Banco Macro (NYSE:BMA) Shares Up 9.1% – Here’s Why

Shares of Banco Macro S.A. (NYSE:BMA) shot up 9.1% during mid-day trading on Thursday . The company traded as high as $106.10 and last traded at $105.54. 157,569 shares changed hands during trading, a decline of 54% from the average session volume of 343,362 shares. The stock had previously closed at $96.76.

Analyst Ratings Changes

BMA has been the subject of a number of research analyst reports. StockNews.com lowered Banco Macro from a “buy” rating to a “hold” rating in a research report on Thursday, September 26th. Morgan Stanley upgraded Banco Macro from an “underweight” rating to an “overweight” rating and set a $12.50 price objective for the company in a report on Monday, December 16th.

Banco Macro Stock Performance

The firm has a market cap of $7.08 billion, a P/E ratio of 9.71 and a beta of 1.68. The company has a current ratio of 1.02, a quick ratio of 0.79 and a debt-to-equity ratio of 0.13. The company’s 50-day moving average is $87.73 and its two-hundred day moving average is $69.98.

Hedge Funds Weigh In On Banco Macro

Several large investors have recently bought and sold shares of BMA. Candriam S.C.A. bought a new position in shares of Banco Macro in the second quarter valued at approximately $43,236,000. TT International Asset Management LTD grew its stake in Banco Macro by 21.9% in the 3rd quarter. TT International Asset Management LTD now owns 611,476 shares of the bank’s stock valued at $38,828,000 after purchasing an additional 109,793 shares during the period. Duquesne Family Office LLC increased its position in shares of Banco Macro by 30.9% during the 2nd quarter. Duquesne Family Office LLC now owns 273,130 shares of the bank’s stock valued at $15,659,000 after purchasing an additional 64,400 shares during the last quarter. Ping Capital Management Inc. bought a new stake in shares of Banco Macro during the 2nd quarter worth $12,326,000. Finally, Marshall Wace LLP grew its position in Banco Macro by 72.3% during the second quarter. Marshall Wace LLP now owns 165,558 shares of the bank’s stock valued at $9,491,000 after buying an additional 69,494 shares during the period.

About Banco Macro

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.