Ramirez Asset Management Inc. Acquires 16,285 Shares of Macro Bank Inc. $BMA

Key Points

• Ramirez Asset Management Inc. increased its holdings in Macro Bank Inc. by 95.0% in the 2nd quarter, acquiring an additional 16,285 shares and bringing its total ownership to 33,433 shares valued at $2,347,000.
• Wall Street analysts' ratings for Macro Bank vary, with HSBC upgrading it to a "buy" and Zacks Research downgrading it to a "strong sell," leaving the stock with a consensus rating of "Hold."
• Macro Bank announced a monthly dividend of $0.3051 per share, reflecting a yield of 7.1% and a payout ratio of 38.56%.

Ramirez Asset Management Inc. increased its holdings in shares of Macro Bank Inc. (NYSE:BMA - Free Report) by 95.0% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 33,433 shares of the bank's stock after buying an additional 16,285 shares during the quarter. Ramirez Asset Management Inc. owned 0.05% of Macro Bank worth $2,347,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also modified their holdings of the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in shares of Macro Bank by 6.2% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 572,464 shares of the bank's stock worth $43,227,000 after buying an additional 33,390 shares during the last quarter. Gemsstock Ltd. lifted its position in shares of Macro Bank by 30.3% during the 1st quarter. Gemsstock Ltd. now owns 206,725 shares of the bank's stock worth $15,610,000 after buying an additional 48,100 shares during the last quarter. Cubist Systematic Strategies LLC lifted its position in shares of Macro Bank by 87.9% during the 1st quarter. Cubist Systematic Strategies LLC now owns 107,053 shares of the bank's stock worth $8,084,000 after buying an additional 50,067 shares during the last quarter. Goldman Sachs Group Inc. lifted its position in shares of Macro Bank by 47.8% during the 1st quarter. Goldman Sachs Group Inc. now owns 66,816 shares of the bank's stock worth $5,045,000 after buying an additional 21,613 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC lifted its position in shares of Macro Bank by 11.1% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 56,568 shares of the bank's stock worth $4,271,000 after buying an additional 5,629 shares during the last quarter.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on the company. HSBC upgraded Macro Bank from a "hold" rating to a "buy" rating and dropped their price objective for the stock from $104.00 to $80.00 in a research report on Wednesday, October 1st. Zacks Research cut Macro Bank from a "hold" rating to a "strong sell" rating in a report on Friday, August 29th. Hsbc Global Res raised Macro Bank to a "strong-buy" rating in a report on Wednesday, October 1st. Weiss Ratings reaffirmed a "hold (c-)" rating on shares of Macro Bank in a report on Wednesday. Finally, Citigroup cut Macro Bank from a "buy" rating to a "hold" rating in a report on Thursday, September 11th. One research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Hold" and an average target price of $66.63.

Macro Bank Trading Up 17.2%

NYSE BMA opened at $51.43 on Friday. The business's 50-day moving average price is $55.45 and its two-hundred day moving average price is $70.81. Macro Bank Inc. has a 12 month low of $38.30 and a 12 month high of $118.42. The firm has a market capitalization of $3.29 billion, a PE ratio of 4.51, a price-to-earnings-growth ratio of 0.82 and a beta of 1.54. The company has a current ratio of 1.13, a quick ratio of 1.13 and a debt-to-equity ratio of 0.23.

Macro Bank (NYSE:BMA - Get Free Report) last released its quarterly earnings results on Wednesday, August 27th. The bank reported $1.95 EPS for the quarter, missing analysts' consensus estimates of $1.99 by ($0.04). Macro Bank had a net margin of 8.32% and a return on equity of 10.99%. The company had revenue of $834.78 million during the quarter, compared to the consensus estimate of $752.51 million. On average, analysts expect that Macro Bank Inc. will post 7.84 EPS for the current year.

Macro Bank Cuts Dividend

The firm also recently announced a monthly dividend, which will be paid on Monday, October 27th. Investors of record on Monday, October 20th will be given a dividend of $0.3051 per share. The ex-dividend date is Monday, October 20th. This represents a c) annualized dividend and a dividend yield of 7.1%. Macro Bank's dividend payout ratio is presently 38.56%.

Macro Bank Company Profile

Banco Macro SA provides various banking products and services to retail and corporate customers in Argentina. It offers various retail banking products and services, such as savings and checking accounts, time deposits, credit and debit cards, consumer finance loans, mortgage loans, automobile loans, overdrafts, credit-related services, home and car insurance coverage, tax collection, utility payments, automated teller machines, and money transfers.

Want to see what other hedge funds are holding BMA? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Macro Bank Inc. (NYSE:BMA - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.