Banco Macro (NYSE:BMA) Stock Price Up 3.9% – Here’s Why

Banco Macro S.A. (NYSE:BMA)’s stock price rose 3.9% on Monday . The stock traded as high as $96.79 and last traded at $96.06. Approximately 78,937 shares traded hands during mid-day trading, a decline of 76% from the average daily volume of 327,083 shares. The stock had previously closed at $92.47.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on the company. JPMorgan Chase & Co. lifted their price target on Banco Macro from $78.00 to $89.00 and gave the company a “neutral” rating in a research report on Monday, April 21st. Itau BBA Securities initiated coverage on shares of Banco Macro in a research report on Tuesday. They set a “market perform” rating and a $85.00 target price for the company. Four research analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $62.13.

Banco Macro Trading Down 1.1%

The stock has a 50 day moving average of $84.13 and a 200 day moving average of $89.75. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.02 and a quick ratio of 0.79. The firm has a market cap of $6.10 billion, a P/E ratio of 8.37 and a beta of 1.73.

Hedge Funds Weigh In On Banco Macro

Hedge funds and other institutional investors have recently modified their holdings of the company. Mirae Asset Global Investments Co. Ltd. bought a new stake in Banco Macro in the 1st quarter worth approximately $31,000. Tower Research Capital LLC TRC raised its stake in shares of Banco Macro by 1,829.0% during the fourth quarter. Tower Research Capital LLC TRC now owns 598 shares of the bank’s stock worth $58,000 after acquiring an additional 567 shares in the last quarter. SBI Securities Co. Ltd. bought a new stake in shares of Banco Macro in the 4th quarter worth approximately $63,000. GAMMA Investing LLC boosted its stake in shares of Banco Macro by 31.3% in the 1st quarter. GAMMA Investing LLC now owns 1,029 shares of the bank’s stock valued at $78,000 after purchasing an additional 245 shares in the last quarter. Finally, Blue Trust Inc. grew its holdings in shares of Banco Macro by 171.6% during the 4th quarter. Blue Trust Inc. now owns 1,939 shares of the bank’s stock valued at $188,000 after purchasing an additional 1,225 shares during 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.