Grupo Financiero Galicia (NASDAQ:GGAL) Cut to Strong Sell at Zacks Research

Zacks Research cut shares of Grupo Financiero Galicia (NASDAQ:GGAL) from a hold rating to a strong sell rating in a research note released on Monday morning,Zacks.com reports.

GGAL has been the subject of several other reports. UBS Group assumed coverage on Grupo Financiero Galicia in a report on Wednesday, November 19th. They issued a “hold” rating and a $60.00 target price for the company. Citigroup raised shares of Grupo Financiero Galicia from a “neutral” rating to a “buy” rating in a report on Monday, November 3rd. The Goldman Sachs Group raised shares of Grupo Financiero Galicia to a “hold” rating in a research note on Monday, November 10th. JPMorgan Chase & Co. raised Grupo Financiero Galicia from a “neutral” rating to an “overweight” rating and raised their price target for the company from $46.00 to $75.00 in a report on Tuesday, October 28th. Finally, Weiss Ratings reiterated a “sell (d+)” rating on shares of Grupo Financiero Galicia in a research report on Monday, December 29th. One equities research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, two have issued a Hold rating and two have given a Sell rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $66.25.

Grupo Financiero Galicia Trading Down 1.2%

GGAL opened at $50.86 on Monday. The company has a fifty day moving average price of $52.73 and a two-hundred day moving average price of $46.17. The company has a market cap of $7.50 billion, a P/E ratio of 25.69 and a beta of 1.44. Grupo Financiero Galicia has a 1-year low of $25.89 and a 1-year high of $66.24.

Grupo Financiero Galicia Increases Dividend

The company also recently announced a monthly dividend, which was paid on Monday, February 9th. Investors of record on Monday, February 2nd were issued a $0.1455 dividend. The ex-dividend date of this dividend was Monday, February 2nd. This represents a c) annualized dividend and a yield of 3.4%. This is a positive change from Grupo Financiero Galicia’s previous monthly dividend of $0.14. Grupo Financiero Galicia’s payout ratio is currently 88.38%.

Institutional Trading of Grupo Financiero Galicia

A number of large investors have recently added to or reduced their stakes in GGAL. RWC Asset Advisors US LLC lifted its holdings in Grupo Financiero Galicia by 848.1% in the third quarter. RWC Asset Advisors US LLC now owns 1,540,187 shares of the bank’s stock valued at $42,448,000 after acquiring an additional 1,377,735 shares during the period. TT International Asset Management LTD purchased a new position in Grupo Financiero Galicia during the fourth quarter valued at $47,035,000. Aquamarine Financial Cayman Ltd boosted its holdings in Grupo Financiero Galicia by 57.9% in the 4th quarter. Aquamarine Financial Cayman Ltd now owns 2,092,309 shares of the bank’s stock worth $113,133,000 after buying an additional 767,309 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in shares of Grupo Financiero Galicia by 52.2% during the second quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,937,465 shares of the bank’s stock worth $97,629,000 after purchasing an additional 664,533 shares in the last quarter. Finally, RWC Asset Management LLP boosted its position in Grupo Financiero Galicia by 240.3% during the third quarter. RWC Asset Management LLP now owns 826,175 shares of the bank’s stock worth $22,769,000 after acquiring an additional 583,403 shares during the last quarter.

About Grupo Financiero Galicia

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.