Grupo Financiero Galicia S.A. (NASDAQ:GGAL) Declares $0.45 Variable Dividend

Grupo Financiero Galicia S.A. (NASDAQ:GGAL – Get Rating) declared a Variable dividend on Tuesday, May 23rd, Zacks reports. Shareholders of record on Thursday, June 1st will be paid a dividend of 0.448 per share by the bank on Tuesday, June 6th. The ex-dividend date of this dividend is Wednesday, May 31st.

Grupo Financiero Galicia has a payout ratio of 5.0% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect Grupo Financiero Galicia to earn $1.07 per share next year, which means the company should continue to be able to cover its $0.09 annual dividend with an expected future payout ratio of 8.4%.

Grupo Financiero Galicia Stock Up 2.6 %

Shares of NASDAQ:GGAL opened at $11.76 on Thursday. The firm’s 50 day simple moving average is $11.53 and its 200 day simple moving average is $10.97. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 0.17. Grupo Financiero Galicia has a fifty-two week low of $5.75 and a fifty-two week high of $14.25.

Hedge Funds Weigh In On Grupo Financiero Galicia

Several institutional investors and hedge funds have recently modified their holdings of GGAL. Great West Life Assurance Co. Can lifted its stake in Grupo Financiero Galicia by 135.6% in the first quarter. Great West Life Assurance Co. Can now owns 10,730 shares of the bank’s stock valued at $123,000 after buying an additional 6,176 shares in the last quarter. INCA Investments LLC boosted its position in shares of Grupo Financiero Galicia by 33.8% during the first quarter. INCA Investments LLC now owns 3,086,245 shares of the bank’s stock worth $33,331,000 after buying an additional 779,545 shares during the period. Verition Fund Management LLC bought a new position in shares of Grupo Financiero Galicia during the first quarter worth about $4,323,000. Renaissance Technologies LLC acquired a new stake in Grupo Financiero Galicia in the 1st quarter valued at approximately $743,000. Finally, Hsbc Holdings PLC boosted its position in Grupo Financiero Galicia by 6.6% during the 1st quarter. Hsbc Holdings PLC now owns 425,200 shares of the bank’s stock worth $4,622,000 after acquiring an additional 26,262 shares during the last quarter. 7.87% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Separately, StockNews.com initiated coverage on shares of Grupo Financiero Galicia in a report on Thursday, May 18th. They issued a “hold” rating for the company.

Grupo Financiero Galicia Company Profile

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Grupo Financiero Galicia SA is a holding company, which engages in banking, insurance, and the issuance of certificates of deposit through its subsidiaries. It operates through the following segments: Banks, Ecosistema Naranja X, Insurance, Other Businesses, and Adjustments. The Banks segment includes the banking business operation results.