bank of America cut Banco Macro from a “buy” rating to an “underperform” rating in a research note on Thursday, September 19th. Citigroup cut Banco Macro from a “buy” rating to a “neutral” rating in a research note on Thursday, September 19th. Morgan Stanley cut Banco Macro from an “overweight” rating to an “underweight” rating in a research note on Monday, August 12th. Scotiabank raised Banco Macro from an “underperform” rating to a “sector perform” rating in a research note on Thursday, September 26th. Finally, ValuEngine raised Banco Macro from a “strong sell” rating to a “sell” rating in a research note on Wednesday, October 2nd. Three research analysts have rated the stock with a sell rating, five have given a hold rating and one has assigned a buy rating to the stock. Banco Macro currently has an average rating of “Hold” and an average price target of $62.33.

The stock has a market capitalization of $1.73 billion, a PE ratio of 3.38 and a beta of 1.10. The business has a 50 day moving average price of $24.48 and a 200 day moving average price of $42.50. The company has a debt-to-equity ratio of 0.43, a current ratio of 1.13 and a quick ratio of 0.98.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in BMA. Financial Gravity Wealth Inc. grew its stake in shares of Banco Macro by 10,250.0% in the second quarter. Financial Gravity Wealth Inc. now owns 414 shares of the bank’s stock worth $30,000 after acquiring an additional 410 shares during the last quarter. Steward Partners Investment Advisory LLC purchased a new stake in shares of Banco Macro in the second quarter worth $36,000. Exane Derivatives grew its stake in shares of Banco Macro by 641.0% in the third quarter. Exane Derivatives now owns 1,734 shares of the bank’s stock worth $45,000 after acquiring an additional 1,500 shares during the last quarter. Marshall Wace LLP purchased a new stake in shares of Banco Macro in the first quarter worth $98,000. Finally, KBC Group NV purchased a new stake in shares of Banco Macro in the second quarter worth $135,000. 22.09% of the stock is currently owned by hedge funds and other institutional investors.

About Banco Macro (NYSE:BMA)

Banco Macro SA provides various banking products and services to individuals and corporate customers in Argentina. It offers various retail 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 (ATMs), and money transfers.

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