Banco Macro (NYSE:BMA) Trading 5.6% Higher – Here’s What Happened

Banco Macro S.A. (NYSE:BMA) shares traded up 5.6% on Thursday . The company traded as high as $75.02 and last traded at $74.92. 120,687 shares traded hands during mid-day trading, a decline of 65% from the average session volume of 348,238 shares. The stock had previously closed at $70.95.

Analyst Upgrades and Downgrades

BMA has been the topic of several research analyst reports. JPMorgan Chase & Co. upgraded shares of Banco Macro from an “underweight” rating to a “neutral” rating and lifted their price target for the stock from $14.00 to $78.00 in a research note on Friday, August 30th. StockNews.com downgraded shares of Banco Macro from a “buy” rating to a “hold” rating in a research report on Thursday, September 26th. Finally, Bank of America raised shares of Banco Macro from an “underperform” rating to a “neutral” rating and raised their price objective for the stock from $53.00 to $62.00 in a research report on Thursday, August 8th.

Banco Macro Trading Up 3.4 %

The company has a debt-to-equity ratio of 0.14, a current ratio of 0.79 and a quick ratio of 0.77. The company has a market cap of $5.08 billion, a price-to-earnings ratio of 4.69 and a beta of 1.80. The business’s 50-day simple moving average is $65.93 and its 200-day simple moving average is $59.68.

Banco Macro (NYSE:BMA) last posted its quarterly earnings data on Thursday, August 22nd. The bank reported ($4.01) earnings per share for the quarter, missing analysts’ consensus estimates of $1.49 by ($5.50). The firm had revenue of $1.03 billion during the quarter. Banco Macro had a net margin of 12.58% and a return on equity of 25.97%. During the same period in the previous year, the company posted $2.69 earnings per share. Research analysts predict that Banco Macro S.A. will post 9.7 earnings per share for the current fiscal year.

Banco Macro Increases Dividend

The firm also recently disclosed a monthly dividend, which was paid on Friday, August 23rd. Shareholders of record on Friday, August 16th were paid a dividend of $1.798 per share. This is an increase from Banco Macro’s previous monthly dividend of $1.74. This represents a $21.58 annualized dividend and a yield of 27.15%. The ex-dividend date was Friday, August 16th. Banco Macro’s payout ratio is currently 127.41%.

Institutional Investors Weigh In On Banco Macro

Several institutional investors have recently bought and sold shares of the business. Candriam S.C.A. purchased a new stake in Banco Macro during the second quarter worth approximately $43,236,000. Maple Rock Capital Partners Inc. purchased a new position in shares of Banco Macro in the first quarter valued at $23,994,000. Duquesne Family Office LLC boosted its stake in shares of Banco Macro by 30.9% in the second quarter. Duquesne Family Office LLC now owns 273,130 shares of the bank’s stock valued at $15,659,000 after purchasing an additional 64,400 shares during the period. Ping Capital Management Inc. purchased a new position in shares of Banco Macro in the second quarter valued at $12,326,000. Finally, Marshall Wace LLP boosted its stake in shares of Banco Macro by 72.3% in the second quarter. Marshall Wace LLP now owns 165,558 shares of the bank’s stock valued at $9,491,000 after purchasing an additional 69,494 shares during the period.

Banco Macro Company Profile

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.