Analysts Set Banco Macro SA ADR (NYSE:BMA) Target Price at $58.00

Shares of Banco Macro SA ADR (NYSE:BMA) have been assigned an average recommendation of “Hold” from the nine brokerages that are presently covering the company, Marketbeat.com reports. Three investment analysts have rated the stock with a sell rating, three have assigned a hold rating and two have given a buy rating to the company. The average 12 month target price among brokerages that have issued ratings on the stock in the last year is $58.00.

A number of research analysts recently issued reports on BMA shares. JPMorgan Chase & Co. raised their price target on Banco Macro from $57.00 to $61.00 and gave the stock a “neutral” rating in a research note on Monday, July 22nd. Scotiabank started coverage on Banco Macro in a research note on Wednesday, August 7th. They set an “underperform” rating and a $55.00 price target on the stock. Morgan Stanley downgraded Banco Macro from an “overweight” rating to an “underweight” rating in a research note on Monday, August 12th. HSBC downgraded Banco Macro from a “buy” rating to a “hold” rating in a research note on Wednesday, June 5th. Finally, Zacks Investment Research downgraded Banco Macro from a “buy” rating to a “hold” rating in a research note on Wednesday, July 24th.

NYSE:BMA traded down $2.30 during mid-day trading on Friday, reaching $30.91. 987,138 shares of the stock were exchanged, compared to its average volume of 1,048,062. The company has a 50 day simple moving average of $61.47 and a 200-day simple moving average of $54.35. The stock has a market capitalization of $2.07 billion, a P/E ratio of 3.95 and a beta of 0.71. The company has a quick ratio of 1.08, a current ratio of 0.98 and a debt-to-equity ratio of 0.41. Banco Macro has a 1 year low of $30.81 and a 1 year high of $77.31.

Several hedge funds have recently made changes to their positions in BMA. Legal & General Group Plc grew its holdings in Banco Macro by 214.4% in the 4th quarter. Legal & General Group Plc now owns 34,300 shares of the bank’s stock worth $1,517,000 after acquiring an additional 23,391 shares during the last quarter. FMR LLC grew its holdings in Banco Macro by 5.1% in the 4th quarter. FMR LLC now owns 39,667 shares of the bank’s stock worth $1,754,000 after acquiring an additional 1,907 shares during the last quarter. Deutsche Bank AG grew its holdings in Banco Macro by 18.3% in the 4th quarter. Deutsche Bank AG now owns 40,224 shares of the bank’s stock worth $1,778,000 after acquiring an additional 6,222 shares during the last quarter. Avalon Advisors LLC grew its holdings in Banco Macro by 6.5% in the 1st quarter. Avalon Advisors LLC now owns 27,080 shares of the bank’s stock worth $1,239,000 after acquiring an additional 1,642 shares during the last quarter. Finally, BNP Paribas Arbitrage SA grew its holdings in Banco Macro by 5.2% in the 1st quarter. BNP Paribas Arbitrage SA now owns 63,740 shares of the bank’s stock worth $2,917,000 after acquiring an additional 3,134 shares during the last quarter. Institutional investors own 26.02% of the company’s stock.

About Banco Macro

Banco Macro SA provides various banking products and services to individuals and corporate customers in Argentina. It offers various retail 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 (ATMs), and money transfers.

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Analyst Recommendations for Banco Macro (NYSE:BMA)

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