Macro Bank Inc. (BMA) Upgraded to “Hold” at Zacks Investment Research
Macro Bank Inc. (NYSE:BMA) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued on Friday.
According to Zacks, “Banco Macro Bansud is a leading bank in Argentina. With the most extensive private-sector branch network in the country, Banco Marco provides standard banking products and services to a nationwide customer base. “
Several other brokerages have also recently weighed in on BMA. Credit Suisse Group raised shares of Macro Bank from a “neutral” rating to an “outperform” rating in a research report on Tuesday, June 13th. ValuEngine raised shares of Macro Bank from a “buy” rating to a “strong-buy” rating in a research report on Friday, July 28th. Two investment analysts have rated the stock with a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Macro Bank has an average rating of “Buy” and a consensus price target of $92.75.
Shares of Macro Bank (NYSE:BMA) traded up 2.95% during mid-day trading on Friday, reaching $97.51. 82,591 shares of the company’s stock traded hands. The firm has a market capitalization of $5.79 billion, a price-to-earnings ratio of 14.32 and a beta of 1.39. The stock has a 50-day moving average price of $89.30 and a 200 day moving average price of $86.30. Macro Bank has a 12-month low of $61.12 and a 12-month high of $97.99.
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Several hedge funds have recently added to or reduced their stakes in BMA. Rothschild Investment Corp IL purchased a new stake in shares of Macro Bank during the first quarter worth about $206,000. Nationwide Fund Advisors increased its position in Macro Bank by 24.1% in the first quarter. Nationwide Fund Advisors now owns 67,000 shares of the bank’s stock valued at $5,809,000 after buying an additional 13,000 shares during the last quarter. State of New Jersey Common Pension Fund D increased its position in Macro Bank by 16.1% in the first quarter. State of New Jersey Common Pension Fund D now owns 63,193 shares of the bank’s stock valued at $5,479,000 after buying an additional 8,748 shares during the last quarter. Russell Investments Group Ltd. increased its position in Macro Bank by 4.2% in the first quarter. Russell Investments Group Ltd. now owns 220,418 shares of the bank’s stock valued at $19,109,000 after buying an additional 8,958 shares during the last quarter. Finally, Wells Fargo & Company MN increased its position in Macro Bank by 27.6% in the first quarter. Wells Fargo & Company MN now owns 132,266 shares of the bank’s stock valued at $11,429,000 after buying an additional 28,581 shares during the last quarter. Hedge funds and other institutional investors own 24.18% of the company’s stock.
About Macro Bank
Banco Macro SA is an Argnetina-based financial institution (the Bank) that offers traditional bank products and services to companies, including those operating in regional economies, as well as to individuals. In addition, the Bank performs certain transactions through its subsidiaries, including mainly Banco del Tucuman, Macro Bank Ltd, Macro Securities SA, Macro Fiducia SA and Macro Fondos SGFCI SA.
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