Macro Bank (NYSE:BMA) Shares Up 7.4% - Should You Buy?

Key Points

• Macro Bank's shares surged **7.4%**, reaching a high of **$48.02** during trading, despite a drop in trading volume compared to the average.
• Analysts have mixed views, with Zacks downgrading the stock to a "**strong sell**," while Itau BBA set a **price target of $85.00** and one analyst rated it a "**buy**."
• The bank reported **$1.95 EPS**, missing expectations, but achieving revenue of **$834.78 million** against a forecast of **$752.51 million**.

Macro Bank Inc. (NYSE:BMA - Get Free Report)'s stock price shot up 7.4% during trading on Wednesday . The stock traded as high as $48.02 and last traded at $47.47. 344,869 shares changed hands during mid-day trading, a decline of 8% from the average session volume of 376,746 shares. The stock had previously closed at $44.18.

Analysts Set New Price Targets

A number of research firms have weighed in on BMA. Zacks Research lowered shares of Macro Bank from a "hold" rating to a "strong sell" rating in a research note on Friday, August 29th. Itau BBA Securities assumed coverage on shares of Macro Bank in a report on Tuesday, May 20th. They issued a "market perform" rating and a $85.00 price objective on the stock. One investment analyst has rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, Macro Bank presently has an average rating of "Hold" and a consensus price target of $62.17.

Macro Bank Price Performance

The firm's 50-day moving average is $65.94 and its two-hundred day moving average is $76.63. The company has a market cap of $2.99 billion, a P/E ratio of 4.10, a PEG ratio of 0.67 and a beta of 1.68. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.05 and a quick ratio of 1.05.

Macro Bank (NYSE:BMA - Get Free Report) last posted its quarterly earnings data 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 for the quarter, compared to analysts' expectations of $752.51 million. Macro Bank had a return on equity of 10.94% and a net margin of 8.32%. Analysts anticipate that Macro Bank Inc. will post 7.84 earnings per share for the current year.

Macro Bank Cuts Dividend

The firm also recently declared a monthly dividend, which was paid on Friday, August 22nd. Stockholders of record on Friday, August 15th were issued a $0.3658 dividend. The ex-dividend date was Friday, August 15th. This represents a c) annualized dividend and a dividend yield of 9.4%. Macro Bank's payout ratio is currently 38.48%.

Institutional Investors Weigh In On Macro Bank

Several large investors have recently modified their holdings of BMA. Marex Group plc purchased a new stake in shares of Macro Bank during the second quarter valued at about $1,018,000. Engineers Gate Manager LP lifted its position in shares of Macro Bank by 12.7% during the second quarter. Engineers Gate Manager LP now owns 37,118 shares of the bank's stock valued at $2,606,000 after buying an additional 4,196 shares during the last quarter. Cubist Systematic Strategies LLC lifted its position in shares of Macro Bank by 10.0% during the second quarter. Cubist Systematic Strategies LLC now owns 117,770 shares of the bank's stock valued at $8,269,000 after buying an additional 10,717 shares during the last quarter. BNP Paribas Financial Markets lifted its position in shares of Macro Bank by 66.0% during the second quarter. BNP Paribas Financial Markets now owns 18,337 shares of the bank's stock valued at $1,287,000 after buying an additional 7,290 shares during the last quarter. Finally, Balyasny Asset Management L.P. purchased a new stake in shares of Macro Bank during the second quarter valued at about $2,221,000.

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.

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