Macro Bank (NYSE:BMA) Rating Increased to Buy at Citigroup

Citigroup upgraded shares of Macro Bank (NYSE:BMA) from a neutral rating to a buy rating in a research note published on Monday,Benzinga reports.

Several other equities analysts have also recently issued reports on the stock. Zacks Research cut shares of Macro Bank from a “hold” rating to a “strong sell” rating in a research report on Friday, August 29th. Hsbc Global Res upgraded shares of Macro Bank to a “strong-buy” rating in a research report on Wednesday, October 1st. Itau BBA Securities upgraded shares of Macro Bank from a “market perform” rating to an “outperform” rating in a research report on Monday, October 27th. Weiss Ratings restated a “hold (c-)” rating on shares of Macro Bank in a research report on Wednesday, October 8th. Finally, JPMorgan Chase & Co. upped their price target on shares of Macro Bank from $79.00 to $120.00 and gave the company an “overweight” rating in a research report on Tuesday, October 28th. One analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, Macro Bank currently has an average rating of “Moderate Buy” and a consensus target price of $74.38.

Macro Bank Trading Up 0.6%

Shares of NYSE BMA opened at $90.99 on Monday. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.13 and a current ratio of 1.13. Macro Bank has a 52-week low of $38.30 and a 52-week high of $118.42. The firm has a 50 day moving average price of $53.91 and a two-hundred day moving average price of $69.14. The stock has a market cap of $5.81 billion, a P/E ratio of 22.14, a price-to-earnings-growth ratio of 1.59 and a beta of 1.54.

Macro Bank (NYSE:BMA) last announced its quarterly earnings results on Wednesday, August 27th. The bank reported $1.95 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.99 by ($0.04). Macro Bank had a net margin of 8.32% and a return on equity of 10.99%. The business had revenue of $834.78 million during the quarter, compared to analyst estimates of $752.51 million. As a group, equities analysts forecast that Macro Bank will post 7.84 EPS for the current year.

Macro Bank Cuts Dividend

The company also recently disclosed a monthly dividend, which was paid on Monday, October 27th. Stockholders of record on Monday, October 20th were given a dividend of $0.3051 per share. The ex-dividend date was Monday, October 20th. This represents a c) annualized dividend and a dividend yield of 4.0%. Macro Bank’s dividend payout ratio is 89.05%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of BMA. GAMMA Investing LLC boosted its stake in Macro Bank by 31.3% during the first quarter. GAMMA Investing LLC now owns 1,029 shares of the bank’s stock worth $78,000 after acquiring an additional 245 shares in the last quarter. Cambridge Investment Research Advisors Inc. bought a new position in Macro Bank during the first quarter worth $557,000. Mirae Asset Global Investments Co. Ltd. bought a new position in Macro Bank during the first quarter worth $31,000. Allspring Global Investments Holdings LLC boosted its stake in Macro Bank by 11.1% during the first quarter. Allspring Global Investments Holdings LLC now owns 56,568 shares of the bank’s stock worth $4,271,000 after acquiring an additional 5,629 shares in the last quarter. Finally, Diversify Wealth Management LLC boosted its stake in Macro Bank by 18.0% during the first quarter. Diversify Wealth Management LLC now owns 22,323 shares of the bank’s stock worth $1,686,000 after acquiring an additional 3,401 shares in the last quarter.

About Macro Bank

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, and money transfers.