Jennison Associates LLC Sells 163,607 Shares of Grupo Financiero Galicia S.A. (NASDAQ:GGAL)

Jennison Associates LLC cut its stake in Grupo Financiero Galicia S.A. (NASDAQ:GGAL - Free Report) by 13.1% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,085,329 shares of the bank's stock after selling 163,607 shares during the period. Jennison Associates LLC owned approximately 0.74% of Grupo Financiero Galicia worth $59,118,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. CIBC Private Wealth Group LLC bought a new stake in Grupo Financiero Galicia in the 4th quarter valued at $34,000. Compass Group LLC acquired a new stake in shares of Grupo Financiero Galicia during the 4th quarter valued at about $67,000. GeoWealth Management LLC bought a new stake in Grupo Financiero Galicia in the fourth quarter valued at about $71,000. Wallace Advisory Group LLC acquired a new position in Grupo Financiero Galicia in the first quarter worth about $182,000. Finally, Mirabella Financial Services LLP bought a new position in Grupo Financiero Galicia during the fourth quarter worth about $217,000.

Analyst Ratings Changes

A number of research analysts have issued reports on GGAL shares. Itau BBA Securities began coverage on Grupo Financiero Galicia in a report on Tuesday, May 20th. They set an "outperform" rating and a $70.00 price objective for the company. Wall Street Zen lowered shares of Grupo Financiero Galicia from a "hold" rating to a "sell" rating in a research report on Thursday, May 22nd. One analyst has rated the stock with a sell rating and five have assigned a buy rating to the company's stock. According to data from MarketBeat.com, Grupo Financiero Galicia has a consensus rating of "Moderate Buy" and an average target price of $61.20.

Grupo Financiero Galicia Stock Performance

Shares of GGAL stock opened at $47.22 on Friday. The stock has a market cap of $6.96 billion, a PE ratio of 6.95 and a beta of 1.64. The stock has a 50-day moving average of $54.82 and a 200-day moving average of $58.60. The company has a debt-to-equity ratio of 0.23, a current ratio of 1.16 and a quick ratio of 1.16. Grupo Financiero Galicia S.A. has a one year low of $23.53 and a one year high of $74.00.

Grupo Financiero Galicia Cuts Dividend

The firm also recently declared a -- dividend, which was paid on Tuesday, June 10th. Shareholders of record on Tuesday, June 3rd were issued a $0.2631 dividend. The ex-dividend date of this dividend was Tuesday, June 3rd. Grupo Financiero Galicia's dividend payout ratio (DPR) is currently 3.98%.

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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