Macro Bank (NYSE:BMA) Downgraded to Hold Rating by Citigroup

Key Points

• Citigroup has maintained a "neutral" rating for Macro Bank (NYSE:BMA), indicating cautious sentiment toward the stock.
• Macro Bank's stock price is currently around $47.27, while analysts set a consensus target price of $62.17.
• The bank reported Q2 earnings of $1.95 EPS, missing estimates by $0.04, amidst a revenue of $834.78 million, exceeding expectations.

Macro Bank (NYSE:BMA - Get Free Report) was downgraded by research analysts at Citigroup from a "buy" rating to a "hold" rating in a research note issued on Thursday, MarketBeat Ratings reports.

Several other research analysts have also recently issued reports on the company. Zacks Research cut Macro Bank from a "hold" rating to a "strong sell" rating in a research report on Friday, August 29th. Itau BBA Securities initiated coverage on Macro Bank in a research report on Tuesday, May 20th. They set a "market perform" rating and a $85.00 price objective for the company. One analyst has rated the stock with a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the stock presently has an average rating of "Hold" and a consensus price target of $62.17.

Macro Bank Stock Up 2.2%

BMA traded up $0.94 on Thursday, hitting $43.39. 277,352 shares of the company were exchanged, compared to its average volume of 387,024. Macro Bank has a twelve month low of $42.17 and a twelve month high of $118.42. The company has a market cap of $2.77 billion, a price-to-earnings ratio of 3.80, a price-to-earnings-growth ratio of 0.65 and a beta of 1.69. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.11. The firm has a 50-day moving average price of $64.03 and a two-hundred day moving average price of $75.44.

Macro Bank (NYSE:BMA - Get Free Report) last released its earnings results on Wednesday, August 27th. The bank reported $1.95 EPS for the quarter, missing the consensus estimate of $1.99 by ($0.04). Macro Bank had a return on equity of 10.94% and a net margin of 8.32%.The company had revenue of $834.78 million for the quarter, compared to analyst estimates of $752.51 million. On average, equities analysts predict that Macro Bank will post 7.84 earnings per share for the current year.

Institutional Investors Weigh In On Macro Bank

A number of institutional investors and hedge funds have recently modified their holdings of the company. Shilanski & Associates Inc. boosted its holdings in shares of Macro Bank by 2.4% during the first quarter. Shilanski & Associates Inc. now owns 4,773 shares of the bank's stock worth $360,000 after purchasing an additional 112 shares during the last quarter. SBI Securities Co. Ltd. raised its position in Macro Bank by 19.0% in the first 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 raised its position in Macro Bank by 31.3% in the first 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. Titan Global Capital Management USA LLC grew its stake in shares of Macro Bank by 4.0% during the second quarter. Titan Global Capital Management USA LLC now owns 8,368 shares of the bank's stock valued at $588,000 after acquiring an additional 323 shares in the last quarter. Finally, Freedom Investment Management Inc. grew its stake in shares of Macro Bank by 6.1% during the first quarter. Freedom Investment Management Inc. now owns 6,539 shares of the bank's stock valued at $494,000 after acquiring an additional 375 shares in the last quarter.

Macro Bank 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.