Grupo Financiero Galicia (NASDAQ:GGAL) Stock Price Down 6.5% - Here's What Happened

Key Points

• Grupo Financiero Galicia's stock price declined by 6.5%, closing at $27.41 on increased trading volume.
• Analysts downgraded the stock, with Zacks Research lowering its rating from "hold" to "strong sell" and Citigroup changing from "buy" to "neutral."
• The company announced a special dividend of $0.1381 per share, payable on October 7th, with an ex-dividend date of September 30th.

Grupo Financiero Galicia S.A. (NASDAQ:GGAL - Get Free Report)'s stock price dropped 6.5% during trading on Tuesday . The company traded as low as $27.50 and last traded at $27.41. Approximately 2,152,621 shares changed hands during mid-day trading, an increase of 34% from the average daily volume of 1,610,909 shares. The stock had previously closed at $29.33.

Analyst Upgrades and Downgrades

GGAL has been the topic of a number of research analyst reports. Zacks Research lowered shares of Grupo Financiero Galicia from a "hold" rating to a "strong sell" rating in a report on Thursday, August 28th. Citigroup cut shares of Grupo Financiero Galicia from a "buy" rating to a "neutral" rating in a research note on Wednesday, September 10th. Finally, Wall Street Zen cut shares of Grupo Financiero Galicia from a "hold" rating to a "sell" rating in a research note on Friday. Two equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average price target of $81.00.

Grupo Financiero Galicia Stock Down 6.5%

The firm has a market cap of $4.06 billion, a PE ratio of 4.06 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's 50-day simple moving average is $41.61 and its two-hundred day simple moving average is $50.79.

Grupo Financiero Galicia Announces Dividend

The business also recently announced a special dividend, which will be paid on Tuesday, October 7th. Stockholders of record on Tuesday, September 30th will be given a $0.1381 dividend. The ex-dividend date of this dividend is Tuesday, September 30th. Grupo Financiero Galicia's dividend payout ratio (DPR) is currently 10.31%.

Institutional Investors Weigh In On Grupo Financiero Galicia

Several institutional investors and hedge funds have recently modified their holdings of GGAL. PointState Capital LP lifted its position in shares of Grupo Financiero Galicia by 160.5% in the 1st quarter. PointState Capital LP now owns 1,504,157 shares of the bank's stock worth $81,931,000 after purchasing an additional 926,820 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in shares of Grupo Financiero Galicia by 52.2% in the 2nd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,937,465 shares of the bank's stock worth $97,629,000 after purchasing an additional 664,533 shares during the period. Itau Unibanco Holding S.A. lifted its position in shares of Grupo Financiero Galicia by 90.5% in the 2nd quarter. Itau Unibanco Holding S.A. now owns 893,965 shares of the bank's stock worth $45,047,000 after purchasing an additional 424,693 shares during the period. Hsbc Holdings PLC lifted its position in shares of Grupo Financiero Galicia by 3.1% in the 1st quarter. Hsbc Holdings PLC now owns 11,851,835 shares of the bank's stock worth $644,503,000 after purchasing an additional 359,708 shares during the period. Finally, Banco BTG Pactual S.A. lifted its position in shares of Grupo Financiero Galicia by 198.3% in the 2nd quarter. Banco BTG Pactual S.A. now owns 487,916 shares of the bank's stock worth $24,586,000 after purchasing an additional 324,358 shares during the period.

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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