Driehaus Capital Management LLC Sells 362,706 Shares of Grupo Financiero Galicia S.A. $GGAL

Key Points

• Driehaus Capital Management LLC reduced its stake in Grupo Financiero Galicia S.A. by 36.6% in Q1, selling 362,706 shares and now holds approximately 0.43% of the bank's stock valued at $34.2 million.
• Grupo Financiero Galicia announced a special dividend of $0.1504 payable on September 5th, with a dividend payout ratio of 6.19%.
• Research analysts have mixed views on the stock, with Wall Street Zen downgrading it to "sell" while others maintain a "buy" rating with a consensus price target of $67.50.

Driehaus Capital Management LLC lessened its holdings in shares of Grupo Financiero Galicia S.A. (NASDAQ:GGAL - Free Report) by 36.6% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 628,057 shares of the bank's stock after selling 362,706 shares during the quarter. Driehaus Capital Management LLC owned approximately 0.43% of Grupo Financiero Galicia worth $34,210,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently bought and sold shares of the business. Blume Capital Management Inc. acquired a new stake in Grupo Financiero Galicia in the 1st quarter worth approximately $55,000. Advisors Preferred LLC increased its position in shares of Grupo Financiero Galicia by 272.2% during the first quarter. Advisors Preferred LLC now owns 1,098 shares of the bank's stock valued at $61,000 after purchasing an additional 803 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. increased its position in shares of Grupo Financiero Galicia by 11.2% during the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 3,022 shares of the bank's stock valued at $165,000 after purchasing an additional 304 shares during the period. Wallace Advisory Group LLC bought a new stake in Grupo Financiero Galicia in the first quarter valued at $182,000. Finally, NewEdge Advisors LLC bought a new stake in Grupo Financiero Galicia in the fourth quarter valued at $225,000.

Grupo Financiero Galicia Price Performance

Shares of GGAL traded down $0.93 during midday trading on Wednesday, hitting $38.55. The company's stock had a trading volume of 1,300,650 shares, compared to its average volume of 1,345,328. Grupo Financiero Galicia S.A. has a one year low of $36.56 and a one year high of $74.00. The company's fifty day simple moving average is $48.28 and its two-hundred day simple moving average is $54.27. The company has a quick ratio of 1.16, a current ratio of 1.16 and a debt-to-equity ratio of 0.23. The stock has a market capitalization of $5.68 billion, a price-to-earnings ratio of 5.69 and a beta of 1.71.

Grupo Financiero Galicia Cuts Dividend

The firm also recently announced a special dividend, which will be paid on Friday, September 5th. Investors of record on Friday, August 29th will be given a dividend of $0.1504 per share. The ex-dividend date is Friday, August 29th. Grupo Financiero Galicia's dividend payout ratio is presently 8.39%.

Wall Street Analyst Weigh In

A number of research firms have commented on GGAL. Itau BBA Securities began coverage on Grupo Financiero Galicia in a research note on Tuesday, May 20th. They issued an "outperform" rating and a $70.00 price objective on the stock. Wall Street Zen lowered Grupo Financiero Galicia from a "hold" rating to a "sell" rating in a research note on Thursday, May 22nd. Finally, Zacks Research downgraded Grupo Financiero Galicia from a "hold" rating to a "strong sell" rating in a report on Thursday, August 28th. Three equities research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $72.00.

Grupo Financiero Galicia Company Profile

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.