Bank of America Lowers Banco Macro (NYSE:BMA) to Underperform

Bank of America cut shares of Banco Macro (NYSE:BMA) from a buy rating to an underperform rating in a research note issued to investors on Thursday morning, BenzingaRatingsTable reports.

BMA has been the topic of a number of other research reports. ValuEngine raised shares of Banco Macro from a strong sell rating to a sell rating in a research note on Saturday, August 10th. HSBC cut shares of Banco Macro from a buy rating to a hold rating in a research note on Wednesday, June 5th. TheStreet cut shares of Banco Macro from a b- rating to a c rating in a research note on Monday, July 29th. Zacks Investment Research cut shares of Banco Macro from a buy rating to a hold rating in a research note on Wednesday, July 24th. Finally, Morgan Stanley cut shares of Banco Macro from an overweight rating to an underweight rating in a research note on Monday, August 12th. Four equities research analysts have rated the stock with a sell rating, four have given a hold rating and one has assigned a buy rating to the company. The company currently has a consensus rating of Hold and a consensus price target of $62.33.

Banco Macro stock opened at $23.79 on Thursday. The company’s fifty day moving average price is $37.32 and its 200 day moving average price is $50.34. Banco Macro has a 1 year low of $21.41 and a 1 year high of $77.31. The stock has a market capitalization of $1.63 billion, a P/E ratio of 3.04 and a beta of 1.04. The company has a debt-to-equity ratio of 0.41, a quick ratio of 1.08 and a current ratio of 0.98.

Banco Macro (NYSE:BMA) last released its quarterly earnings results on Wednesday, August 7th. The bank reported $2.59 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.16 by $0.43. Banco Macro had a net margin of 21.12% and a return on equity of 35.96%. The firm had revenue of $465.92 million for the quarter. Sell-side analysts predict that Banco Macro will post 8.46 EPS for the current year.

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Financial Gravity Wealth Inc. boosted its stake in Banco Macro by 10,250.0% during the 2nd quarter. Financial Gravity Wealth Inc. now owns 414 shares of the bank’s stock worth $30,000 after purchasing an additional 410 shares during the last quarter. Steward Partners Investment Advisory LLC acquired a new stake in Banco Macro during the 2nd quarter worth $36,000. Icon Wealth Partners LLC acquired a new stake in Banco Macro during the 1st quarter worth $41,000. KBC Group NV acquired a new stake in Banco Macro during the 2nd quarter worth $135,000. Finally, Marshall Wace LLP acquired a new stake in Banco Macro during the 1st quarter worth $98,000. 27.95% of the stock is currently owned by institutional investors.

Banco Macro Company Profile

Banco Macro SA provides various banking products and services to individuals and corporate customers in Argentina. It offers various retail 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.

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Analyst Recommendations for Banco Macro (NYSE:BMA)

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