MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. Acquires 49,994 Shares of Grupo Financiero Galicia S.A. $GGAL

Key Points

• MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in Grupo Financiero Galicia S.A. by 4.1%, acquiring an additional 49,994 shares and holding about 0.86% of the company, valued at approximately $69.3 million.
• Grupo Financiero Galicia's stock has received mixed ratings from analysts, with an "outperform" rating and a $70.00 price target from Itau BBA Securities, while Zacks Research has downgraded it to a "strong sell".
• The company recently cut its dividend to $0.1504 per share, and it has a low payout ratio of 8.39%.

MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in shares of Grupo Financiero Galicia S.A. (NASDAQ:GGAL - Free Report) by 4.1% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,272,932 shares of the bank's stock after buying an additional 49,994 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. owned about 0.86% of Grupo Financiero Galicia worth $69,337,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in GGAL. Ameriprise Financial Inc. purchased a new position in shares of Grupo Financiero Galicia during the fourth quarter valued at $24,089,000. Hsbc Holdings PLC increased its stake in shares of Grupo Financiero Galicia by 3.1% during the first quarter. Hsbc Holdings PLC now owns 11,851,835 shares of the bank's stock valued at $644,503,000 after buying an additional 359,708 shares during the period. Itau Unibanco Holding S.A. increased its stake in shares of Grupo Financiero Galicia by 112.3% during the first quarter. Itau Unibanco Holding S.A. now owns 469,272 shares of the bank's stock valued at $24,624,000 after buying an additional 248,268 shares during the period. Victory Capital Management Inc. purchased a new position in shares of Grupo Financiero Galicia during the first quarter valued at $7,209,000. Finally, Gemsstock Ltd. increased its stake in shares of Grupo Financiero Galicia by 47.0% during the first quarter. Gemsstock Ltd. now owns 334,086 shares of the bank's stock valued at $18,198,000 after buying an additional 106,779 shares during the period.

Wall Street Analyst Weigh In

GGAL has been the topic of several research reports. Itau BBA Securities initiated coverage on Grupo Financiero Galicia in a research note on Tuesday, May 20th. They set an "outperform" rating and a $70.00 price target on the stock. Zacks Research lowered Grupo Financiero Galicia from a "hold" rating to a "strong sell" rating in a research note on Thursday, August 28th. Finally, Wall Street Zen lowered Grupo Financiero Galicia from a "hold" rating to a "sell" rating in a research note on Saturday. Two research analysts have rated the stock with a Buy rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Hold" and a consensus price target of $81.00.

Grupo Financiero Galicia Stock Performance

Shares of Grupo Financiero Galicia stock opened at $40.10 on Friday. The company has a market capitalization of $5.91 billion, a PE ratio of 5.91 and a beta of 1.71. 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 50-day simple moving average of $47.55 and a two-hundred day simple moving average of $53.90. Grupo Financiero Galicia S.A. has a one year low of $36.56 and a one year high of $74.00.

Grupo Financiero Galicia Cuts Dividend

The company also recently announced a special dividend, which was paid on Friday, September 5th. Shareholders of record on Friday, August 29th were issued a $0.1504 dividend. The ex-dividend date was Friday, August 29th. Grupo Financiero Galicia's payout ratio is currently 8.39%.

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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