Macro Bank (NYSE:BMA) Stock Price Down 5.1% - Time to Sell?

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) shares fell 5.1% during trading on Monday . The company traded as low as $62.22 and last traded at $62.22. 99,571 shares were traded during mid-day trading, a decline of 71% from the average session volume of 345,002 shares. The stock had previously closed at $65.54.

Analysts Set New Price Targets

Separately, Itau BBA Securities began coverage on Macro Bank in a research note on Tuesday, May 20th. They issued a "market perform" rating and a $85.00 price target for the company. One research analyst has rated the stock with a Buy rating and two have given a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Hold" and a consensus target price of $62.17.

Macro Bank Stock Performance

The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.05 and a current ratio of 1.05. The stock has a fifty day simple moving average of $68.26 and a two-hundred day simple moving average of $78.54. The stock has a market capitalization of $3.72 billion, a price-to-earnings ratio of 5.10, a P/E/G ratio of 0.30 and a beta of 1.58.

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). The firm 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%. Analysts forecast that Macro Bank Inc. will post 7.84 earnings per share for the current fiscal year.

Macro Bank Cuts Dividend

The company also recently announced a monthly dividend, which was paid on Friday, August 22nd. Shareholders 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. This represents a c) annualized dividend and a dividend yield of 7.5%. Macro Bank's dividend payout ratio (DPR) is currently 38.48%.

Hedge Funds Weigh In On Macro Bank

Several hedge funds have recently modified their holdings of the company. Shilanski & Associates Inc. lifted its position in shares of Macro Bank by 2.4% during the 1st quarter. Shilanski & Associates Inc. now owns 4,773 shares of the bank's stock worth $360,000 after buying an additional 112 shares in the last quarter. SBI Securities Co. Ltd. lifted its position in shares of Macro Bank by 19.0% during the 1st quarter. SBI Securities Co. Ltd. now owns 775 shares of the bank's stock worth $59,000 after buying an additional 124 shares in the last quarter. GAMMA Investing LLC lifted 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. Titan Global Capital Management USA LLC lifted its position in shares of Macro Bank by 4.0% during the 2nd quarter. Titan Global Capital Management USA LLC now owns 8,368 shares of the bank's stock worth $588,000 after buying an additional 323 shares in the last quarter. Finally, Freedom Investment Management Inc. raised its holdings in shares of Macro Bank by 6.1% in the 1st quarter. Freedom Investment Management Inc. now owns 6,539 shares of the bank's stock worth $494,000 after purchasing an additional 375 shares during the period.

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.