Bank of America Upgrades Banco Macro (NYSE:BMA) to Neutral

Bank of America upgraded shares of Banco Macro (NYSE:BMA) from an underperform rating to a neutral rating in a research note released on Thursday morning, MarketBeat.com reports. They currently have $62.00 target price on the bank’s stock, up from their prior target price of $53.00.

Separately, StockNews.com cut Banco Macro from a strong-buy rating to a buy rating in a report on Wednesday, May 15th.

Banco Macro Trading Up 2.7 %

Banco Macro stock opened at $52.88 on Thursday. The business has a 50 day moving average price of $55.46 and a two-hundred day moving average price of $49.94. The company has a quick ratio of 1.05, a current ratio of 0.77 and a debt-to-equity ratio of 0.13. The stock has a market cap of $3.38 billion, a price-to-earnings ratio of 3.12 and a beta of 1.91. Banco Macro has a 12 month low of $17.30 and a 12 month high of $68.24.

Banco Macro (NYSE:BMA) last posted its quarterly earnings results on Thursday, May 23rd. The bank reported $5.02 EPS for the quarter, beating the consensus estimate of $2.19 by $2.83. The firm had revenue of $1.87 billion during the quarter. Banco Macro had a return on equity of 37.91% and a net margin of 16.33%. As a group, equities analysts forecast that Banco Macro will post 11.83 EPS for the current year.

Banco Macro Increases Dividend

The business also recently disclosed a monthly dividend, which will be paid on Friday, August 23rd. Stockholders of record on Friday, August 16th will be paid a $1.798 dividend. This is a positive change from Banco Macro’s previous monthly dividend of $1.74. This represents a $21.58 annualized dividend and a dividend yield of 40.80%. The ex-dividend date of this dividend is Friday, August 16th. Banco Macro’s dividend payout ratio is currently 127.41%.

Institutional Investors Weigh In On Banco Macro

Large investors have recently modified their holdings of the stock. Headlands Technologies LLC bought a new stake in shares of Banco Macro in the 1st quarter valued at approximately $33,000. Ashton Thomas Private Wealth LLC bought a new stake in Banco Macro during the 2nd quarter worth approximately $51,000. Shilanski & Associates Inc. bought a new stake in Banco Macro during the 2nd quarter worth approximately $244,000. Claro Advisors LLC bought a new stake in Banco Macro during the 1st quarter worth approximately $260,000. Finally, Norden Group LLC bought a new stake in Banco Macro during the 1st quarter worth approximately $261,000.

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 (ATMs), and money transfers.