Banco Macro (NYSE:BMA) Share Price Passes Above Two Hundred Day Moving Average – Here’s Why

Banco Macro S.A. (NYSE:BMA)’s share price crossed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $62.21 and traded as high as $81.00. Banco Macro shares last traded at $79.64, with a volume of 257,850 shares traded.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on BMA. Bank of America upgraded Banco Macro from an “underperform” rating to a “neutral” rating and increased their price target for the stock from $53.00 to $62.00 in a report on Thursday, August 8th. StockNews.com cut shares of Banco Macro from a “buy” rating to a “hold” rating in a research report on Thursday, September 26th. Finally, JPMorgan Chase & Co. raised shares of Banco Macro from an “underweight” rating to a “neutral” rating and increased their price objective for the stock from $14.00 to $78.00 in a research report on Friday, August 30th.

Banco Macro Trading Down 0.2 %

The stock’s 50-day moving average price is $71.39 and its 200-day moving average price is $62.21. The company has a current ratio of 0.79, a quick ratio of 0.79 and a debt-to-equity ratio of 0.14.

Banco Macro (NYSE:BMA) last released its quarterly earnings data on Thursday, August 22nd. The bank reported ($4.01) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.49 by ($5.50). Banco Macro had a return on equity of 25.98% and a net margin of 12.58%. The company had revenue of $1.03 billion for the quarter. During the same quarter in the previous year, the business earned $2.69 earnings per share. As a group, sell-side analysts expect that Banco Macro S.A. will post 6.35 EPS for the current fiscal year.

Hedge Funds Weigh In On Banco Macro

Several large investors have recently added to or reduced their stakes in BMA. SG Americas Securities LLC bought a new position in Banco Macro in the 1st quarter valued at about $348,000. Headlands Technologies LLC bought a new position in Banco Macro in the 1st quarter valued at about $33,000. Maple Rock Capital Partners Inc. bought a new position in Banco Macro in the 1st quarter valued at about $23,994,000. Rokos Capital Management LLP bought a new position in Banco Macro in the 1st quarter valued at about $296,000. Finally, Shilanski & Associates Inc. bought a new position in Banco Macro in the 2nd quarter valued at about $244,000.

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.