Banco Macro (NYSE:BMA) Shares Gap Down – Here’s What Happened

Banco Macro S.A. (NYSE:BMA) shares gapped down prior to trading on Tuesday . The stock had previously closed at $92.17, but opened at $88.84. Banco Macro shares last traded at $90.81, with a volume of 101,253 shares traded.

Wall Street Analysts Forecast Growth

Separately, Morgan Stanley upgraded shares of Banco Macro from an “underweight” rating to an “overweight” rating and set a $12.50 target price on the stock in a report on Monday, December 16th.

Banco Macro Stock Performance

The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.79 and a current ratio of 1.02. The stock has a market cap of $5.90 billion, a PE ratio of 8.09 and a beta of 1.67. The company’s 50 day simple moving average is $101.05 and its 200 day simple moving average is $80.60.

Banco Macro (NYSE:BMA) last issued its quarterly earnings results on Wednesday, November 27th. The bank reported $1.51 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.21 by ($0.70). Banco Macro had a return on equity of 26.55% and a net margin of 15.12%. Analysts expect that Banco Macro S.A. will post 7.87 earnings per share for the current year.

Institutional Investors Weigh In On Banco Macro

Several large investors have recently modified their holdings of the stock. TT International Asset Management LTD boosted its holdings in Banco Macro by 86.6% in the 4th quarter. TT International Asset Management LTD now owns 1,141,086 shares of the bank’s stock worth $110,411,000 after buying an additional 529,610 shares during the period. Redhawk Wealth Advisors Inc. bought a new position in Banco Macro in the 4th quarter worth approximately $735,000. Jane Street Group LLC bought a new position in Banco Macro in the 3rd quarter worth approximately $421,000. JGP Global Gestao de Recursos Ltda. bought a new position in Banco Macro in the 4th quarter worth approximately $834,000. Finally, Point72 Asset Management L.P. bought a new position in Banco Macro in the 3rd quarter worth approximately $826,000.

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.