Macro Bank (NYSE:BMA) Reaches New 52-Week Low – Here’s What Happened

Shares of Macro Bank Inc. (NYSE:BMA) hit a new 52-week low during trading on Thursday. The stock traded as low as $55.53 and last traded at $56.0830, with a volume of 8,290 shares traded. The stock had previously closed at $57.83.

Analysts Set New Price Targets

A number of research analysts have commented on BMA shares. UBS Group reduced their target price on Macro Bank from $130.00 to $90.00 and set a “buy” rating on the stock in a report on Tuesday, October 13th. Itau BBA Securities downgraded Macro Bank from an “outperform” rating to a “market perform” rating in a report on Thursday, September 3rd. Weiss Ratings lowered Macro Bank from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Tuesday, September 29th. Wall Street Zen lowered Macro Bank from a “strong-buy” rating to a “buy” rating in a research report on Saturday, September 5th. Finally, Zacks Research cut Macro Bank from a “strong-buy” rating to a “hold” rating in a research note on Monday, October 26th. Four equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $101.25.

Macro Bank Stock Down 0.8%

The firm’s 50 day simple moving average is $67.47 and its 200 day simple moving average is $79.49. The company has a market cap of $3.63 billion, a price-to-earnings ratio of 12.39, a price-to-earnings-growth ratio of 0.26 and a beta of 1.50. The company has a quick ratio of 1.08, a current ratio of 1.10 and a debt-to-equity ratio of 0.26.

Macro Bank (NYSE:BMA) last posted its earnings results on Thursday, August 20th. The bank reported $2.29 EPS for the quarter, beating the consensus estimate of $1.86 by $0.43. The firm had revenue of $1 billion for the quarter, compared to analysts’ expectations of $946.46 million. Macro Bank had a return on equity of 8.65% and a net margin of 5.95%. Sell-side analysts anticipate that Macro Bank Inc. will post 8.35 EPS for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Farther Finance Advisors LLC increased its holdings in shares of Macro Bank by 93.3% during the third quarter. Farther Finance Advisors LLC now owns 634 shares of the bank’s stock valued at $42,000 after purchasing an additional 306 shares during the period. Global Retirement Partners LLC bought a new stake in shares of Macro Bank during the third quarter valued at about $73,000. NewEdge Advisors LLC bought a new stake in shares of Macro Bank during the second quarter valued at about $310,000. Squarepoint Ops LLC raised its stake in shares of Macro Bank by 36.7% during the second quarter. Squarepoint Ops LLC now owns 4,623 shares of the bank’s stock valued at $428,000 after purchasing an additional 1,242 shares in the last quarter. Finally, Deltec Asset Management LLC lifted its holdings in Macro Bank by 50.7% in the third quarter. Deltec Asset Management LLC now owns 14,570 shares of the bank’s stock worth $975,000 after purchasing an additional 4,900 shares during the period.

About Macro Bank

Macro Bank, formally Banco Macro S.A., is an Argentine financial services company that provides banking products to individuals, businesses and other organizations. Its services include deposit accounts, personal and commercial loans, credit and debit cards, and digital banking, as well as cash-management and other banking services for businesses. The company serves customers across Argentina through its banking network and online channels. Its history dates to 1976, when it began as a financial institution before expanding into commercial banking.