Deltec Asset Management LLC Boosts Stake in Grupo Financiero Galicia S.A. $GGAL

Key Points

• Deltec Asset Management LLC increased its stake in Grupo Financiero Galicia S.A. by 183.4% in the second quarter, holding approximately $973,000 worth of shares after acquiring an additional 12,490 shares.
• Grupo Financiero Galicia has announced a special dividend of $0.1381 per share, to be paid on October 7th to stockholders of record by September 30th.
• Despite recent downgrades from major analysts, the stock has an average price target of $74.00, indicating potential growth opportunities amidst fluctuating ratings.

Deltec Asset Management LLC raised its holdings in Grupo Financiero Galicia S.A. (NASDAQ:GGAL - Free Report) by 183.4% in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 19,300 shares of the bank's stock after buying an additional 12,490 shares during the period. Deltec Asset Management LLC's holdings in Grupo Financiero Galicia were worth $973,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. Bank of America Corp DE raised its stake in Grupo Financiero Galicia by 86.4% during the 4th quarter. Bank of America Corp DE now owns 28,861 shares of the bank's stock worth $1,799,000 after acquiring an additional 13,374 shares in the last quarter. Handelsbanken Fonder AB increased its stake in Grupo Financiero Galicia by 46.0% in the first quarter. Handelsbanken Fonder AB now owns 27,979 shares of the bank's stock valued at $1,524,000 after purchasing an additional 8,814 shares during the period. ABS Direct Equity Fund LLC increased its stake in Grupo Financiero Galicia by 95.4% in the first quarter. ABS Direct Equity Fund LLC now owns 20,791 shares of the bank's stock valued at $1,132,000 after purchasing an additional 10,152 shares during the period. Insigneo Advisory Services LLC increased its stake in Grupo Financiero Galicia by 53.4% in the first quarter. Insigneo Advisory Services LLC now owns 19,096 shares of the bank's stock valued at $1,040,000 after purchasing an additional 6,647 shares during the period. Finally, Harbour Capital Advisors LLC increased its stake in shares of Grupo Financiero Galicia by 199.0% during the first quarter. Harbour Capital Advisors LLC now owns 18,525 shares of the bank's stock worth $993,000 after acquiring an additional 12,330 shares during the period.

Grupo Financiero Galicia Stock Performance

Shares of GGAL opened at $27.56 on Wednesday. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.16 and a current ratio of 1.16. The company has a market capitalization of $4.06 billion, a price-to-earnings ratio of 4.06 and a beta of 1.71. The company's 50 day simple moving average is $41.21 and its 200 day simple moving average is $50.63. Grupo Financiero Galicia S.A. has a 1 year low of $25.89 and a 1 year high of $74.00.

Grupo Financiero Galicia Announces Dividend

The company also recently announced a special dividend, which will be paid on Tuesday, October 7th. Stockholders of record on Tuesday, September 30th will be paid a $0.1381 dividend. The ex-dividend date is Tuesday, September 30th. Grupo Financiero Galicia's dividend payout ratio is 8.39%.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on GGAL. Wall Street Zen downgraded shares of Grupo Financiero Galicia from a "hold" rating to a "sell" rating in a report on Friday, September 26th. HSBC set a $60.00 price objective on shares of Grupo Financiero Galicia in a report on Wednesday. Citigroup downgraded shares of Grupo Financiero Galicia from a "buy" rating to a "neutral" rating in a report on Wednesday, September 10th. Finally, Zacks Research downgraded shares of Grupo Financiero Galicia from a "hold" rating to a "strong sell" rating in a report on Thursday, August 28th. Two investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Hold" and an average price target of $74.00.

About Grupo Financiero Galicia

Grupo Financiero Galicia SA, a financial service holding company, provides various financial products and services to individuals and companies in Argentina. The company operates through Banks, NaranjaX, Insurance, and Other Businesses segments. It also offers personal loans; express and mortgage loans; pledge and credit card loans; credit and debit cards; and online banking services, as well as savings, deposits, and checking accounts related services.

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