Macro Bank (NYSE:BMA) Trading Down 4.6% - Here's What Happened

Macro Bank Inc. (NYSE:BMA - Get Free Report) shares traded down 4.6% during mid-day trading on Wednesday . The company traded as low as $63.14 and last traded at $63.24. 378,802 shares changed hands during mid-day trading, an increase of 18% from the average session volume of 321,031 shares. The stock had previously closed at $66.25.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on BMA. JPMorgan Chase & Co. raised their price target on Macro Bank from $78.00 to $89.00 and gave the company a "neutral" rating in a report on Monday, April 21st. Itau BBA Securities started coverage on Macro Bank in a research report on Tuesday, May 20th. They issued a "market perform" rating and a $85.00 price objective on the stock. Four analysts have rated the stock with a hold rating and one has issued a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Hold" and an average price target of $62.13.

Macro Bank Price 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 firm has a market capitalization of $4.13 billion, a P/E ratio of 5.67, a price-to-earnings-growth ratio of 0.26 and a beta of 1.60. The company has a 50-day moving average price of $77.82 and a 200-day moving average price of $86.06.

Macro Bank (NYSE:BMA - Get Free Report) last posted its earnings results on Wednesday, May 28th. The bank reported $0.65 earnings per share for the quarter, missing the consensus estimate of $1.76 by ($1.11). The business had revenue of $759.36 million for the quarter, compared to the consensus estimate of $837.49 billion. Macro Bank had a return on equity of 1.50% and a net margin of 1.12%. On average, sell-side analysts predict that Macro Bank Inc. will post 7.84 earnings per share for the current year.

Macro Bank Cuts Dividend

The firm also recently announced a -- dividend, which will be paid on Friday, July 25th. Shareholders of record on Friday, July 18th will be issued a dividend of $0.3985 per share. The ex-dividend date of this dividend is Friday, July 18th. This represents a yield of 9.2%. Macro Bank's dividend payout ratio is presently 31.03%.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in shares of Macro Bank by 6.2% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 572,464 shares of the bank's stock valued at $43,227,000 after purchasing an additional 33,390 shares during the period. Duquesne Family Office LLC raised its stake in shares of Macro Bank by 14.5% in the 4th quarter. Duquesne Family Office LLC now owns 485,430 shares of the bank's stock valued at $46,970,000 after purchasing an additional 61,300 shares during the period. PointState Capital LP increased its position in shares of Macro Bank by 25.1% in the fourth quarter. PointState Capital LP now owns 339,020 shares of the bank's stock valued at $32,804,000 after acquiring an additional 68,096 shares during the last quarter. Axiom Investors LLC DE increased its position in shares of Macro Bank by 72.8% in the fourth quarter. Axiom Investors LLC DE now owns 302,983 shares of the bank's stock valued at $29,317,000 after acquiring an additional 127,678 shares during the last quarter. Finally, Gemsstock Ltd. increased its position in shares of Macro Bank by 30.3% in the first quarter. Gemsstock Ltd. now owns 206,725 shares of the bank's stock valued at $15,610,000 after acquiring an additional 48,100 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.