Banco Macro (NYSE:BMA) Upgraded to “Buy” by Zacks Investment Research

Zacks Investment Research upgraded shares of Banco Macro (NYSE:BMA) from a hold rating to a buy rating in a research report released on Tuesday morning, Zacks.com reports. Zacks Investment Research currently has $19.00 price objective on the bank’s stock.

According to Zacks, “Banco Macro Bansud is a leading bank in Argentina. With the most extensive private-sector branch network in the country, Banco Marco provides standard banking products and services to a nationwide customer base. “

Shares of Banco Macro stock opened at $16.89 on Tuesday. Banco Macro has a 52-week low of $11.45 and a 52-week high of $21.20. The company has a 50 day moving average of $15.92 and a 200 day moving average of $15.13. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 0.26. The company has a market capitalization of $1.08 billion, a P/E ratio of 5.10 and a beta of 1.36.

Banco Macro (NYSE:BMA) last issued its quarterly earnings results on Friday, August 13th. The bank reported $0.36 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.48 by ($0.12). Banco Macro had a return on equity of 11.28% and a net margin of 9.44%. The firm had revenue of $334.29 million during the quarter, compared to analysts’ expectations of $238.47 million. As a group, research analysts anticipate that Banco Macro will post 2.26 earnings per share for the current fiscal year.

A number of large investors have recently bought and sold shares of BMA. Odey Asset Management Group Ltd grew its position in Banco Macro by 13.2% in the 1st quarter. Odey Asset Management Group Ltd now owns 1,616,796 shares of the bank’s stock valued at $21,584,000 after buying an additional 187,999 shares during the last quarter. Marathon Asset Management LP purchased a new stake in shares of Banco Macro during the 1st quarter worth $2,003,000. Morgan Stanley boosted its position in shares of Banco Macro by 378.0% during the 2nd quarter. Morgan Stanley now owns 103,473 shares of the bank’s stock worth $1,556,000 after purchasing an additional 81,825 shares in the last quarter. Citigroup Inc. purchased a new stake in shares of Banco Macro during the 2nd quarter worth $1,217,000. Finally, Renaissance Technologies LLC purchased a new stake in shares of Banco Macro during the 2nd quarter worth $1,177,000. Hedge funds and other institutional investors own 7.76% of the company’s stock.

Banco Macro Company Profile

Banco Macro SA engages in the provision of financial and banking services. It serves the low and mid-income individuals, and small and mid-sized companies. The firm offers savings, checking accounts, time deposits, fund management, loans, mortgages, and direct banking transactions. The company was founded on November 21, 1966 and is headquartered in Buenos Aires, Argentina.

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