Grupo Financiero Banorte SAB de CV (OTCMKTS:GBOOY) Shares Gap Up After Strong Earnings

Grupo Financiero Banorte SAB de CV (OTCMKTS:GBOOY)’s stock price gapped up prior to trading on Tuesday after the company announced better than expected quarterly earnings. The stock had previously closed at $51.69, but opened at $55.27. Grupo Financiero Banorte SAB de CV shares last traded at $51.70, with a volume of 3,480 shares trading hands.

The company reported $1.59 earnings per share for the quarter, beating the consensus estimate of $1.58 by $0.01. The firm had revenue of $2.48 billion during the quarter, compared to analysts’ expectations of $2.29 billion. Grupo Financiero Banorte SAB de CV had a net margin of 14.97% and a return on equity of 22.25%.

Analysts Set New Price Targets

Separately, Zacks Research lowered shares of Grupo Financiero Banorte SAB de CV from a “strong-buy” rating to a “hold” rating in a research note on Monday, March 30th. One investment analyst has rated the stock with a Hold rating, Based on data from MarketBeat, the stock presently has an average rating of “Hold”.

Grupo Financiero Banorte SAB de CV Price Performance

The firm’s 50-day moving average is $53.40 and its 200-day moving average is $54.51. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.79 and a quick ratio of 0.79. The company has a market capitalization of $31.07 billion, a P/E ratio of 9.31, a price-to-earnings-growth ratio of 1.01 and a beta of 0.71.

Grupo Financiero Banorte SAB de CV Company Profile

Grupo Financiero Banorte SAB de CV, commonly known as Banorte, is a major Mexican financial services holding company headquartered in Monterrey, Mexico. The group operates a universal banking franchise that serves retail, small and medium-sized enterprises, and large corporate clients across Mexico. Banorte provides a broad suite of banking services through an extensive branch network and digital channels and maintains an international investor presence, including ADRs that trade on the U.S. OTC market under the symbol GBOOY.

Banorte’s core businesses include retail and commercial banking—offering deposit accounts, payment and cash management services, consumer and mortgage loans, credit and debit cards, and lending to corporate clients.