Banco Macro (NYSE:BMA) Upgraded by Morgan Stanley to "Overweight" Rating

Banco Macro (NYSE:BMA - Get Free Report) was upgraded by investment analysts at Morgan Stanley from an "underweight" rating to an "overweight" rating in a research report issued to clients and investors on Monday, Marketbeat Ratings reports. The brokerage currently has a $12.50 price target on the bank's stock. Morgan Stanley's price target would indicate a potential downside of 88.30% from the stock's previous close.

BMA has been the topic of several other research reports. JPMorgan Chase & Co. upgraded Banco Macro from an "underweight" rating to a "neutral" rating and increased their price target for the company from $14.00 to $78.00 in a report on Friday, August 30th. StockNews.com cut Banco Macro from a "buy" rating to a "hold" rating in a report on Thursday, September 26th.

Banco Macro Stock Up 14.9 %

Shares of Banco Macro stock traded up $13.85 on Monday, reaching $106.83. The company's stock had a trading volume of 955,568 shares, compared to its average volume of 346,389. Banco Macro has a 52 week low of $24.41 and a 52 week high of $107.98. The firm's fifty day simple moving average is $79.26 and its two-hundred day simple moving average is $65.93. The company has a quick ratio of 0.79, a current ratio of 1.02 and a debt-to-equity ratio of 0.13. The company has a market capitalization of $6.83 billion, a price-to-earnings ratio of 9.13 and a beta of 1.75.

Institutional Trading of Banco Macro

Several institutional investors and hedge funds have recently modified their holdings of the stock. Tidal Investments LLC raised its position in Banco Macro by 139.3% during the 3rd quarter. Tidal Investments LLC now owns 14,904 shares of the bank's stock valued at $946,000 after purchasing an additional 8,675 shares in the last quarter. Virtu Financial LLC purchased a new position in Banco Macro during the 3rd quarter worth $644,000. TT International Asset Management LTD increased its stake in Banco Macro by 21.9% during the 3rd quarter. TT International Asset Management LTD now owns 611,476 shares of the bank's stock valued at $38,828,000 after purchasing an additional 109,793 shares in the last quarter. Y Intercept Hong Kong Ltd raised its stake in Banco Macro by 300.8% in the 3rd quarter. Y Intercept Hong Kong Ltd now owns 15,333 shares of the bank's stock worth $974,000 after acquiring an additional 11,507 shares during the last quarter. Finally, Dorsey Wright & Associates lifted its holdings in shares of Banco Macro by 13.1% during the third quarter. Dorsey Wright & Associates now owns 75,100 shares of the bank's stock worth $4,769,000 after purchasing an additional 8,679 shares during the period.

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, and money transfers.