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Banco Macro (NYSE:BMA) Shares Up 9.1% - Here's Why

Banco Macro logo with Finance background

Shares of Banco Macro S.A. (NYSE:BMA - Get Free Report) traded up 9.1% on Thursday . The stock traded as high as $106.10 and last traded at $105.54. 157,569 shares traded hands during trading, a decline of 54% from the average session volume of 343,362 shares. The stock had previously closed at $96.76.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on BMA. Morgan Stanley upgraded Banco Macro from an "underweight" rating to an "overweight" rating and set a $12.50 price objective on the stock in a research report on Monday, December 16th. StockNews.com downgraded Banco Macro from a "buy" rating to a "hold" rating in a research note on Thursday, September 26th.

Get Our Latest Research Report on Banco Macro

Banco Macro Stock Up 12.8 %

The stock has a 50-day moving average of $87.10 and a 200-day moving average of $69.64. The company has a current ratio of 1.02, a quick ratio of 0.79 and a debt-to-equity ratio of 0.13. The firm has a market cap of $6.98 billion, a price-to-earnings ratio of 9.57 and a beta of 1.75.

Institutional Trading of Banco Macro

A number of institutional investors and hedge funds have recently made changes to their positions in BMA. Candriam S.C.A. acquired a new position in shares of Banco Macro during the second quarter worth approximately $43,236,000. TT International Asset Management LTD raised its holdings in shares of Banco Macro by 21.9% during the third quarter. TT International Asset Management LTD now owns 611,476 shares of the bank's stock worth $38,828,000 after acquiring an additional 109,793 shares during the period. Duquesne Family Office LLC boosted its stake in Banco Macro by 30.9% in the 2nd quarter. Duquesne Family Office LLC now owns 273,130 shares of the bank's stock worth $15,659,000 after purchasing an additional 64,400 shares during the period. Ping Capital Management Inc. acquired a new position in shares of Banco Macro during the second quarter worth about $12,326,000. Finally, Marshall Wace LLP raised its position in Banco Macro by 72.3% in the 2nd quarter. Marshall Wace LLP now owns 165,558 shares of the bank's stock valued at $9,491,000 after buying an additional 69,494 shares during the last quarter.

Banco Macro Company Profile

(Get Free Report)

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.

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