Grupo Financiero Banorte (OTCMKTS:GBOOY) Upgraded by Zacks Investment Research to “Buy”

Grupo Financiero Banorte (OTCMKTS:GBOOYGet Rating) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued to investors on Friday, Zacks.com reports. The brokerage presently has a $36.00 price objective on the stock. Zacks Investment Research‘s target price would suggest a potential upside of 13.03% from the stock’s current price.

According to Zacks, “Grupo Financiero Banorte, S.A.B. de C.V. (GFNorte), is a Mexican banking and financial services holding company. It is one of the largest commercial banks of Mexico by assets and loans, and the largest retirement fund administrator. The Bank operates in four business sectors: Banking, Savings, Brokerage and Other financial services. The Banking division provides current accounts, consumer and commercial loans, as well as credit and debit cards, among others. The Savings division offers products related to insurance and pension schemes. The Brokerage division focuses on the investment funds management and securities trading. The Other financial services division includes leasing, factoring, portfolio management and warehousing, among others. The Bank offers financial products and services to individual and business customers. GFNorte is one of the banks with better quality assets within the Mexican financial system and possesses adequate capitalization and liquidity levels. “

Shares of GBOOY traded down $0.33 during midday trading on Friday, reaching $31.85. The stock had a trading volume of 12,657 shares, compared to its average volume of 61,771. The firm’s 50 day moving average price is $34.97 and its 200-day moving average price is $33.31. The company has a market capitalization of $18.37 billion, a P/E ratio of 10.02, a P/E/G ratio of 0.62 and a beta of 1.20. The company has a debt-to-equity ratio of 0.38, a current ratio of 0.82 and a quick ratio of 0.82. Grupo Financiero Banorte has a 52 week low of $28.54 and a 52 week high of $39.76.

About Grupo Financiero Banorte (Get Rating)

Grupo Financiero Banorte, SAB. de C.V., through its subsidiaries, provides banking and financial products and services in Mexico. The company offers time and demand deposits; car, payroll, consumer, and corporate loans; mortgages; and debit and credit cards. It also provides medical, personal accident, and life insurance products; and retirement fund management services.

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