Banco Macro (NYSE:BMA) Hits New 52-Week High – What’s Next?

Banco Macro S.A. (NYSE:BMA) shares hit a new 52-week high during trading on Tuesday . The company traded as high as $108.14 and last traded at $107.40, with a volume of 54711 shares. The stock had previously closed at $106.83.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on BMA. JPMorgan Chase & Co. upgraded shares of Banco Macro from an “underweight” rating to a “neutral” rating and increased their target price for the stock from $14.00 to $78.00 in a research report on Friday, August 30th. Morgan Stanley raised Banco Macro from an “underweight” rating to an “overweight” rating and set a $12.50 price objective on the stock in a report on Monday. Finally, StockNews.com lowered Banco Macro from a “buy” rating to a “hold” rating in a research note on Thursday, September 26th.

Banco Macro Trading Down 8.3 %

The company has a market capitalization of $6.23 billion, a P/E ratio of 8.54 and a beta of 1.75. The business has a 50 day moving average price of $81.37 and a 200 day moving average price of $66.71. The company has a current ratio of 1.02, a quick ratio of 0.79 and a debt-to-equity ratio of 0.13.

Hedge Funds Weigh In On Banco Macro

Several institutional investors and hedge funds have recently made changes to their positions in BMA. Duquesne Family Office LLC grew its stake in Banco Macro by 30.9% in the second quarter. Duquesne Family Office LLC now owns 273,130 shares of the bank’s stock valued at $15,659,000 after acquiring an additional 64,400 shares during the period. Candriam S.C.A. bought a new position in shares of Banco Macro during the 2nd quarter valued at about $43,236,000. Marshall Wace LLP grew its position in shares of 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 purchasing an additional 69,494 shares during the period. Point72 Asset Management L.P. bought a new stake in Banco Macro during the 3rd quarter worth approximately $826,000. Finally, Y Intercept Hong Kong Ltd raised its holdings in Banco Macro by 300.8% during the 3rd quarter. Y Intercept Hong Kong Ltd now owns 15,333 shares of the bank’s stock worth $974,000 after buying an additional 11,507 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.