Banco Macro (NYSE:BMA) Shares Up 5.7% – Still a Buy?

Banco Macro S.A. (NYSE:BMA) shares traded up 5.7% on Tuesday . The company traded as high as $85.65 and last traded at $85.80. 89,928 shares changed hands during mid-day trading, a decline of 73% from the average session volume of 338,713 shares. The stock had previously closed at $81.20.

Wall Street Analysts Forecast Growth

Separately, Morgan Stanley raised Banco Macro from an “underweight” rating to an “overweight” rating and set a $12.50 target price for the company in a research note on Monday, December 16th.

Banco Macro Stock Performance

The stock has a market cap of $5.13 billion, a price-to-earnings ratio of 7.04 and a beta of 1.73. The company’s 50-day simple moving average is $91.10 and its 200-day simple moving average is $85.91. 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 Investors Weigh In On Banco Macro

A number of institutional investors and hedge funds have recently modified their holdings of BMA. TT International Asset Management LTD increased its stake in Banco Macro by 86.6% in the 4th quarter. TT International Asset Management LTD now owns 1,141,086 shares of the bank’s stock worth $110,411,000 after purchasing an additional 529,610 shares in the last quarter. Redhawk Wealth Advisors Inc. purchased a new stake in shares of Banco Macro in the fourth quarter valued at $735,000. Jane Street Group LLC acquired a new position in shares of Banco Macro in the 3rd quarter valued at about $421,000. D.A. Davidson & CO. purchased a new position in Banco Macro during the fourth quarter valued at approximately $284,000. Finally, JGP Global Gestao de Recursos Ltda. acquired a new position in Banco Macro in the 4th quarter valued at approximately $834,000.

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.