Macro Bank Inc. (NYSE:BMA) Increases Dividend to $0.37 Per Share

Key Points

• Macro Bank Inc. has increased its monthly dividend to $0.37 per share, representing a yield of 10.1% with an ex-dividend date set for September 19th.
• Despite a disappointing earnings report showing earnings per share of $1.95 (below the expected $1.99), the bank's revenue exceeded estimates at $834.78 million.
• Several institutional investors, including Allspring Global Investments and GAMMA Investing, have significantly increased their stakes in Macro Bank during the first quarter.

Macro Bank Inc. (NYSE:BMA - Get Free Report) announced a monthly dividend on Friday, September 12th, Wall Street Journal reports. Investors of record on Friday, September 19th will be paid a dividend of 0.3665 per share by the bank on Friday, September 26th. This represents a c) annualized dividend and a yield of 10.3%. The ex-dividend date of this dividend is Friday, September 19th. This is a 0.2% increase from Macro Bank's previous monthly dividend of $0.37.

Macro Bank Stock Down 2.1%

Shares of BMA traded down $0.92 during midday trading on Monday, reaching $42.88. 256,385 shares of the company were exchanged, compared to its average volume of 386,305. Macro Bank has a 1-year low of $42.70 and a 1-year high of $118.42. The stock has a 50-day moving average price of $64.50 and a 200-day moving average price of $75.73. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.11. The company has a market cap of $2.74 billion, a price-to-earnings ratio of 3.76, a P/E/G ratio of 0.65 and a beta of 1.68.

Macro Bank (NYSE:BMA - Get Free Report) last posted its earnings results on Wednesday, August 27th. The bank reported $1.95 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.99 by ($0.04). The company had revenue of $834.78 million during the quarter, compared to analyst estimates of $752.51 million. Macro Bank had a net margin of 8.32% and a return on equity of 10.94%. Research analysts expect that Macro Bank will post 7.84 earnings per share for the current year.

Hedge Funds Weigh In On Macro Bank

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Mirae Asset Global Investments Co. Ltd. acquired a new stake in Macro Bank in the 1st quarter valued at approximately $31,000. SBI Securities Co. Ltd. lifted its holdings in Macro Bank by 19.0% in the first quarter. SBI Securities Co. Ltd. now owns 775 shares of the bank's stock worth $59,000 after purchasing an additional 124 shares during the period. GAMMA Investing LLC raised its position in shares of Macro Bank by 31.3% during the 1st quarter. GAMMA Investing LLC now owns 1,029 shares of the bank's stock worth $78,000 after buying an additional 245 shares in the last quarter. Wallace Advisory Group LLC bought a new stake in Macro Bank during the first quarter worth approximately $157,000. Finally, Northern Trust Corp bought a new position in Macro Bank during the 4th quarter valued at $238,000.

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.