Banco Macro (NYSE:BMA) Stock Price Up 5.4% – Here’s What Happened

Shares of Banco Macro S.A. (NYSE:BMA) traded up 5.4% during mid-day trading on Tuesday . The company traded as high as $85.16 and last traded at $85.13. 195,199 shares were traded during trading, a decline of 43% from the average session volume of 344,019 shares. The stock had previously closed at $80.76.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on BMA shares. StockNews.com cut shares of Banco Macro from a “buy” rating to a “hold” rating in a research note on Thursday, September 26th. JPMorgan Chase & Co. upgraded shares of Banco Macro from an “underweight” rating to a “neutral” rating and increased their price objective for the company from $14.00 to $78.00 in a report on Friday, August 30th. Finally, Bank of America raised Banco Macro from an “underperform” rating to a “neutral” rating and boosted their target price for the stock from $53.00 to $62.00 in a report on Thursday, August 8th.

Banco Macro Stock Up 3.3 %

The stock has a market capitalization of $5.34 billion, a P/E ratio of 7.90 and a beta of 1.77. The company has a debt-to-equity ratio of 0.14, a current ratio of 0.79 and a quick ratio of 0.79. The stock’s fifty day moving average is $74.35 and its two-hundred day moving average is $63.58.

Institutional Investors Weigh In On Banco Macro

Hedge funds have recently made changes to their positions in the company. Beverly Hills Private Wealth LLC grew its holdings in shares of Banco Macro by 6.2% during the second quarter. Beverly Hills Private Wealth LLC now owns 5,505 shares of the bank’s stock valued at $316,000 after buying an additional 323 shares in the last quarter. Blue Trust Inc. boosted its position in Banco Macro by 118.3% during the 3rd quarter. Blue Trust Inc. now owns 714 shares of the bank’s stock worth $45,000 after acquiring an additional 387 shares during the period. Sigma Planning Corp grew its stake in Banco Macro by 6.7% during the 3rd quarter. Sigma Planning Corp now owns 6,275 shares of the bank’s stock valued at $398,000 after acquiring an additional 395 shares in the last quarter. Diversify Wealth Management LLC increased its holdings in shares of Banco Macro by 4.3% in the 3rd quarter. Diversify Wealth Management LLC now owns 16,657 shares of the bank’s stock valued at $1,058,000 after purchasing an additional 693 shares during the period. Finally, Ashton Thomas Private Wealth LLC purchased a new stake in shares of Banco Macro in the second quarter worth approximately $51,000.

Banco Macro Company Profile

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, and money transfers.