Macro Bank (NYSE:BMA) Shares Down 5.1% - What's Next?

Key Points

• Macro Bank's stock fell by 5.1%, closing at $62.22, with trading volume dropping 71% compared to the average daily volume.
• Itau BBA Securities issued a new coverage rating of "market perform" with a $85.00 price target, while analysts generally have a consensus target price of $62.17.
• The bank recently reported an EPS of $0.65, missing expectations by $1.11, and announced a recent dividend payout of $0.3658 per share.

Macro Bank Inc. (NYSE:BMA - Get Free Report)'s stock price was down 5.1% during trading on Monday . The stock traded as low as $62.22 and last traded at $62.22. Approximately 99,571 shares traded hands during trading, a decline of 71% from the average daily volume of 345,002 shares. The stock had previously closed at $65.54.

Analyst Upgrades and Downgrades

Separately, Itau BBA Securities began coverage on Macro Bank in a research report on Tuesday, May 20th. They set a "market perform" rating and a $85.00 price target on the stock. One investment analyst has rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat, Macro Bank currently has an average rating of "Hold" and a consensus target price of $62.17.

Macro Bank Trading Down 5.3%

The company has a market cap of $3.96 billion, a price-to-earnings ratio of 5.44, a PEG ratio of 0.33 and a beta of 1.58. 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 business's 50 day moving average price is $69.61 and its 200-day moving average price is $79.53.

Macro Bank (NYSE:BMA - Get Free Report) last announced its quarterly earnings results on Wednesday, May 28th. The bank reported $0.65 EPS for the quarter, missing analysts' consensus estimates of $1.76 by ($1.11). The company had revenue of $759.36 million during the quarter, compared to analyst estimates of $837.49 billion. Macro Bank had a net margin of 1.12% and a return on equity of 1.50%. On average, equities analysts anticipate that Macro Bank Inc. will post 7.84 EPS for the current fiscal year.

Macro Bank Cuts Dividend

The business also recently declared a -- dividend, which was paid on Friday, August 22nd. Investors of record on Friday, August 15th were given a dividend of $0.3658 per share. The ex-dividend date of this dividend was Friday, August 15th. Macro Bank's dividend payout ratio is currently 38.48%.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in BMA. Marex Group plc acquired a new position in Macro Bank during the second quarter worth about $1,018,000. Engineers Gate Manager LP increased its position in Macro Bank by 12.7% during the 2nd quarter. Engineers Gate Manager LP now owns 37,118 shares of the bank's stock worth $2,606,000 after purchasing an additional 4,196 shares in the last quarter. Cubist Systematic Strategies LLC increased its position in Macro Bank by 10.0% during the 2nd quarter. Cubist Systematic Strategies LLC now owns 117,770 shares of the bank's stock worth $8,269,000 after purchasing an additional 10,717 shares in the last quarter. BNP Paribas Financial Markets lifted its stake in Macro Bank by 66.0% in the 2nd quarter. BNP Paribas Financial Markets now owns 18,337 shares of the bank's stock valued at $1,287,000 after purchasing an additional 7,290 shares during the last quarter. Finally, Balyasny Asset Management L.P. acquired a new stake in Macro Bank in the second quarter valued at approximately $2,221,000.

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.

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