Candriam S.C.A. Sells 160,300 Shares of Macro Bank Inc. $BMA

Key Points

• Candriam S.C.A. reduced its stake in Macro Bank by 40.8% to approximately $17.59 million, after selling 160,300 shares during the first quarter.
• Macro Bank's latest earnings report revealed a disappointing EPS of $0.65, which significantly missed the consensus estimate of $1.76, alongside a revenue of $759.36 million.
• The stock currently has a consensus rating of "Hold" with a target price set at $62.17, according to analysts from Itau BBA Securities.

Candriam S.C.A. lowered its holdings in shares of Macro Bank Inc. (NYSE:BMA - Free Report) by 40.8% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 233,000 shares of the bank's stock after selling 160,300 shares during the quarter. Candriam S.C.A. owned about 0.36% of Macro Bank worth $17,594,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also modified their holdings of the company. Allspring Global Investments Holdings LLC raised its holdings in shares of Macro Bank by 11.1% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 56,568 shares of the bank's stock valued at $4,271,000 after purchasing an additional 5,629 shares in the last quarter. GAMMA Investing LLC raised its holdings in Macro Bank by 9,810.7% in the 1st quarter. GAMMA Investing LLC now owns 77,700 shares of the bank's stock worth $5,867,000 after acquiring an additional 76,916 shares during the period. ABS Direct Equity Fund LLC bought a new position in Macro Bank in the 1st quarter worth $310,000. Cambridge Investment Research Advisors Inc. bought a new position in Macro Bank in the 1st quarter worth $557,000. Finally, Mirae Asset Global Investments Co. Ltd. bought a new position in Macro Bank in the 1st quarter worth $31,000.

Analyst Upgrades and Downgrades

Separately, Itau BBA Securities initiated coverage on shares of Macro Bank in a report on Tuesday, May 20th. They issued a "market perform" rating and a $85.00 target price on the stock. One research analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus target price of $62.17.

Macro Bank Price Performance

NYSE BMA traded down $0.78 on Tuesday, reaching $59.23. The company's stock had a trading volume of 314,276 shares, compared to its average volume of 349,045. The firm has a market cap of $3.78 billion, a PE ratio of 5.19, a price-to-earnings-growth ratio of 0.33 and a beta of 1.58. The business has a 50-day moving average price of $69.34 and a 200 day moving average price of $79.30. Macro Bank Inc. has a 52 week low of $51.40 and a 52 week high of $118.42. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.11.

Macro Bank Cuts Dividend

The company also recently declared a -- dividend, which was paid on Friday, August 22nd. Shareholders of record on Friday, August 15th were given a $0.3658 dividend. The ex-dividend date was Friday, August 15th. Macro Bank's payout ratio is 38.48%.

Macro Bank 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.