ABS Direct Equity Fund LLC Makes New $310,000 Investment in Banco Macro S.A. (NYSE:BMA)

ABS Direct Equity Fund LLC acquired a new position in Banco Macro S.A. (NYSE:BMA - Free Report) in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 4,100 shares of the bank's stock, valued at approximately $310,000.

Other hedge funds have also recently modified their holdings of the company. Nkcfo LLC purchased a new stake in shares of Banco Macro during the fourth quarter valued at approximately $677,000. Truist Financial Corp bought a new stake in shares of Banco Macro during the 4th quarter worth $252,000. D.A. Davidson & CO. purchased a new position in shares of Banco Macro in the 4th quarter worth about $284,000. SBI Securities Co. Ltd. bought a new position in Banco Macro during the fourth quarter valued at about $63,000. Finally, Cape Ann Asset Management Ltd bought a new position in Banco Macro during the fourth quarter valued at about $20,203,000.

Wall Street Analysts Forecast Growth

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

Banco Macro Stock Performance

Banco Macro stock traded down $3.69 during midday trading on Friday, reaching $74.25. The stock had a trading volume of 353,395 shares, compared to its average volume of 320,394. The company has a quick ratio of 0.79, a current ratio of 1.02 and a debt-to-equity ratio of 0.13. The firm has a market capitalization of $4.74 billion, a PE ratio of 6.51 and a beta of 1.68. Banco Macro S.A. has a 12 month low of $42.23 and a 12 month high of $118.42. The firm's 50-day moving average price is $86.14 and its 200 day moving average price is $90.14.

Banco Macro (NYSE:BMA - Get Free Report) last posted its quarterly earnings results on Wednesday, May 28th. The bank reported $0.65 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.76 by ($1.11). The business had revenue of $759.36 million during the quarter, compared to the consensus estimate of $837.49 billion. Banco Macro had a net margin of 15.12% and a return on equity of 26.55%. As a group, research analysts predict that Banco Macro S.A. will post 7.84 earnings per share for the current fiscal year.

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.