Macro Bank (NYSE:BMA) Stock Rating Cut to “Hold” at Zacks Research

Macro Bank (NYSE:BMA) was downgraded by equities researchers at Zacks Research from a “strong-buy” rating to a “hold” rating in a research report issued on Monday, Zacks reports.

Several other research firms have also recently commented on BMA. UBS Group decreased their price target on shares of Macro Bank from $130.00 to $90.00 and set a “buy” rating for the company in a report on Tuesday, October 13th. Wall Street Zen lowered shares of Macro Bank from a “strong-buy” rating to a “buy” rating in a research note on Saturday, September 5th. Itau BBA Securities lowered shares of Macro Bank from an “outperform” rating to a “market perform” rating in a research note on Thursday, September 3rd. Finally, Weiss Ratings downgraded shares of Macro Bank from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Tuesday, September 29th. Five equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $101.25.

Macro Bank Price Performance

Shares of Macro Bank stock opened at $61.76 on Monday. Macro Bank has a 1 year low of $58.01 and a 1 year high of $106.15. The stock has a 50-day moving average price of $71.27 and a 200 day moving average price of $81.43.

Macro Bank (NYSE:BMA) last released its earnings results on Thursday, August 20th. The bank reported $2.29 earnings per share for the quarter, beating the consensus estimate of $1.86 by $0.43. The business had revenue of $1 billion for the quarter, compared to analysts’ expectations of $946.46 million. On average, equities analysts forecast that Macro Bank will post 8.35 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Macro Bank

Hedge funds have recently bought and sold shares of the business. Absolute Gestao de Investimentos Ltda. bought a new position in Macro Bank during the first quarter valued at about $7,815,000. Robeco Institutional Asset Management B.V. boosted its stake in shares of Macro Bank by 53.3% during the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 273,122 shares of the bank’s stock worth $18,280,000 after acquiring an additional 95,014 shares in the last quarter. Pictet Asset Management Holding SA boosted its stake in shares of Macro Bank by 104.2% during the 1st quarter. Pictet Asset Management Holding SA now owns 107,005 shares of the bank’s stock worth $8,279,000 after acquiring an additional 54,597 shares in the last quarter. Militia Capital Management LLC bought a new stake in shares of Macro Bank during the 1st quarter worth about $2,932,000. Finally, ABS Direct Equity Fund LLC acquired a new position in shares of Macro Bank during the 2nd quarter valued at about $2,268,000.

About Macro Bank

Banco Macro SA is an Argentine financial institution headquartered in Buenos Aires and listed on the New York Stock Exchange under the symbol BMA. The bank provides banking and financial services to individuals, small and medium-sized businesses, corporate customers and public-sector entities throughout Argentina.

Its offerings include deposit accounts, personal and commercial loans, credit and debit cards, insurance, investment and cash-management products, foreign-exchange services and electronic banking.