Grupo Financiero Galicia (NASDAQ:GGAL) Shares Down 6.8% – Here’s Why

Grupo Financiero Galicia S.A. (NASDAQ:GGAL) shares dropped 6.8% during mid-day trading on Tuesday . The company traded as low as $54.60 and last traded at $54.36. Approximately 664,201 shares traded hands during mid-day trading, a decline of 36% from the average daily volume of 1,039,527 shares. The stock had previously closed at $58.30.

Wall Street Analysts Forecast Growth

Separately, Morgan Stanley raised Grupo Financiero Galicia from an “underweight” rating to an “overweight” rating and set a $92.00 target price for the company in a report on Monday, December 16th. One analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $59.00.

Grupo Financiero Galicia Stock Performance

The firm has a market capitalization of $8.31 billion, a P/E ratio of 8.30 and a beta of 1.85. The stock has a 50-day moving average of $62.35 and a 200 day moving average of $56.56. The company has a debt-to-equity ratio of 0.10, a quick ratio of 1.11 and a current ratio of 1.11.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the company. Hsbc Holdings PLC boosted its position in Grupo Financiero Galicia by 9,082.3% in the 4th quarter. Hsbc Holdings PLC now owns 11,492,127 shares of the bank’s stock valued at $721,935,000 after buying an additional 11,366,972 shares during the last quarter. Axiom Investors LLC DE boosted its position in shares of Grupo Financiero Galicia by 1,723.9% in the 4th quarter. Axiom Investors LLC DE now owns 1,520,960 shares of the bank’s stock worth $94,786,000 after purchasing an additional 1,437,570 shares during the last quarter. Canada Pension Plan Investment Board bought a new position in shares of Grupo Financiero Galicia in the 4th quarter worth $78,711,000. Jennison Associates LLC boosted its position in shares of Grupo Financiero Galicia by 2.2% in the 4th quarter. Jennison Associates LLC now owns 1,248,936 shares of the bank’s stock worth $77,834,000 after purchasing an additional 27,353 shares during the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in shares of Grupo Financiero Galicia by 19.1% in the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,222,938 shares of the bank’s stock worth $76,213,000 after purchasing an additional 196,270 shares during the last quarter.

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.