Carrhae Capital LLP Makes New $68.05 Million Investment in Grupo Financiero Galicia S.A. $GGAL

Carrhae Capital LLP acquired a new stake in Grupo Financiero Galicia S.A. (NASDAQ:GGAL) in the second quarter, HoldingsChannel.com reports. The firm acquired 1,360,220 shares of the bank’s stock, valued at approximately $68,052,000. Grupo Financiero Galicia makes up about 1.8% of Carrhae Capital LLP’s investment portfolio, making the stock its 12th largest position.

Other hedge funds have also modified their holdings of the company. Verde Servicos Internacionais S.A. acquired a new position in shares of Grupo Financiero Galicia in the 1st quarter valued at $934,000. Moerus Capital Management LLC acquired a new stake in Grupo Financiero Galicia during the 1st quarter worth $8,179,000. Absolute Gestao de Investimentos Ltda. acquired a new stake in Grupo Financiero Galicia during the 1st quarter worth $7,879,000. Fourth Sail Capital LP purchased a new position in Grupo Financiero Galicia during the 4th quarter worth $16,653,000. Finally, RWC Asset Advisors US LLC grew its position in Grupo Financiero Galicia by 52.2% during the 2nd quarter. RWC Asset Advisors US LLC now owns 517,540 shares of the bank’s stock worth $25,893,000 after purchasing an additional 177,574 shares during the last quarter.

Grupo Financiero Galicia Stock Performance

Grupo Financiero Galicia stock traded down $0.24 during midday trading on Tuesday, reaching $44.12. The company’s stock had a trading volume of 761,878 shares, compared to its average volume of 1,134,695. The stock’s 50 day simple moving average is $47.45 and its 200 day simple moving average is $46.78. Grupo Financiero Galicia S.A. has a fifty-two week low of $25.89 and a fifty-two week high of $62.51. The firm has a market capitalization of $7.09 billion, a PE ratio of 18.01, a P/E/G ratio of 0.23 and a beta of 1.28.

Grupo Financiero Galicia (NASDAQ:GGAL) last released its quarterly earnings results on Tuesday, August 25th. The bank reported $1.14 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.98 by $0.16. The firm had revenue of $1.87 billion for the quarter, compared to analyst estimates of $1.70 billion. Equities analysts predict that Grupo Financiero Galicia S.A. will post 3.94 earnings per share for the current year.

Grupo Financiero Galicia Announces Dividend

The company also recently announced a monthly dividend, which was paid on Monday, August 31st. Investors of record on Monday, August 24th were given a $0.0531 dividend. This represents a c) annualized dividend and a dividend yield of 1.4%. The ex-dividend date of this dividend was Monday, August 24th. Grupo Financiero Galicia’s dividend payout ratio (DPR) is 23.67%.

Insider Activity at Grupo Financiero Galicia

In other news, Director Silvestre Moret bought 224,000 shares of the firm’s stock in a transaction dated Wednesday, July 8th. The stock was acquired at an average price of $5.36 per share, for a total transaction of $1,200,640.00. Following the acquisition, the director owned 3,000,000 shares of the company’s stock, valued at $16,080,000. This trade represents a 8.07% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. In the last quarter, insiders bought 802,791 shares of company stock valued at $4,253,109.

Analyst Ratings Changes

A number of equities research analysts have recently commented on GGAL shares. JPMorgan Chase & Co. upped their target price on shares of Grupo Financiero Galicia from $72.00 to $85.00 and gave the company an “overweight” rating in a report on Thursday, June 25th. Weiss Ratings cut Grupo Financiero Galicia from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Friday, August 14th. Wall Street Zen raised Grupo Financiero Galicia from a “sell” rating to a “hold” rating in a research note on Saturday, June 27th. Zacks Research upgraded Grupo Financiero Galicia from a “strong sell” rating to a “hold” rating in a research note on Thursday, May 14th. Finally, Itau BBA Securities lowered Grupo Financiero Galicia from an “outperform” rating to a “market perform” rating in a report on Thursday, September 3rd. One analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $68.33.

Grupo Financiero Galicia Profile

Grupo Financiero Galicia is a diversified financial services holding company headquartered in Buenos Aires, Argentina. As one of the country’s largest private-sector financial institutions, the company provides a comprehensive suite of banking, insurance and investment products to individual, small-to-medium enterprise (SME) and corporate clients. Its operations span retail and commercial banking, asset management, leasing, factoring and pension fund administration.

The core banking segment offers deposit and lending services, credit and debit cards, payment solutions and digital banking platforms.