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 report report published on Thursday, MarketBeat.com reports. They currently have $62.00 price target on the bank’s stock, up from their prior price target of $53.00.

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

Banco Macro Stock Up 2.7 %

BMA opened at $52.88 on Thursday. The business’s fifty day moving average is $55.46 and its two-hundred day moving average is $49.94. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.05 and a current ratio of 0.77. The company 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 one year low of $17.30 and a one year high of $68.24.

Banco Macro (NYSE:BMA) last posted its earnings results on Thursday, May 23rd. The bank reported $5.02 EPS for the quarter, topping analysts’ consensus estimates of $2.19 by $2.83. Banco Macro had a return on equity of 37.91% and a net margin of 16.33%. The company had revenue of $1.87 billion for the quarter. Analysts anticipate that Banco Macro will post 11.83 EPS for the current fiscal year.

Banco Macro Increases Dividend

The firm also recently announced a monthly dividend, which will be paid on Friday, August 23rd. Investors of record on Friday, August 16th will be given a dividend of $1.798 per share. The ex-dividend date of this dividend is Friday, August 16th. This is an increase from Banco Macro’s previous monthly dividend of $1.74. This represents a $21.58 annualized dividend and a yield of 40.80%. Banco Macro’s dividend payout ratio is 127.41%.

Institutional Investors Weigh In On Banco Macro

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Candriam S.C.A. acquired a new stake in Banco Macro during the second quarter worth about $43,236,000. Maple Rock Capital Partners Inc. acquired a new stake in shares of Banco Macro in the first quarter valued at about $23,994,000. Ping Capital Management Inc. acquired a new stake in shares of Banco Macro in the second quarter valued at about $12,326,000. Mirae Asset Global Investments Co. Ltd. grew its stake in shares of Banco Macro by 54.3% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 208,944 shares of the bank’s stock valued at $5,997,000 after buying an additional 73,524 shares in the last quarter. Finally, Fourth Sail Capital LP acquired a new stake in shares of Banco Macro in the first quarter valued at about $9,038,000.

About Banco Macro

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.