Zacks Investment Research Downgrades Grupo Financiero Galicia (NASDAQ:GGAL) to Hold

Grupo Financiero Galicia (NASDAQ:GGAL) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Monday, Zacks.com reports.

According to Zacks, “Grupo Financiero Galicia SA. is involved in the Financial Services Industry. Their principal activity is to continue to be a financial and investment services holding company and to fulfill the banking services activities of Banco Galicia. “

GGAL has been the subject of a number of other reports. ValuEngine downgraded Grupo Financiero Galicia from a “hold” rating to a “sell” rating in a research report on Thursday, April 2nd. BidaskClub downgraded Grupo Financiero Galicia from a “hold” rating to a “sell” rating in a research report on Tuesday, June 2nd. Finally, Citigroup downgraded Grupo Financiero Galicia from a “neutral” rating to a “sell” rating in a research report on Thursday, May 28th. Six analysts have rated the stock with a sell rating and three have assigned a hold rating to the stock. The company currently has a consensus rating of “Sell” and a consensus target price of $19.75.

Shares of NASDAQ:GGAL opened at $9.70 on Monday. The company has a debt-to-equity ratio of 0.44, a current ratio of 1.10 and a quick ratio of 1.43. The firm has a market capitalization of $1.42 billion, a PE ratio of 1.76 and a beta of 1.52. The firm’s 50-day moving average is $9.58 and its two-hundred day moving average is $11.19. Grupo Financiero Galicia has a 1 year low of $5.66 and a 1 year high of $39.22.

Grupo Financiero Galicia (NASDAQ:GGAL) last issued its quarterly earnings results on Wednesday, June 10th. The bank reported $0.95 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $1.11 by ($0.16). Grupo Financiero Galicia had a return on equity of 39.23% and a net margin of 27.10%. The business had revenue of $506.60 million for the quarter, compared to analysts’ expectations of $601.34 million. Analysts expect that Grupo Financiero Galicia will post 4.48 EPS for the current fiscal year.

Institutional investors and hedge funds have recently made changes to their positions in the stock. Royal Bank of Canada boosted its holdings in Grupo Financiero Galicia by 233.7% in the first quarter. Royal Bank of Canada now owns 11,275 shares of the bank’s stock valued at $80,000 after purchasing an additional 7,896 shares in the last quarter. Skandinaviska Enskilda Banken AB publ acquired a new position in Grupo Financiero Galicia in the first quarter valued at approximately $92,000. Skandinaviska Enskilda Banken AB publ acquired a new position in Grupo Financiero Galicia in the first quarter valued at approximately $92,000. Grantham Mayo Van Otterloo & Co. LLC boosted its holdings in Grupo Financiero Galicia by 17.1% in the first quarter. Grantham Mayo Van Otterloo & Co. LLC now owns 13,700 shares of the bank’s stock valued at $97,000 after purchasing an additional 2,000 shares in the last quarter. Finally, Tobam boosted its holdings in Grupo Financiero Galicia by 73.4% in the first quarter. Tobam now owns 15,868 shares of the bank’s stock valued at $112,000 after purchasing an additional 6,715 shares in the last quarter. 17.47% of the stock is owned by hedge funds and other institutional investors.

About Grupo Financiero Galicia

Grupo Financiero Galicia SA, a financial services holding company, provides various financial products and services in Argentina. The company operates through Banking, Regional Credit Cards, Insurance, and Other Grupo Galicia Businesses segments. It offers corporate banking services to companies; credit and debit cards, loans, and financing advice to various agricultural-sector clients; foreign trade transaction services; and e-banking services.

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