Grupo Financiero Galicia (NASDAQ:GGAL) Stock Price Down 4.2% - Here's What Happened

Grupo Financiero Galicia S.A. (NASDAQ:GGAL - Get Free Report)'s stock price traded down 4.2% during mid-day trading on Wednesday . The stock traded as low as $56.73 and last traded at $58.78. 477,238 shares changed hands during trading, a decline of 57% from the average session volume of 1,100,633 shares. The stock had previously closed at $61.36.

Analyst Ratings Changes

Several research analysts have recently issued reports on the company. Itau BBA Securities assumed coverage on Grupo Financiero Galicia in a research report 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 research report on Thursday, May 22nd. One research analyst has rated the stock with a sell rating and five have given a buy rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $61.20.

Grupo Financiero Galicia Trading Down 1.9%

The stock has a market capitalization of $8.88 billion, a price-to-earnings ratio of 8.83 and a beta of 1.79. The company has a debt-to-equity ratio of 0.10, a quick ratio of 1.11 and a current ratio of 1.11. The business has a 50-day moving average of $58.33 and a 200-day moving average of $60.49.

Grupo Financiero Galicia Cuts Dividend

The business also recently disclosed a -- dividend, which will be paid on Tuesday, June 10th. Shareholders of record on Tuesday, June 3rd will be given a dividend of $0.2631 per share. The ex-dividend date is Tuesday, June 3rd. Grupo Financiero Galicia's payout ratio is 34.76%.

Institutional Trading of Grupo Financiero Galicia

A number of hedge funds have recently added to or reduced their stakes in the stock. Hsbc Holdings PLC lifted its position in Grupo Financiero Galicia by 3.1% during the 1st quarter. Hsbc Holdings PLC now owns 11,851,835 shares of the bank's stock worth $644,503,000 after acquiring an additional 359,708 shares during the period. Axiom Investors LLC DE lifted its position in Grupo Financiero Galicia by 1,723.9% during the 4th quarter. Axiom Investors LLC DE now owns 1,520,960 shares of the bank's stock worth $94,786,000 after acquiring an additional 1,437,570 shares during the period. PointState Capital LP lifted its position in Grupo Financiero Galicia by 160.5% during the 1st quarter. PointState Capital LP now owns 1,504,157 shares of the bank's stock worth $81,931,000 after acquiring an additional 926,820 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in shares of Grupo Financiero Galicia by 4.1% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,272,932 shares of the bank's stock valued at $69,337,000 after buying an additional 49,994 shares during the period. Finally, Canada Pension Plan Investment Board acquired a new stake in shares of Grupo Financiero Galicia in the 4th quarter valued at approximately $78,711,000.

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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