Grupo Financiero Banorte SAB de CV (OTCMKTS:GBOOY) Sees Significant Decline in Short Interest

Key Points

• Short interest fell 27.9% to 37,035 shares as of March 13, leaving a days-to-cover of 0.4 and effectively 0.0% of the stock sold short.
• Shares traded down 1.7% to $52.41 on Friday with 57,700 shares changing hands; the stock has a market cap of $29.49 billion, a P/E of 9.65 and a 52‑week range of $32.00–$62.89.
• Q1 EPS of $1.54 topped estimates of $1.35 (net margin 13.5%, ROE 22.2%), and Zacks upgraded the stock to a "strong-buy" with analysts' consensus rating listed as "Strong Buy" and expected FY EPS of 4.84.

Grupo Financiero Banorte SAB de CV (OTCMKTS:GBOOY - Get Free Report) was the recipient of a large decline in short interest in March. As of March 13th, there was short interest totaling 37,035 shares, a decline of 27.9% from the February 26th total of 51,352 shares. Based on an average daily trading volume, of 86,899 shares, the days-to-cover ratio is presently 0.4 days. Currently, 0.0% of the company's stock are sold short.

Grupo Financiero Banorte SAB de CV Stock Down 1.7%

Shares of Grupo Financiero Banorte SAB de CV stock traded down $0.90 on Friday, hitting $52.41. 57,700 shares of the company's stock traded hands, compared to its average volume of 48,722. Grupo Financiero Banorte SAB de CV has a 52-week low of $32.00 and a 52-week high of $62.89. The company has a quick ratio of 0.23, a current ratio of 0.23 and a debt-to-equity ratio of 0.41. The stock has a market cap of $29.49 billion, a P/E ratio of 9.65, a PEG ratio of 1.01 and a beta of 0.81. The firm's 50-day moving average is $55.97 and its 200 day moving average is $50.80.

Grupo Financiero Banorte SAB de CV (OTCMKTS:GBOOY - Get Free Report) last issued its quarterly earnings results on Tuesday, January 27th. The company reported $1.54 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.35 by $0.19. The business had revenue of $2.30 billion during the quarter. Grupo Financiero Banorte SAB de CV had a net margin of 13.50% and a return on equity of 22.20%. Equities analysts anticipate that Grupo Financiero Banorte SAB de CV will post 4.84 earnings per share for the current year.

Analyst Upgrades and Downgrades

Separately, Zacks Research upgraded Grupo Financiero Banorte SAB de CV from a "hold" rating to a "strong-buy" rating in a research note on Thursday, January 29th. One equities research analyst has rated the stock with a Strong Buy rating, According to MarketBeat, the stock presently has an average rating of "Strong Buy".

About Grupo Financiero Banorte SAB de CV

Grupo Financiero Banorte SAB de CV, commonly known as Banorte, is a major Mexican financial services holding company headquartered in Monterrey, Mexico. The group operates a universal banking franchise that serves retail, small and medium-sized enterprises, and large corporate clients across Mexico. Banorte provides a broad suite of banking services through an extensive branch network and digital channels and maintains an international investor presence, including ADRs that trade on the U.S. OTC market under the symbol GBOOY.

Banorte's core businesses include retail and commercial banking—offering deposit accounts, payment and cash management services, consumer and mortgage loans, credit and debit cards, and lending to corporate clients.

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