Banco Macro (NYSE:BMA) Trading 9.1% Higher – Here’s What Happened

Shares of Banco Macro S.A. (NYSE:BMA) were up 9.1% on Thursday . The stock traded as high as $106.10 and last traded at $105.54. Approximately 157,569 shares were traded during mid-day trading, a decline of 54% from the average daily volume of 343,362 shares. The stock had previously closed at $96.76.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on the stock. StockNews.com cut shares of Banco Macro from a “buy” rating to a “hold” rating in a research note on Thursday, September 26th. Morgan Stanley upgraded shares of Banco Macro from an “underweight” rating to an “overweight” rating and set a $12.50 target price on the stock in a research report on Monday, December 16th.

Banco Macro Price Performance

The company has a market capitalization of $6.80 billion, a price-to-earnings ratio of 9.33 and a beta of 1.75. The company has a quick ratio of 0.79, a current ratio of 1.02 and a debt-to-equity ratio of 0.13. The company has a 50 day simple moving average of $86.46 and a 200 day simple moving average of $69.37.

Hedge Funds Weigh In On Banco Macro

A number of hedge funds have recently made changes to their positions in the business. Candriam S.C.A. acquired a new stake in Banco Macro in the 2nd quarter valued at $43,236,000. Ping Capital Management Inc. purchased a new position in shares of Banco Macro in the second quarter valued at $12,326,000. TT International Asset Management LTD grew its holdings in Banco Macro by 21.9% during the 3rd quarter. TT International Asset Management LTD now owns 611,476 shares of the bank’s stock valued at $38,828,000 after purchasing an additional 109,793 shares in the last quarter. Marshall Wace LLP lifted its holdings in Banco Macro by 72.3% in the 2nd quarter. Marshall Wace LLP now owns 165,558 shares of the bank’s stock worth $9,491,000 after buying an additional 69,494 shares in the last quarter. Finally, Duquesne Family Office LLC boosted its position in Banco Macro by 30.9% in the 2nd quarter. Duquesne Family Office LLC now owns 273,130 shares of the bank’s stock valued at $15,659,000 after buying an additional 64,400 shares during the last quarter.

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.