Morgan Stanley Upgrades Banco Macro (NYSE:BMA) to “Overweight”

Banco Macro (NYSE:BMA) was upgraded by investment analysts at Morgan Stanley from an “underweight” rating to an “overweight” rating in a note issued to investors on Monday, Marketbeat reports. The firm presently has a $12.50 price target on the bank’s stock. Morgan Stanley’s price target would indicate a potential downside of 88.24% from the stock’s previous close.

Other equities analysts have also issued reports about the company. StockNews.com lowered Banco Macro from a “buy” rating to a “hold” rating in a research report on Thursday, September 26th. JPMorgan Chase & Co. raised shares of Banco Macro from an “underweight” rating to a “neutral” rating and boosted their price objective for the company from $14.00 to $78.00 in a research report on Friday, August 30th.

Banco Macro Trading Down 0.5 %

NYSE:BMA opened at $106.26 on Monday. The business’s 50-day moving average is $80.09 and its two-hundred day moving average is $66.22. The firm has a market capitalization of $6.79 billion, a PE ratio of 9.30 and a beta of 1.75. Banco Macro has a 12 month low of $24.41 and a 12 month high of $108.91. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.02 and a quick ratio of 0.79.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the business. Tidal Investments LLC grew its position in Banco Macro by 139.3% in the 3rd quarter. Tidal Investments LLC now owns 14,904 shares of the bank’s stock valued at $946,000 after buying an additional 8,675 shares in the last quarter. Virtu Financial LLC bought a new position in shares of Banco Macro in the third quarter valued at approximately $644,000. TT International Asset Management LTD increased its stake 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 valued at $38,828,000 after acquiring an additional 109,793 shares during the period. Y Intercept Hong Kong Ltd increased its stake in shares of Banco Macro by 300.8% during the third quarter. Y Intercept Hong Kong Ltd now owns 15,333 shares of the bank’s stock valued at $974,000 after acquiring an additional 11,507 shares during the period. Finally, Dorsey Wright & Associates raised its holdings in 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 in the last quarter.

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.