Macro Bank (NYSE:BMA) Upgraded to "Buy" at HSBC

Key Points

• Macro Bank (NYSE:BMA) has been upgraded to a "Buy" rating by HSBC, with a target price of $80.00, indicating a potential upside of 89.44% from its current price.
• Despite this upgrade, the bank's stock has seen a 5.6% decline recently and currently has a consensus rating of "Hold" from multiple analysts.
• The bank reported $1.95 EPS for the last quarter, missing estimates, but generated revenue of $834.78 million, exceeding expectations.

Macro Bank (NYSE:BMA - Get Free Report) was upgraded by analysts at HSBC from a "hold" rating to a "buy" rating in a research report issued on Wednesday,Finviz reports. The firm presently has a $80.00 target price on the bank's stock. HSBC's price target indicates a potential upside of 89.44% from the company's current price.

BMA has been the subject of a number of other reports. Zacks Research downgraded Macro Bank from a "hold" rating to a "strong sell" rating in a report on Friday, August 29th. Citigroup downgraded Macro Bank from a "buy" rating to a "hold" rating in a research note on Thursday, September 11th. Two analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average target price of $66.63.

Macro Bank Stock Down 5.6%

NYSE:BMA opened at $42.23 on Wednesday. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.13 and a current ratio of 1.13. The company has a market cap of $2.70 billion, a PE ratio of 3.70, a PEG ratio of 0.83 and a beta of 1.68. Macro Bank has a 52-week low of $38.30 and a 52-week high of $118.42. The stock has a 50-day simple moving average of $59.22 and a 200 day simple moving average of $72.55.

Macro Bank (NYSE:BMA - Get Free Report) last posted its quarterly earnings data 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). The firm had revenue of $834.78 million for the quarter, compared to the consensus estimate of $752.51 million. Macro Bank had a return on equity of 10.99% and a net margin of 8.32%. On average, sell-side analysts expect that Macro Bank will post 7.84 EPS for the current fiscal year.

Institutional Trading of Macro Bank

Several hedge funds have recently added to or reduced their stakes in the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in Macro Bank by 6.2% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 572,464 shares of the bank's stock worth $43,227,000 after purchasing an additional 33,390 shares during the last quarter. Gemsstock Ltd. lifted its holdings in Macro Bank by 30.3% during the 1st quarter. Gemsstock Ltd. now owns 206,725 shares of the bank's stock worth $15,610,000 after purchasing an additional 48,100 shares during the last quarter. Sagil Capital LLP acquired a new stake in Macro Bank during the 2nd quarter worth approximately $10,094,000. Marshall Wace LLP lifted its holdings in Macro Bank by 4,089.3% during the 2nd quarter. Marshall Wace LLP now owns 120,191 shares of the bank's stock worth $8,439,000 after purchasing an additional 117,322 shares during the last quarter. Finally, Cubist Systematic Strategies LLC raised its holdings in Macro Bank by 10.0% in the 2nd quarter. Cubist Systematic Strategies LLC now owns 117,770 shares of the bank's stock valued at $8,269,000 after acquiring an additional 10,717 shares in the last quarter.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.