Banco Macro (NYSE:BMA) Sets New 1-Year High – Still a Buy?

Shares of Banco Macro S.A. (NYSE:BMA) hit a new 52-week high on Wednesday . The stock traded as high as $90.78 and last traded at $90.67, with a volume of 478885 shares. The stock had previously closed at $84.16.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on BMA shares. JPMorgan Chase & Co. upgraded shares of Banco Macro from an “underweight” rating to a “neutral” rating and boosted their target price for the company from $14.00 to $78.00 in a report on Friday, August 30th. StockNews.com downgraded Banco Macro from a “buy” rating to a “hold” rating in a report on Thursday, September 26th.

Banco Macro Price Performance

The company has a current ratio of 1.02, a quick ratio of 0.79 and a debt-to-equity ratio of 0.13. The business has a 50-day moving average price of $77.80 and a two-hundred day moving average price of $65.27. The firm has a market capitalization of $5.80 billion, a price-to-earnings ratio of 7.95 and a beta of 1.75.

Hedge Funds Weigh In On Banco Macro

Several large investors have recently bought and sold shares of the stock. Duquesne Family Office LLC raised its holdings in Banco Macro by 30.9% during the second quarter. Duquesne Family Office LLC now owns 273,130 shares of the bank’s stock worth $15,659,000 after purchasing an additional 64,400 shares in the last quarter. Candriam S.C.A. bought a new position in Banco Macro during the second quarter valued at about $43,236,000. Marshall Wace LLP grew its holdings in Banco Macro by 72.3% during the second quarter. Marshall Wace LLP now owns 165,558 shares of the bank’s stock worth $9,491,000 after acquiring an additional 69,494 shares during the period. Dorsey Wright & Associates raised its position in Banco Macro by 13.1% in the third quarter. Dorsey Wright & Associates now owns 75,100 shares of the bank’s stock worth $4,769,000 after acquiring an additional 8,679 shares in the last quarter. Finally, Freedom Investment Management Inc. acquired a new stake in Banco Macro in the 3rd quarter valued at about $573,000.

Banco Macro Company Profile

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.