Macro Bank Inc. (NYSE:BMA) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Friday. The brokerage presently has a $97.00 target price on the bank’s stock. Zacks Investment Research‘s target price points to a potential upside of 11.75% from the company’s current price.
According to Zacks, “Banco Macro Bansud is a leading bank in Argentina. With the most extensive private-sector branch network in the country, Banco Marco provides standard banking products and services to a nationwide customer base. “
Several other research analysts also recently commented on BMA. J P Morgan Chase & Co downgraded shares of Macro Bank from an “overweight” rating to a “neutral” rating in a report on Thursday, February 16th. Credit Suisse Group upgraded shares of Macro Bank from a “neutral” rating to an “outperform” rating in a report on Tuesday.
Shares of Macro Bank (NYSE:BMA) traded up 0.32% during mid-day trading on Friday, hitting $86.80. The stock had a trading volume of 318,825 shares. The stock has a 50-day moving average price of $88.79 and a 200 day moving average price of $80.28. The stock has a market cap of $5.07 billion, a P/E ratio of 11.76 and a beta of 1.37. Macro Bank has a 52 week low of $61.12 and a 52 week high of $97.86.
The company also recently announced a … dividend, which will be paid on Friday, June 23rd. Investors of record on Friday, June 16th will be issued a $0.002 dividend. The ex-dividend date of this dividend is Wednesday, June 14th. This represents a yield of 0.86%. Macro Bank’s dividend payout ratio (DPR) is presently 19.92%.
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Hedge funds and other institutional investors have recently made changes to their positions in the company. Rothschild Investment Corp IL bought a new position in Macro Bank during the first quarter valued at about $206,000. Bailard Inc. bought a new position in Macro Bank during the first quarter valued at about $220,000. Sumitomo Mitsui Trust Holdings Inc. bought a new position in Macro Bank during the first quarter valued at about $269,000. Bank of New York Mellon Corp bought a new position in Macro Bank during the first quarter valued at about $269,000. Finally, Gramercy Funds Management LLC bought a new position in Macro Bank during the first quarter valued at about $274,000. Hedge funds and other institutional investors own 23.74% of the company’s stock.
About Macro Bank
Banco Macro SA is an Argnetina-based financial institution (the Bank) that offers traditional bank products and services to companies, including those operating in regional economies, as well as to individuals. In addition, the Bank performs certain transactions through its subsidiaries, including mainly Banco del Tucuman, Macro Bank Ltd, Macro Securities SA, Macro Fiducia SA and Macro Fondos SGFCI SA.
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