Macro Bank (NYSE:BMA) Reaches New 52-Week Low - Here's What Happened

Key Points

• Macro Bank shares hit a new 52-week low, falling to $57.75 before last trading at $59.05, well below its 50-day and 200-day moving averages of $70.15 and $80.73.
• Analyst sentiment has weakened, with multiple firms lowering ratings or price targets; the stock now carries a consensus “Hold” rating and an average target price of $101.25.
• The bank recently exceeded quarterly expectations, reporting $2.29 in EPS versus the $1.86 estimate and revenue of $1 billion versus expectations of $946.46 million, while several institutional investors increased their positions.

Macro Bank Inc. (NYSE:BMA - Get Free Report)'s share price reached a new 52-week low on Tuesday. The stock traded as low as $57.75 and last traded at $59.05, with a volume of 25,475 shares trading hands. The stock had previously closed at $59.00.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on the company. Wall Street Zen cut Macro Bank from a "strong-buy" rating to a "buy" rating in a research note on Saturday, September 5th. Itau BBA Securities lowered Macro Bank from an "outperform" rating to a "market perform" rating in a research report on Thursday, September 3rd. UBS Group cut their price target on shares of Macro Bank from $130.00 to $90.00 and set a "buy" rating on the stock in a report on Tuesday, October 13th. Zacks Research downgraded shares of Macro Bank from a "strong-buy" rating to a "hold" rating in a report on Monday, October 26th. Finally, Weiss Ratings lowered shares of Macro Bank from a "hold (c-)" rating to a "sell (d+)" rating in a research report on Tuesday, September 29th. Four research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, Macro Bank currently has a consensus rating of "Hold" and an average target price of $101.25.

Macro Bank Price Performance

The firm has a 50-day simple moving average of $70.15 and a two-hundred day simple moving average of $80.73. The company has a market capitalization of $3.75 billion, a price-to-earnings ratio of 12.84, a P/E/G ratio of 0.27 and a beta of 1.50. The company has a current ratio of 1.10, a quick ratio of 1.08 and a debt-to-equity ratio of 0.26.

Macro Bank (NYSE:BMA - Get Free Report) last issued its quarterly earnings data on Thursday, August 20th. The bank reported $2.29 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.86 by $0.43. Macro Bank had a return on equity of 8.65% and a net margin of 5.95%. The business had revenue of $1 billion during the quarter, compared to analysts' expectations of $946.46 million. As a group, analysts predict that Macro Bank Inc. will post 8.35 earnings per share for the current fiscal year.

Institutional Trading of Macro Bank

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Deltec Asset Management LLC lifted its position in shares of Macro Bank by 50.7% in the third quarter. Deltec Asset Management LLC now owns 14,570 shares of the bank's stock valued at $975,000 after acquiring an additional 4,900 shares in the last quarter. Robeco Institutional Asset Management B.V. boosted its stake in shares of Macro Bank by 53.3% in the third quarter. Robeco Institutional Asset Management B.V. now owns 273,122 shares of the bank's stock worth $18,280,000 after acquiring an additional 95,014 shares during the last quarter. Farther Finance Advisors LLC boosted its stake in shares of Macro Bank by 93.3% in the third quarter. Farther Finance Advisors LLC now owns 634 shares of the bank's stock worth $42,000 after acquiring an additional 306 shares during the last quarter. ABS Direct Equity Fund LLC purchased a new stake in shares of Macro Bank during the second quarter worth approximately $2,268,000. Finally, Engineers Gate Manager LP purchased a new stake in shares of Macro Bank during the second quarter worth approximately $1,418,000.

About Macro Bank

Banco Macro SA is an Argentine financial institution headquartered in Buenos Aires and listed on the New York Stock Exchange under the symbol BMA. The bank provides banking and financial services to individuals, small and medium-sized businesses, corporate customers and public-sector entities throughout Argentina.

Its offerings include deposit accounts, personal and commercial loans, credit and debit cards, insurance, investment and cash-management products, foreign-exchange services and electronic banking.

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