Banco Macro (NYSE:BMA) Trading Down 4.2% After Earnings Miss

Shares of Banco Macro S.A. (NYSE:BMA - Get Free Report) were down 4.2% during trading on Thursday after the company announced weaker than expected quarterly earnings. The company traded as low as $85.58 and last traded at $85.99. Approximately 199,310 shares changed hands during trading, a decline of 38% from the average daily volume of 323,570 shares. The stock had previously closed at $89.77.

The bank reported $0.65 EPS for the quarter, missing analysts' consensus estimates of $1.76 by ($1.11). Banco Macro had a return on equity of 26.55% and a net margin of 15.12%. The company had revenue of $759.36 million for the quarter, compared to analysts' expectations of $837.49 billion.

Wall Street Analyst Weigh In

Several research firms recently commented on BMA. JPMorgan Chase & Co. boosted their target price on Banco Macro from $78.00 to $89.00 and gave the stock a "neutral" rating in a research note on Monday, April 21st. Itau BBA Securities initiated coverage on Banco Macro in a report on Tuesday, May 20th. They issued a "market perform" rating and a $85.00 price objective on the stock. Four research analysts have rated the stock with a hold rating and one has given a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of "Hold" and an average target price of $62.13.

Institutional Trading of Banco Macro

Several institutional investors have recently modified their holdings of BMA. Mirae Asset Global Investments Co. Ltd. acquired a new position in Banco Macro in the 1st quarter worth about $31,000. Tower Research Capital LLC TRC boosted its stake in Banco Macro by 1,829.0% during the 4th quarter. Tower Research Capital LLC TRC now owns 598 shares of the bank's stock valued at $58,000 after purchasing an additional 567 shares during the period. SBI Securities Co. Ltd. boosted its stake in Banco Macro by 19.0% during the 1st quarter. SBI Securities Co. Ltd. now owns 775 shares of the bank's stock valued at $59,000 after purchasing an additional 124 shares during the period. GAMMA Investing LLC boosted its stake in Banco Macro by 31.3% during the 1st quarter. GAMMA Investing LLC now owns 1,029 shares of the bank's stock valued at $78,000 after purchasing an additional 245 shares during the period. Finally, Wallace Advisory Group LLC bought a new stake in Banco Macro during the 1st quarter valued at approximately $157,000.

Banco Macro Stock Performance

The firm has a 50 day moving average of $85.49 and a two-hundred day moving average of $90.33. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.79 and a current ratio of 1.02. The stock has a market cap of $5.40 billion, a P/E ratio of 7.40 and a beta of 1.73.

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.