Banco Macro (NYSE:BMA) Upgraded to “Buy” by StockNews.com

StockNews.com upgraded shares of Banco Macro (NYSE:BMA) from a hold rating to a buy rating in a research note released on Thursday.

Separately, Bank of America upgraded Banco Macro from an underperform rating to a neutral rating and boosted their price target for the stock from $53.00 to $62.00 in a research note on Thursday, August 8th.

Banco Macro Trading Up 6.1 %

BMA opened at $55.74 on Thursday. The firm has a market capitalization of $3.56 billion, a P/E ratio of 3.29 and a beta of 1.91. The firm’s 50 day moving average is $54.01 and its 200-day moving average is $52.07. The company has a quick ratio of 1.05, a current ratio of 0.77 and a debt-to-equity ratio of 0.13. Banco Macro has a 52-week low of $17.30 and a 52-week high of $68.24.

Banco Macro (NYSE:BMA) last released its quarterly earnings results on Thursday, August 22nd. The bank reported ($4.01) earnings per share (EPS) for the quarter, missing the consensus estimate of $1.49 by ($5.50). Banco Macro had a return on equity of 37.91% and a net margin of 16.33%. The firm had revenue of $1.03 billion for the quarter. During the same quarter last year, the business earned $2.69 earnings per share. Analysts expect that Banco Macro will post 11.83 EPS for the current fiscal year.

Banco Macro Increases Dividend

The business also recently declared a monthly dividend, which was paid on Friday, August 23rd. Investors of record on Friday, August 16th were paid a $1.798 dividend. This represents a $21.58 dividend on an annualized basis and a dividend yield of 38.71%. The ex-dividend date of this dividend was Friday, August 16th. This is a positive change from Banco Macro’s previous monthly dividend of $1.74. Banco Macro’s payout ratio is 127.41%.

Institutional Trading of Banco Macro

Several institutional investors have recently added to or reduced their stakes in the stock. Mackenzie Financial Corp increased its position in shares of Banco Macro by 32.9% in the 2nd quarter. Mackenzie Financial Corp now owns 10,988 shares of the bank’s stock worth $630,000 after purchasing an additional 2,718 shares during the last quarter. Duquesne Family Office LLC grew its stake in Banco Macro by 30.9% in the second quarter. Duquesne Family Office LLC now owns 273,130 shares of the bank’s stock worth $15,659,000 after purchasing an additional 64,400 shares in the last quarter. Marshall Wace LLP increased its holdings in Banco Macro by 72.3% in the second quarter. Marshall Wace LLP now owns 165,558 shares of the bank’s stock valued at $9,491,000 after buying an additional 69,494 shares during the last quarter. Seven Eight Capital LP acquired a new stake in Banco Macro during the second quarter valued at approximately $1,344,000. Finally, Beverly Hills Private Wealth LLC lifted its holdings in Banco Macro by 6.2% during the 2nd quarter. Beverly Hills Private Wealth LLC now owns 5,505 shares of the bank’s stock worth $316,000 after buying an additional 323 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 (ATMs), and money transfers.