Macro Bank (NYSE:BMA) Shares Down 11.2% on Analyst Downgrade

Shares of Macro Bank Inc. (NYSE:BMA) dropped 11.2% during mid-day trading on Monday after Zacks Research downgraded the stock from a strong-buy rating to a hold rating. The stock traded as low as $58.01 and last traded at $58.6420. 79,487 shares were traded during mid-day trading, a decline of 74% from the average daily volume of 306,930 shares. The stock had previously closed at $66.04.

Several other research analysts have also issued reports on BMA. Wall Street Zen lowered shares of Macro Bank from a “strong-buy” rating to a “buy” rating in a research note on Saturday, September 5th. Weiss Ratings cut shares of Macro Bank from a “hold (c-)” rating to a “sell (d+)” rating in a report on Tuesday, September 29th. Itau BBA Securities downgraded shares of Macro Bank from an “outperform” rating to a “market perform” rating in a research note on Thursday, September 3rd. Finally, UBS Group dropped their price objective on shares of Macro Bank from $130.00 to $90.00 and set a “buy” rating on the stock in a report on Tuesday, October 13th. Five research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $101.25.

Hedge Funds Weigh In On Macro Bank

A number of large investors have recently modified their holdings of BMA. Engineers Gate Manager LP bought a new position in shares of Macro Bank in the second quarter valued at $1,418,000. Absolute Gestao de Investimentos Ltda. acquired a new position in shares of Macro Bank during the first quarter valued at about $7,815,000. Militia Capital Management LLC acquired a new position in shares of Macro Bank during the first quarter valued at about $2,932,000. Hsbc Holdings PLC increased its position in shares of Macro Bank by 85.7% during the fourth quarter. Hsbc Holdings PLC now owns 37,228 shares of the bank’s stock worth $3,315,000 after acquiring an additional 17,185 shares in the last quarter. Finally, ABS Direct Equity Fund LLC bought a new stake in shares of Macro Bank during the second quarter worth about $2,268,000.

Macro Bank Stock Down 0.2%

The company has a market capitalization of $3.95 billion, a P/E ratio of 13.51 and a beta of 1.37. The firm’s 50-day moving average price is $71.27 and its 200 day moving average price is $81.43.

Macro Bank (NYSE:BMA) last announced its quarterly earnings results on Thursday, August 20th. The bank reported $2.29 earnings per share for the quarter, beating the consensus estimate of $1.86 by $0.43. The business had revenue of $1 billion during the quarter, compared to the consensus estimate of $946.46 million. As a group, equities research analysts expect that Macro Bank Inc. will post 8.35 EPS for the current year.

About Macro Bank

Banco Macro SA is an Argentine financial institution headquartered in Buenos Aires and listed on the New York Stock Exchange under the symbol BMA. The bank provides banking and financial services to individuals, small and medium-sized businesses, corporate customers and public-sector entities throughout Argentina.

Its offerings include deposit accounts, personal and commercial loans, credit and debit cards, insurance, investment and cash-management products, foreign-exchange services and electronic banking.