Grupo Financiero Galicia (NASDAQ:GGAL) Shares Gap Down - Here's What Happened

Grupo Financiero Galicia S.A. (NASDAQ:GGAL - Get Free Report)'s stock price gapped down before the market opened on Wednesday . The stock had previously closed at $57.33, but opened at $55.00. Grupo Financiero Galicia shares last traded at $55.82, with a volume of 2,400,197 shares.

Analyst Upgrades and Downgrades

GGAL has been the subject 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 objective for the company. Wall Street Zen cut Grupo Financiero Galicia from a "hold" rating to a "sell" rating in a report on Thursday, May 22nd. One investment analyst has rated the stock with a sell rating and five have issued a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $61.20.

Grupo Financiero Galicia Trading Down 2.6%

The firm has a market capitalization of $8.06 billion, a price-to-earnings ratio of 8.05 and a beta of 1.72. The company has a fifty day moving average price of $58.91 and a two-hundred day moving average price of $60.52. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.10.

Grupo Financiero Galicia Cuts Dividend

The firm also recently disclosed a -- dividend, which was paid on Tuesday, June 10th. Investors 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 is presently 3.83%.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in GGAL. Hsbc Holdings PLC lifted its holdings in Grupo Financiero Galicia by 9,082.3% in the fourth quarter. Hsbc Holdings PLC now owns 11,492,127 shares of the bank's stock valued at $721,935,000 after acquiring an additional 11,366,972 shares during the last quarter. Axiom Investors LLC DE lifted its holdings in Grupo Financiero Galicia by 1,723.9% in the fourth quarter. Axiom Investors LLC DE now owns 1,520,960 shares of the bank's stock valued at $94,786,000 after acquiring an additional 1,437,570 shares during the last quarter. Canada Pension Plan Investment Board acquired a new position in Grupo Financiero Galicia in the fourth quarter valued at approximately $78,711,000. PointState Capital LP lifted its holdings in Grupo Financiero Galicia by 160.5% in the first quarter. PointState Capital LP now owns 1,504,157 shares of the bank's stock valued at $81,931,000 after acquiring an additional 926,820 shares during the last quarter. Finally, William Blair Investment Management LLC lifted its holdings in Grupo Financiero Galicia by 778.9% in the fourth quarter. William Blair Investment Management LLC now owns 901,065 shares of the bank's stock valued at $56,152,000 after acquiring an additional 798,542 shares during the last quarter.

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.