Grupo Financiero Banorte SAB de CV (OTCMKTS:GBOOY) Shares Cross Above 50-Day Moving Average – Here’s Why

Grupo Financiero Banorte SAB de CV (OTCMKTS:GBOOY) shares crossed above its 50 day moving average during trading on Thursday. The stock has a 50 day moving average of $55.63 and traded as high as $56.2940. Grupo Financiero Banorte SAB de CV shares last traded at $56.23, with a volume of 52,856 shares trading hands.

Wall Street Analysts Forecast Growth

Separately, Zacks Research downgraded Grupo Financiero Banorte SAB de CV from a “hold” rating to a “strong sell” rating in a research report on Monday, October 19th. One analyst has rated the stock with a Sell rating. According to data from MarketBeat, Grupo Financiero Banorte SAB de CV presently has a consensus rating of “Sell”.

Grupo Financiero Banorte SAB de CV Stock Performance

The company has a market cap of $31.64 billion, a P/E ratio of 8.92, a PEG ratio of 1.29 and a beta of 0.73. The company has a 50 day moving average price of $55.63 and a 200-day moving average price of $55.32. The company has a quick ratio of 0.77, a current ratio of 0.77 and a debt-to-equity ratio of 0.64.

Grupo Financiero Banorte SAB de CV (OTCMKTS:GBOOY) last issued its quarterly earnings results on Tuesday, November 3rd. The company reported $1.61 EPS for the quarter, beating analysts’ consensus estimates of $1.52 by $0.09. Grupo Financiero Banorte SAB de CV had a return on equity of 23.48% and a net margin of 15.88%. The company had revenue of $2.56 billion for the quarter, compared to analyst estimates of $2.22 billion. Equities analysts expect that Grupo Financiero Banorte SAB de CV will post 6.13 EPS for the current fiscal year.

About Grupo Financiero Banorte SAB de CV

Grupo Financiero Banorte, SAB. de C.V. is a Mexico-based financial services holding company and the parent organization of Grupo Financiero Banorte. Through its subsidiaries, the group provides banking, insurance, retirement savings, investment, brokerage and other financial services to individuals, small and medium-sized businesses, corporations and government entities.

Its principal banking subsidiary, Banco Mercantil del Norte, operates under the Banorte brand and offers deposit accounts, consumer and commercial loans, mortgages, credit cards, payment services, investment products and digital banking.