Macro Bank Inc. (NYSE:BMA) Sees Large Drop in Short Interest

Key Points

• Macro Bank Inc. (NYSE:BMA) experienced a significant drop in short interest of 30.2%, totaling 564,000 shares as of August 31st, indicating a change in investor sentiment.
• The bank's stock price increased by 3.9% during mid-day trading, reaching $44.12, with a market capitalization of $2.82 billion.
• Macro Bank announced a boost in its monthly dividend to $0.3665, with a dividend yield of 10.0%, set to be paid on September 26th.

Macro Bank Inc. (NYSE:BMA - Get Free Report) was the recipient of a large drop in short interest in August. As of August 31st, there was short interest totaling 564,000 shares, a drop of 30.2% from the August 15th total of 808,200 shares. Based on an average trading volume of 423,700 shares, the short-interest ratio is currently 1.3 days. Currently, 0.9% of the company's shares are sold short. Currently, 0.9% of the company's shares are sold short. Based on an average trading volume of 423,700 shares, the short-interest ratio is currently 1.3 days.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on BMA. Itau BBA Securities began coverage on Macro Bank in a research report on Tuesday, May 20th. They issued a "market perform" rating and a $85.00 target price 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 lowered Macro Bank from a "buy" rating to a "hold" rating in a research report on Thursday, September 11th. One analyst has rated the stock with a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Hold" and a consensus target price of $62.17.

Macro Bank Stock Up 3.9%

BMA stock traded up $1.67 during mid-day trading on Tuesday, reaching $44.12. 82,514 shares of the company traded hands, compared to its average volume of 385,832. The stock has a market cap of $2.82 billion, a price-to-earnings ratio of 3.86, a P/E/G ratio of 0.65 and a beta of 1.69. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.11. Macro Bank has a fifty-two week low of $42.17 and a fifty-two week high of $118.42. The firm's 50 day moving average price is $64.03 and its 200 day moving average price is $75.44.

Macro Bank (NYSE:BMA - Get Free Report) last released its quarterly 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). Macro Bank had a net margin of 8.32% and a return on equity of 10.94%. The company had revenue of $834.78 million for the quarter, compared to analyst estimates of $752.51 million. As a group, equities research analysts predict that Macro Bank will post 7.84 EPS for the current fiscal year.

Macro Bank Increases Dividend

The firm also recently announced a monthly dividend, which will be paid on Friday, September 26th. Stockholders of record on Friday, September 19th will be paid a $0.3665 dividend. This represents a c) dividend on an annualized basis and a dividend yield of 10.0%. The ex-dividend date is Friday, September 19th. This is a boost from Macro Bank's previous monthly dividend of $0.37. Macro Bank's dividend payout ratio (DPR) is presently 38.48%.

Hedge Funds Weigh In On Macro Bank

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Sagil Capital LLP purchased a new position in Macro Bank in the second quarter valued at approximately $10,094,000. Marshall Wace LLP lifted its stake in Macro Bank by 4,089.3% in the second quarter. Marshall Wace LLP now owns 120,191 shares of the bank's stock valued at $8,439,000 after purchasing an additional 117,322 shares during the last quarter. GAMMA Investing LLC lifted its stake in Macro Bank by 9,810.7% in the first quarter. GAMMA Investing LLC now owns 77,700 shares of the bank's stock valued at $5,867,000 after purchasing an additional 76,916 shares during the last quarter. Fiera Capital Corp purchased a new position in Macro Bank in the second quarter valued at approximately $5,020,000. Finally, Cubist Systematic Strategies LLC lifted its stake in Macro Bank by 87.9% in the first quarter. Cubist Systematic Strategies LLC now owns 107,053 shares of the bank's stock valued at $8,084,000 after purchasing an additional 50,067 shares during the last quarter.

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.

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