Macro Bank Inc. (NYSE:BMA) Announces Monthly Dividend of $0.37

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) declared a monthly dividend on Friday, September 12th, Wall Street Journal reports. Stockholders of record on Friday, September 19th will be given a dividend of 0.3665 per share by the bank on Friday, September 26th. This represents a c) annualized dividend and a dividend yield of 10.1%. 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 Trading Down 1.1%

Shares of NYSE:BMA traded down $0.49 during mid-day trading on Wednesday, reaching $43.36. The stock had a trading volume of 320,012 shares, compared to its average volume of 705,041. The firm has a 50 day simple moving average of $62.95 and a two-hundred day simple moving average of $75.00. Macro Bank has a twelve month low of $42.17 and a twelve month high of $118.42. The firm has a market cap of $2.77 billion, a PE ratio of 3.80, a price-to-earnings-growth ratio of 0.65 and a beta of 1.68. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.11.

Macro Bank (NYSE:BMA - Get Free Report) last issued its earnings results on Wednesday, August 27th. The bank reported $1.95 EPS for the quarter, missing the consensus estimate of $1.99 by ($0.04). Macro Bank had a net margin of 8.32% and a return on equity of 10.94%. The firm had revenue of $834.78 million during the quarter, compared to the consensus estimate of $752.51 million. On average, research analysts predict that Macro Bank will post 7.84 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

BMA has been the subject of several research analyst reports. Itau BBA Securities initiated coverage on shares of Macro Bank in a report on Tuesday, May 20th. They issued a "market perform" rating and a $85.00 price target for the company. Zacks Research lowered Macro Bank from a "hold" rating to a "strong sell" rating in a research report on Friday, August 29th. Finally, Citigroup downgraded shares of Macro Bank from a "buy" rating to a "hold" rating in a research note on Thursday, September 11th. One investment analyst has rated the stock with a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, Macro Bank currently has an average rating of "Hold" and a consensus target price of $62.17.

About Macro Bank

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.