Itau BBA Securities Initiates Coverage on Banco Macro (NYSE:BMA)

Equities researchers at Itau BBA Securities started coverage on shares of Banco Macro (NYSE:BMA - Get Free Report) in a research report issued on Tuesday, MarketBeat.com reports. The brokerage set a "market perform" rating and a $85.00 price target on the bank's stock. Itau BBA Securities' target price indicates a potential downside of 9.87% from the stock's previous close.

Separately, JPMorgan Chase & Co. upped their price objective on Banco Macro from $78.00 to $89.00 and gave the company a "neutral" rating in a research note on Monday, April 21st. Four analysts have rated the stock with a hold rating and one has given a buy rating to the stock. According to data from MarketBeat.com, Banco Macro has a consensus rating of "Hold" and an average target price of $62.13.

Banco Macro Stock Up 1.4%

Shares of BMA traded up $1.31 during trading hours on Tuesday, hitting $94.31. 194,111 shares of the company were exchanged, compared to its average volume of 325,130. The company has a market cap of $6.03 billion, a PE ratio of 8.27 and a beta of 1.73. The firm's 50 day moving average is $84.80 and its 200-day moving average is $90.08. Banco Macro has a 52 week low of $42.23 and a 52 week high of $118.42. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.79 and a current ratio of 1.02.

Hedge Funds Weigh In On Banco Macro

Several hedge funds have recently modified their holdings of BMA. Jump Financial LLC lifted its position in Banco Macro by 201.8% during the fourth quarter. Jump Financial LLC now owns 24,992 shares of the bank's stock worth $2,418,000 after acquiring an additional 16,710 shares during the last quarter. HUB Investment Partners LLC bought a new stake in shares of Banco Macro in the fourth quarter valued at approximately $326,000. D.A. Davidson & CO. bought a new stake in shares of Banco Macro in the fourth quarter valued at approximately $284,000. JGP Global Gestao de Recursos Ltda. bought a new stake in shares of Banco Macro in the fourth quarter valued at approximately $834,000. Finally, Activest Wealth Management bought a new stake in shares of Banco Macro in the fourth quarter valued at approximately $981,000.

About Banco Macro

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.