Grupo Financiero Galicia (NASDAQ:GGAL) Downgraded to "Market Perform" Rating by Itau BBA Securities

Key Points

• Itau BBA Securities downgraded Grupo Financiero Galicia from “outperform” to “market perform.” Overall analyst sentiment is “Hold,” with a consensus target price of $68.33.
• GGAL shares opened at $45.01, compared with a 52-week range of $25.89 to $62.51. The company reported quarterly EPS of $1.14 and revenue of $1.87 billion, exceeding analyst estimates.
• Insiders acquired 802,791 shares worth approximately $4.25 million over the past 90 days, while several institutional investors—including Amundi, RBC and Lazard—also increased their holdings.

Grupo Financiero Galicia (NASDAQ:GGAL - Get Free Report) was downgraded by Itau BBA Securities from an "outperform" rating to a "market perform" rating in a research report issued on Thursday, Marketbeat reports.

Several other brokerages have also recently commented on GGAL. Zacks Research upgraded shares of Grupo Financiero Galicia from a "strong sell" rating to a "hold" rating in a research note on Thursday, May 14th. Wall Street Zen upgraded Grupo Financiero Galicia from a "sell" rating to a "hold" rating in a research report on Saturday, June 27th. Weiss Ratings cut Grupo Financiero Galicia from a "hold (c-)" rating to a "sell (d+)" rating in a report on Friday, August 14th. Finally, JPMorgan Chase & Co. boosted their target price on Grupo Financiero Galicia from $72.00 to $85.00 and gave the stock an "overweight" rating in a research report on Thursday, June 25th. One investment analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, four have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, Grupo Financiero Galicia presently has an average rating of "Hold" and a consensus target price of $68.33.

Grupo Financiero Galicia Price Performance

GGAL stock opened at $45.01 on Thursday. Grupo Financiero Galicia has a 1-year low of $25.89 and a 1-year high of $62.51. The business has a 50 day simple moving average of $47.79 and a two-hundred day simple moving average of $46.81. The company has a market capitalization of $7.23 billion, a price-to-earnings ratio of 18.37, a PEG ratio of 0.23 and a beta of 1.29.

Grupo Financiero Galicia (NASDAQ:GGAL - Get Free Report) last released its earnings results on Tuesday, August 25th. The bank reported $1.14 EPS for the quarter, topping the consensus estimate of $0.98 by $0.16. The company had revenue of $1.87 billion during the quarter, compared to analysts' expectations of $1.70 billion. Sell-side analysts anticipate that Grupo Financiero Galicia will post 3.94 EPS for the current fiscal year.

Insider Transactions at Grupo Financiero Galicia

In other news, Director Silvestre Vila Moret bought 224,000 shares of Grupo Financiero Galicia stock in a transaction dated Wednesday, July 8th. The shares were acquired at an average price of $5.36 per share, with a total value of $1,200,640.00. Following the completion of the purchase, the director owned 3,000,000 shares in the company, valued at $16,080,000. The trade was a 8.07% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders acquired 802,791 shares of company stock valued at $4,253,109 in the last ninety days.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the business. Quantitative Investment Management LLC bought a new stake in shares of Grupo Financiero Galicia during the 2nd quarter worth approximately $490,000. Amundi lifted its position in shares of Grupo Financiero Galicia by 11.9% during the first quarter. Amundi now owns 149,789 shares of the bank's stock worth $6,997,000 after purchasing an additional 15,962 shares during the last quarter. Royal Bank of Canada boosted its stake in shares of Grupo Financiero Galicia by 9.1% during the first quarter. Royal Bank of Canada now owns 44,531 shares of the bank's stock valued at $2,080,000 after purchasing an additional 3,729 shares during the period. Lazard Asset Management LLC boosted its stake in shares of Grupo Financiero Galicia by 4.8% during the first quarter. Lazard Asset Management LLC now owns 165,572 shares of the bank's stock valued at $7,734,000 after purchasing an additional 7,603 shares during the period. Finally, Turim 21 Investimentos Ltda. grew its holdings in shares of Grupo Financiero Galicia by 74.4% in the first quarter. Turim 21 Investimentos Ltda. now owns 41,586 shares of the bank's stock worth $1,942,000 after purchasing an additional 17,746 shares during the last quarter.

About Grupo Financiero Galicia

Grupo Financiero Galicia is a diversified financial services holding company headquartered in Buenos Aires, Argentina. As one of the country's largest private-sector financial institutions, the company provides a comprehensive suite of banking, insurance and investment products to individual, small-to-medium enterprise (SME) and corporate clients. Its operations span retail and commercial banking, asset management, leasing, factoring and pension fund administration.

The core banking segment offers deposit and lending services, credit and debit cards, payment solutions and digital banking platforms.

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