Chesapeake Asset Management LLC Lowers Stake in Grupo Financiero Galicia S.A. $GGAL

Chesapeake Asset Management LLC reduced its position in Grupo Financiero Galicia S.A. (NASDAQ:GGAL) by 33.3% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 38,883 shares of the bank’s stock after selling 19,441 shares during the quarter. Grupo Financiero Galicia makes up about 1.0% of Chesapeake Asset Management LLC’s investment portfolio, making the stock its 23rd largest holding. Chesapeake Asset Management LLC’s holdings in Grupo Financiero Galicia were worth $1,077,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of GGAL. SBI Securities Co. Ltd. lifted its stake in shares of Grupo Financiero Galicia by 240.5% during the 2nd quarter. SBI Securities Co. Ltd. now owns 1,202 shares of the bank’s stock valued at $61,000 after buying an additional 849 shares in the last quarter. Raymond James Financial Inc. bought a new stake in Grupo Financiero Galicia during the second quarter valued at about $151,000. Blue Trust Inc. lifted its position in shares of Grupo Financiero Galicia by 184.7% in the second quarter. Blue Trust Inc. now owns 3,528 shares of the bank’s stock valued at $178,000 after acquiring an additional 2,289 shares in the last quarter. Bayforest Capital Ltd bought a new position in shares of Grupo Financiero Galicia in the second quarter worth about $269,000. Finally, Vontobel Holding Ltd. boosted its stake in shares of Grupo Financiero Galicia by 171.4% in the third quarter. Vontobel Holding Ltd. now owns 11,227 shares of the bank’s stock worth $309,000 after acquiring an additional 7,091 shares during the period.

Grupo Financiero Galicia Stock Up 2.4%

NASDAQ GGAL opened at $55.59 on Monday. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.16 and a current ratio of 1.16. The company has a market capitalization of $8.20 billion, a P/E ratio of 28.08 and a beta of 1.45. Grupo Financiero Galicia S.A. has a one year low of $25.89 and a one year high of $74.00. The stock has a 50 day moving average price of $50.69 and a 200-day moving average price of $45.51.

Grupo Financiero Galicia Increases Dividend

The firm also recently disclosed a monthly dividend, which will be paid on Monday, January 5th. Shareholders of record on Monday, December 29th will be given a dividend of $0.1423 per share. This represents a c) annualized dividend and a yield of 3.1%. This is an increase from Grupo Financiero Galicia’s previous monthly dividend of $0.14. The ex-dividend date is Monday, December 29th. Grupo Financiero Galicia’s dividend payout ratio (DPR) is 85.35%.

Analysts Set New Price Targets

GGAL has been the topic of a number of research analyst reports. HSBC assumed coverage on Grupo Financiero Galicia in a report on Wednesday, October 1st. They issued a “buy” rating and a $60.00 price target on the stock. Citigroup upgraded shares of Grupo Financiero Galicia from a “neutral” rating to a “buy” rating in a research report on Monday, November 3rd. Weiss Ratings restated a “sell (d+)” rating on shares of Grupo Financiero Galicia in a research report on Monday, December 22nd. JPMorgan Chase & Co. raised shares of Grupo Financiero Galicia from a “neutral” rating to an “overweight” rating and raised their target price for the company from $46.00 to $75.00 in a research note on Tuesday, October 28th. Finally, UBS Group assumed coverage on shares of Grupo Financiero Galicia in a report on Wednesday, November 19th. They issued a “hold” rating and a $60.00 price target on the stock. One research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, two have assigned a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, the company has a consensus rating of “Hold” and an average price target of $66.25.

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.