Grupo Financiero Galicia S.A. $GGAL Shares Acquired by Ramirez Asset Management Inc.

Key Points

• Ramirez Asset Management Inc. increased its holdings in Grupo Financiero Galicia S.A. by 98.1%, owning 48,818 shares valued at approximately $2.46 million as of their latest SEC filing.
• Grupo Financiero Galicia recently declared a special dividend of $0.1381, paid to stockholders of record on September 30th, with a current dividend payout ratio of 10.46%.
• Analysts have set a Moderate Buy average rating for Grupo Financiero Galicia with a target price of $74.00, despite mixed ratings from different firms.

Ramirez Asset Management Inc. increased its holdings in Grupo Financiero Galicia S.A. (NASDAQ:GGAL - Free Report) by 98.1% in the 2nd quarter, according to its most recent 13F filing with the SEC. The firm owned 48,818 shares of the bank's stock after buying an additional 24,171 shares during the period. Ramirez Asset Management Inc.'s holdings in Grupo Financiero Galicia were worth $2,460,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also modified their holdings of the business. Deltec Asset Management LLC boosted its holdings in shares of Grupo Financiero Galicia by 183.4% in the 2nd quarter. Deltec Asset Management LLC now owns 19,300 shares of the bank's stock valued at $973,000 after buying an additional 12,490 shares during the period. LBP AM SA boosted its holdings in shares of Grupo Financiero Galicia by 44.7% in the 2nd quarter. LBP AM SA now owns 12,300 shares of the bank's stock valued at $620,000 after buying an additional 3,800 shares during the period. ABS Direct Equity Fund LLC boosted its holdings in shares of Grupo Financiero Galicia by 33.0% in the 2nd quarter. ABS Direct Equity Fund LLC now owns 27,648 shares of the bank's stock valued at $1,393,000 after buying an additional 6,857 shares during the period. Diversified Trust Co acquired a new position in shares of Grupo Financiero Galicia in the 2nd quarter valued at about $413,000. Finally, Systrade AG boosted its holdings in shares of Grupo Financiero Galicia by 49.2% in the 2nd quarter. Systrade AG now owns 15,167 shares of the bank's stock valued at $764,000 after buying an additional 5,000 shares during the period.

Analysts Set New Price Targets

A number of research analysts have issued reports on GGAL shares. HSBC started coverage on shares of Grupo Financiero Galicia in a research note on Wednesday, October 1st. They set a "buy" rating and a $60.00 target price for the company. Citigroup lowered shares of Grupo Financiero Galicia from a "buy" rating to a "neutral" rating in a research note on Wednesday, September 10th. Zacks Research lowered shares of Grupo Financiero Galicia from a "hold" rating to a "strong sell" rating in a research note on Thursday, August 28th. Hsbc Global Res raised shares of Grupo Financiero Galicia to a "strong-buy" rating in a research note on Wednesday, October 1st. Finally, Weiss Ratings reissued a "hold (c)" rating on shares of Grupo Financiero Galicia in a research note on Wednesday. One investment analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $74.00.

Grupo Financiero Galicia Trading Up 21.7%

Shares of NASDAQ:GGAL opened at $34.50 on Friday. The company has a 50 day moving average of $38.09 and a 200-day moving average of $49.31. The firm has a market cap of $5.09 billion, a P/E ratio of 5.08 and a beta of 1.54. Grupo Financiero Galicia S.A. has a twelve month low of $25.89 and a twelve month high of $74.00. The company has a current ratio of 1.16, a quick ratio of 1.16 and a debt-to-equity ratio of 0.23.

Grupo Financiero Galicia Announces Dividend

The business also recently declared a special dividend, which was paid on Tuesday, October 7th. Stockholders of record on Tuesday, September 30th were paid a $0.1381 dividend. The ex-dividend date of this dividend was Tuesday, September 30th. Grupo Financiero Galicia's dividend payout ratio is currently 10.46%.

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.

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