Banco Macro (NYSE:BMA) Sets New 1-Year High – Still a Buy?

Banco Macro S.A. (NYSE:BMA)’s share price hit a new 52-week high on Tuesday . The stock traded as high as $108.14 and last traded at $107.40, with a volume of 54711 shares traded. The stock had previously closed at $106.83.

Analysts Set New Price Targets

Several equities analysts have recently commented on BMA shares. StockNews.com lowered Banco Macro from a “buy” rating to a “hold” rating in a research note on Thursday, September 26th. JPMorgan Chase & Co. raised shares of Banco Macro from an “underweight” rating to a “neutral” rating and increased their price target for the stock from $14.00 to $78.00 in a research report on Friday, August 30th. Finally, Morgan Stanley upgraded shares of Banco Macro from an “underweight” rating to an “overweight” rating and set a $12.50 price target for the company in a research note on Monday.

Banco Macro Stock Down 8.3 %

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 company has a market cap of $6.23 billion, a PE ratio of 8.54 and a beta of 1.75. The firm has a fifty day simple moving average of $81.37 and a 200 day simple moving average of $66.71.

Institutional Investors Weigh In On Banco Macro

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Candriam S.C.A. acquired a new position in Banco Macro in the second quarter worth $43,236,000. Ping Capital Management Inc. bought a new stake in shares of Banco Macro in the 2nd quarter worth $12,326,000. TT International Asset Management LTD lifted its holdings 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 acquiring an additional 109,793 shares during the last quarter. Marshall Wace LLP grew its position in Banco Macro by 72.3% in the second quarter. Marshall Wace LLP now owns 165,558 shares of the bank’s stock worth $9,491,000 after buying an additional 69,494 shares during the last quarter. Finally, Duquesne Family Office LLC grew its holdings in shares of Banco Macro by 30.9% in the 2nd quarter. Duquesne Family Office LLC now owns 273,130 shares of the bank’s stock worth $15,659,000 after acquiring an additional 64,400 shares during the last quarter.

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.