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

Key Points

• Macro Bank hit a new 52-week low, trading as low as $55.53 on Thursday versus its prior close of $57.83.
• Analyst sentiment has weakened, with several firms downgrading the stock; the consensus rating is now Hold, with an average price target of $101.25.
• In its latest reported quarter, Macro Bank posted earnings of $2.29 per share, beating estimates of $1.86, and revenue of $1 billion, above expectations of $946.46 million.

Macro Bank Inc. (NYSE:BMA - Get Free Report) hit a new 52-week low on Thursday. The stock traded as low as $55.53 and last traded at $56.0830, with a volume of 8,290 shares. The stock had previously closed at $57.83.

Wall Street Analyst Weigh In

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

Macro Bank Stock Down 0.8%

The firm's fifty day simple moving average is $67.47 and its 200-day simple moving average is $79.49. The company has a market cap of $3.63 billion, a PE ratio of 12.39, a P/E/G ratio of 0.26 and a beta of 1.50. The company has a quick ratio of 1.08, a current ratio of 1.10 and a debt-to-equity ratio of 0.26.

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

Hedge Funds Weigh In On Macro Bank

Institutional investors and hedge funds have recently bought and sold shares of the stock. Farther Finance Advisors LLC increased 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 buying an additional 306 shares during the last quarter. Titan Global Capital Management USA LLC boosted its stake in Macro Bank by 5.5% during the 1st quarter. Titan Global Capital Management USA LLC now owns 13,276 shares of the bank's stock valued at $1,027,000 after acquiring an additional 690 shares during the last quarter. Global Retirement Partners LLC bought a new position in Macro Bank during the 3rd quarter valued at $73,000. Squarepoint Ops LLC boosted its stake in Macro Bank by 36.7% during the 2nd quarter. Squarepoint Ops LLC now owns 4,623 shares of the bank's stock valued at $428,000 after acquiring an additional 1,242 shares during the last quarter. Finally, Point Nemo Capital LLC grew its holdings in Macro Bank by 18.7% during the 3rd quarter. Point Nemo Capital LLC now owns 15,150 shares of the bank's stock worth $1,014,000 after acquiring an additional 2,389 shares in the last quarter.

About Macro Bank

Macro Bank, formally Banco Macro S.A., is an Argentine financial services company that provides banking products to individuals, businesses and other organizations. Its services include deposit accounts, personal and commercial loans, credit and debit cards, and digital banking, as well as cash-management and other banking services for businesses. The company serves customers across Argentina through its banking network and online channels. Its history dates to 1976, when it began as a financial institution before expanding into commercial banking.

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