Macro Bank (NYSE:BMA) Trading Down 5.2% - Here's What Happened

Key Points

• Macro Bank's share price fell by 5.2% to $43.80 amidst low trading volume, dropping significantly from a previous close of $46.18.
• Analysts have mixed opinions on Macro Bank, with one analyst rating it a Buy, three maintaining a Hold, and Zacks research downgrading it to a strong sell.
• The bank recently reported a quarterly earnings miss, with earnings per share of $1.95 compared to the consensus estimate of $1.99, despite a revenue of $834.78 million.

Macro Bank Inc. (NYSE:BMA - Get Free Report)'s stock price fell 5.2% on Friday . The company traded as low as $44.13 and last traded at $43.80. 181,727 shares were traded during mid-day trading, a decline of 53% from the average session volume of 383,055 shares. The stock had previously closed at $46.18.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on BMA. Citigroup lowered shares of Macro Bank from a "buy" rating to a "hold" rating in a research note on Thursday, September 11th. Itau BBA Securities began coverage on shares of Macro Bank in a research note on Tuesday, May 20th. They issued a "market perform" rating and a $85.00 price objective for the company. Finally, Zacks Research lowered shares of Macro Bank from a "hold" rating to a "strong sell" rating in a research note on Friday, August 29th. One equities research analyst has rated the stock with a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Hold" and an average target price of $62.17.

Macro Bank Stock Down 1.1%

The stock has a market capitalization of $2.77 billion, a PE ratio of 3.80, a price-to-earnings-growth ratio of 0.63 and a beta of 1.68. 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 company's 50-day moving average is $63.49 and its 200 day moving average is $75.22.

Macro Bank (NYSE:BMA - Get Free Report) last posted 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 return on equity of 10.94% and a net margin of 8.32%.The business had revenue of $834.78 million for the quarter, compared to analysts' expectations of $752.51 million. As a group, analysts anticipate that Macro Bank Inc. will post 7.84 EPS for the current year.

Macro Bank Increases Dividend

The firm also recently declared a monthly dividend, which will be paid on Friday, September 26th. Shareholders of record on Friday, September 19th will be given a dividend of $0.3665 per share. The ex-dividend date of this dividend is Friday, September 19th. This represents a c) dividend on an annualized basis and a yield of 10.1%. This is a boost from Macro Bank's previous monthly dividend of $0.37. Macro Bank's payout ratio is 38.48%.

Hedge Funds Weigh In On Macro Bank

Institutional investors have recently bought and sold shares of the business. Allspring Global Investments Holdings LLC grew its stake in shares of Macro Bank by 11.1% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 56,568 shares of the bank's stock worth $4,271,000 after purchasing an additional 5,629 shares during the period. GAMMA Investing LLC grew its stake in shares of Macro Bank by 9,810.7% during the 1st quarter. GAMMA Investing LLC now owns 77,700 shares of the bank's stock worth $5,867,000 after purchasing an additional 76,916 shares during the period. ABS Direct Equity Fund LLC acquired a new stake in shares of Macro Bank during the 1st quarter worth approximately $310,000. Cambridge Investment Research Advisors Inc. acquired a new stake in shares of Macro Bank during the 1st quarter worth approximately $557,000. Finally, Mirae Asset Global Investments Co. Ltd. acquired a new stake in shares of Macro Bank during the 1st quarter worth approximately $31,000.

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.