Grupo Financiero Galicia S.A. (NASDAQ:GGAL) Sees Large Growth in Short Interest

Grupo Financiero Galicia S.A. (NASDAQ:GGAL) saw a large growth in short interest in October. As of October 15th, there was short interest totalling 3,790,000 shares, a growth of 5.9% from the September 30th total of 3,580,000 shares. Approximately 3.2% of the shares of the company are short sold. Based on an average daily trading volume, of 1,040,000 shares, the days-to-cover ratio is currently 3.6 days.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the business. Ping Capital Management Inc. purchased a new stake in shares of Grupo Financiero Galicia in the 2nd quarter worth $23,611,000. William Blair Investment Management LLC bought a new position in shares of Grupo Financiero Galicia in the second quarter worth about $8,573,000. BNP Paribas Financial Markets raised its stake in shares of Grupo Financiero Galicia by 266.5% in the first quarter. BNP Paribas Financial Markets now owns 338,939 shares of the bank’s stock worth $8,616,000 after buying an additional 246,452 shares during the period. PEAK6 Investments LLC lifted its position in shares of Grupo Financiero Galicia by 135.8% during the 1st quarter. PEAK6 Investments LLC now owns 64,480 shares of the bank’s stock valued at $1,639,000 after buying an additional 244,580 shares in the last quarter. Finally, INCA Investments LLC grew its stake in shares of Grupo Financiero Galicia by 27.6% during the 1st quarter. INCA Investments LLC now owns 1,078,149 shares of the bank’s stock valued at $27,407,000 after acquiring an additional 232,980 shares during the period.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on GGAL. StockNews.com lowered Grupo Financiero Galicia from a “buy” rating to a “hold” rating in a research report on Monday. Citigroup raised shares of Grupo Financiero Galicia from a “neutral” rating to a “buy” rating and set a $54.00 price objective for the company in a report on Wednesday, September 4th. JPMorgan Chase & Co. upgraded shares of Grupo Financiero Galicia from an “underweight” rating to an “overweight” rating and set a $54.00 target price on the stock in a report on Friday, August 30th. Finally, Bank of America upgraded shares of Grupo Financiero Galicia from an “underperform” rating to a “buy” rating and boosted their target price for the company from $28.00 to $36.00 in a research note on Thursday, August 8th.

Grupo Financiero Galicia Stock Down 2.4 %

Grupo Financiero Galicia stock opened at $52.26 on Thursday. Grupo Financiero Galicia has a 52-week low of $10.76 and a 52-week high of $55.61. The company has a market cap of $7.71 billion, a P/E ratio of 7.37 and a beta of 1.93. The business has a 50-day simple moving average of $44.19 and a two-hundred day simple moving average of $36.10.

Grupo Financiero Galicia Increases Dividend

The firm also recently announced a — dividend, which was paid on Monday, August 26th. Investors of record on Monday, August 19th were given a dividend of $0.7248 per share. This is a positive change from Grupo Financiero Galicia’s previous — dividend of $0.14. The ex-dividend date was Monday, August 19th. Grupo Financiero Galicia’s payout ratio is 33.29%.

Grupo Financiero Galicia Company Profile

Grupo Financiero Galicia SA, a financial service holding company, provides various financial products and services to individuals and companies in Argentina. The company operates through Banks, NaranjaX, Insurance, and Other Businesses segments. It also offers personal loans; express and mortgage loans; pledge and credit card loans; credit and debit cards; and online banking services, as well as savings, deposits, and checking accounts related services.