Grupo Financiero Galicia S.A. (NASDAQ:GGAL) Sees Large Decline in Short Interest

Grupo Financiero Galicia S.A. (NASDAQ:GGAL) was the recipient of a significant decline in short interest in October. As of October 31st, there was short interest totalling 3,480,000 shares, a decline of 8.2% from the October 15th total of 3,790,000 shares. Approximately 2.9% of the company’s shares are sold short. Based on an average daily trading volume, of 1,010,000 shares, the short-interest ratio is presently 3.4 days.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of GGAL. Banco Santander S.A. acquired a new position in shares of Grupo Financiero Galicia in the 2nd quarter valued at approximately $211,000. William Blair Investment Management LLC bought a new stake in shares of Grupo Financiero Galicia in the second quarter worth $8,573,000. INCA Investments LLC raised its holdings in Grupo Financiero Galicia by 1.8% in the third quarter. INCA Investments LLC now owns 1,373,576 shares of the bank’s stock valued at $57,814,000 after acquiring an additional 24,354 shares in the last quarter. Turim 21 Investimentos Ltda. bought a new position in Grupo Financiero Galicia during the 2nd quarter valued at $453,000. Finally, B. Riley Wealth Advisors Inc. acquired a new position in Grupo Financiero Galicia during the 2nd quarter worth $582,000.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on GGAL shares. JPMorgan Chase & Co. raised shares of Grupo Financiero Galicia from an “underweight” rating to an “overweight” rating and set a $54.00 target price on the stock in a research note on Friday, August 30th. Bank of America upgraded Grupo Financiero Galicia from an “underperform” rating to a “buy” rating and boosted their price objective for the stock from $28.00 to $36.00 in a research note on Thursday, August 8th. Citigroup upgraded Grupo Financiero Galicia from a “neutral” rating to a “buy” rating and set a $54.00 target price for the company in a research note on Wednesday, September 4th. Finally, StockNews.com cut Grupo Financiero Galicia from a “buy” rating to a “hold” rating in a report on Thursday, November 14th.

Grupo Financiero Galicia Stock Performance

GGAL stock traded down $2.15 during trading on Tuesday, reaching $57.01. The stock had a trading volume of 422,690 shares, compared to its average volume of 1,019,168. The firm has a fifty day moving average price of $48.41 and a 200 day moving average price of $38.30. Grupo Financiero Galicia has a 1-year low of $13.06 and a 1-year high of $59.79.

About Grupo Financiero Galicia

Grupo Financiero Galicia SA, a financial service holding company, provides various financial products and services to individuals and companies in Argentina. The company operates through Banks, NaranjaX, Insurance, and Other Businesses segments. It also offers personal loans; express and mortgage loans; pledge and credit card loans; credit and debit cards; and online banking services, as well as savings, deposits, and checking accounts related services.