Grupo Financiero Galicia S.A. $GGAL Shares Bought by Itau Unibanco Holding S.A.

Key Points

• Itau Unibanco Holding S.A. has increased its stake in Grupo Financiero Galicia S.A. by 112.3%, acquiring an additional 248,268 shares, bringing its total to 469,272 shares in the first quarter.
• Analysts have given Grupo Financiero Galicia a consensus rating of "Buy" with an average target price of $67.50, although Wall Street Zen recently downgraded its rating from "hold" to "sell".
• The company announced a $0.1504 dividend to be paid on September 5th, with a dividend payout ratio currently at 6.19%.

Itau Unibanco Holding S.A. raised its holdings in Grupo Financiero Galicia S.A. (NASDAQ:GGAL - Free Report) by 112.3% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 469,272 shares of the bank's stock after purchasing an additional 248,268 shares during the quarter. Grupo Financiero Galicia accounts for approximately 0.9% of Itau Unibanco Holding S.A.'s investment portfolio, making the stock its 25th biggest holding. Itau Unibanco Holding S.A. owned 0.32% of Grupo Financiero Galicia worth $24,624,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of the company. Blume Capital Management Inc. purchased a new position in Grupo Financiero Galicia in the 1st quarter valued at about $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 acquiring an additional 803 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. raised its position in Grupo Financiero Galicia by 11.2% in 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 purchased a new stake in Grupo Financiero Galicia in the first quarter valued at approximately $182,000. Finally, NewEdge Advisors LLC purchased a new stake in Grupo Financiero Galicia in the fourth quarter valued at approximately $225,000.

Analyst Ratings Changes

A number of equities analysts recently commented on the stock. Zacks Research downgraded shares of Grupo Financiero Galicia from a "hold" rating to a "strong sell" rating in a research note on Thursday. Itau BBA Securities started coverage on shares of Grupo Financiero Galicia in a report on Tuesday, May 20th. They set an "outperform" rating and a $70.00 price target for the company. Finally, Wall Street Zen cut Grupo Financiero Galicia from a "hold" rating to a "sell" rating in a research report on Thursday, May 22nd. Three investment analysts have rated the stock with a Buy rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $72.00.

Grupo Financiero Galicia Stock Down 1.3%

Grupo Financiero Galicia stock traded down $0.51 during midday trading on Friday, hitting $39.28. 1,324,142 shares of the stock were exchanged, compared to its average volume of 1,696,893. Grupo Financiero Galicia S.A. has a 1 year low of $34.76 and a 1 year high of $74.00. The firm has a market cap of $5.79 billion, a P/E ratio of 5.78 and a beta of 1.60. The company has a debt-to-equity ratio of 0.23, a current ratio of 1.16 and a quick ratio of 1.16. The company has a 50 day moving average price of $48.77 and a two-hundred day moving average price of $54.54.

Grupo Financiero Galicia Cuts Dividend

The company also recently declared a special dividend, which will be paid on Friday, September 5th. Investors of record on Friday, August 29th will be paid a dividend of $0.1504 per share. The ex-dividend date of this dividend is Friday, August 29th. Grupo Financiero Galicia's payout ratio is 6.19%.

Grupo Financiero Galicia 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.