39,102 Grupo Financiero Galicia S.A. $GGAL Shares Sold by Lancaster Investment Management

Key Points

• Lancaster Investment Management cut its Grupo Financiero Galicia stake by 18.6% in the third quarter, selling 39,102 shares and retaining 171,002 shares worth approximately $6.4 million.
• Institutional sentiment was mixed: several firms initiated or increased positions, while analyst views resulted in a consensus “Hold” rating and an average price target of $65.
• GGAL opened at $35.46, well below its 52-week high of $62.51. The bank exceeded quarterly earnings and revenue expectations, but reduced its monthly dividend to $0.0479 per share, equivalent to a 1.6% annualized yield.

Lancaster Investment Management decreased its holdings in shares of Grupo Financiero Galicia S.A. (NASDAQ:GGAL - Free Report) by 18.6% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 171,002 shares of the bank's stock after selling 39,102 shares during the period. Grupo Financiero Galicia comprises approximately 3.9% of Lancaster Investment Management's investment portfolio, making the stock its 7th largest holding. Lancaster Investment Management owned approximately 0.11% of Grupo Financiero Galicia worth $6,368,000 as of its most recent SEC filing.

A number of other institutional investors have also recently added to or reduced their stakes in the stock. Robeco Institutional Asset Management B.V. acquired a new position in Grupo Financiero Galicia during the third quarter worth $47,235,000. ABS Direct Equity Fund LLC acquired a new stake in shares of Grupo Financiero Galicia in the second quarter valued at about $3,394,000. Carrhae Capital LLP acquired a new stake in shares of Grupo Financiero Galicia in the second quarter valued at about $68,052,000. RWC Asset Advisors US LLC grew its position in shares of Grupo Financiero Galicia by 52.2% in the second quarter. RWC Asset Advisors US LLC now owns 517,540 shares of the bank's stock valued at $25,893,000 after purchasing an additional 177,574 shares during the period. Finally, Quantitative Investment Management LLC acquired a new stake in shares of Grupo Financiero Galicia in the second quarter valued at about $490,000.

Analyst Upgrades and Downgrades

GGAL has been the subject of several research analyst reports. Wall Street Zen upgraded shares of Grupo Financiero Galicia from a "sell" rating to a "hold" rating in a research report on Saturday, June 27th. JPMorgan Chase & Co. raised their price target on shares of Grupo Financiero Galicia from $72.00 to $85.00 and gave the company an "overweight" rating in a research note on Thursday, June 25th. Itau BBA Securities cut Grupo Financiero Galicia from an "outperform" rating to a "market perform" rating in a report on Thursday, September 3rd. Weiss Ratings cut Grupo Financiero Galicia from a "hold (c-)" rating to a "sell (d+)" rating in a report on Friday, August 14th. Finally, UBS Group cut their price objective on Grupo Financiero Galicia from $60.00 to $45.00 and set a "neutral" rating for the company in a research note on Tuesday, October 13th. Two research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat.com, Grupo Financiero Galicia presently has an average rating of "Hold" and a consensus price target of $65.00.

Grupo Financiero Galicia Price Performance

NASDAQ GGAL opened at $35.46 on Wednesday. The business has a fifty day moving average price of $40.76 and a 200 day moving average price of $45.58. Grupo Financiero Galicia S.A. has a one year low of $31.14 and a one year high of $62.51.

Grupo Financiero Galicia (NASDAQ:GGAL - Get Free Report) last announced its earnings results on Tuesday, August 25th. The bank reported $1.14 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.98 by $0.16. The business had revenue of $1.87 billion for the quarter, compared to analyst estimates of $1.70 billion. On average, equities research analysts expect that Grupo Financiero Galicia S.A. will post 3.88 earnings per share for the current fiscal year.

Grupo Financiero Galicia Cuts Dividend

The firm also recently declared a monthly dividend, which was paid on Monday, October 5th. Investors of record on Monday, September 28th were given a dividend of $0.0479 per share. The ex-dividend date was Monday, September 28th. This is a drop from Grupo Financiero Galicia's previous monthly dividend of $0.0531. This represents a $0.57 dividend on an annualized basis and a yield of 1.6%. Grupo Financiero Galicia's dividend payout ratio (DPR) is presently 23.27%.

About Grupo Financiero Galicia

Grupo Financiero Galicia SA is an Argentine financial services holding company whose principal business is conducted through Banco de Galicia y Buenos Aires SAU., commonly known as Galicia. The group serves individuals, businesses, agricultural customers and public-sector entities across Argentina.

Through its banking operations, Galicia offers deposit accounts, consumer and commercial loans, credit and debit cards, payment services, cash management, foreign trade financing, investment products and digital banking services.

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