Short Interest in Grupo Financiero Banorte SAB de CV (OTCMKTS:GBOOY) Drops By 68.8%

Key Points

• Short interest in Grupo Financiero Banorte (OTCMKTS:GBOOY) fell by 68.8% in March to 11,542 shares, representing 0.0% of shares sold short and a days-to-cover ratio of 0.1.
• The company beat quarterly estimates with EPS of $1.54 (vs. $1.35 expected), reported $2.30 billion in revenue, a 13.5% net margin and 22.2% ROE, and analysts project ~4.84 EPS for the fiscal year.
• Zacks downgraded the stock from "strong-buy" to "hold" on March 30, and the MarketBeat consensus rating is currently "Hold."

Grupo Financiero Banorte SAB de CV (OTCMKTS:GBOOY - Get Free Report) saw a large decline in short interest in the month of March. As of March 31st, there was short interest totaling 11,542 shares, a decline of 68.8% from the March 15th total of 37,035 shares. Based on an average daily volume of 103,572 shares, the days-to-cover ratio is presently 0.1 days. Currently, 0.0% of the shares of the company are sold short.

Grupo Financiero Banorte SAB de CV Price Performance

Shares of Grupo Financiero Banorte SAB de CV stock opened at $57.49 on Friday. The company has a debt-to-equity ratio of 0.41, a quick ratio of 0.23 and a current ratio of 0.23. The firm's 50-day simple moving average is $56.25 and its 200-day simple moving average is $51.27. Grupo Financiero Banorte SAB de CV has a twelve month low of $34.23 and a twelve month high of $62.89. The firm has a market cap of $32.35 billion, a P/E ratio of 10.59, a price-to-earnings-growth ratio of 1.09 and a beta of 0.79.

Grupo Financiero Banorte SAB de CV (OTCMKTS:GBOOY - Get Free Report) last issued its earnings results on Tuesday, January 27th. The company reported $1.54 earnings per share for the quarter, beating the consensus estimate of $1.35 by $0.19. Grupo Financiero Banorte SAB de CV had a net margin of 13.50% and a return on equity of 22.20%. The business had revenue of $2.30 billion for the quarter. As a group, research analysts expect that Grupo Financiero Banorte SAB de CV will post 4.84 EPS for the current fiscal year.

Analysts Set New Price Targets

Separately, Zacks Research downgraded shares of Grupo Financiero Banorte SAB de CV from a "strong-buy" rating to a "hold" rating in a report on Monday, March 30th. One research analyst has rated the stock with a Hold rating, According to data from MarketBeat, the stock currently has a consensus rating of "Hold".

About Grupo Financiero Banorte SAB de CV

Grupo Financiero Banorte SAB de CV, commonly known as Banorte, is a major Mexican financial services holding company headquartered in Monterrey, Mexico. The group operates a universal banking franchise that serves retail, small and medium-sized enterprises, and large corporate clients across Mexico. Banorte provides a broad suite of banking services through an extensive branch network and digital channels and maintains an international investor presence, including ADRs that trade on the U.S. OTC market under the symbol GBOOY.

Banorte's core businesses include retail and commercial banking—offering deposit accounts, payment and cash management services, consumer and mortgage loans, credit and debit cards, and lending to corporate clients.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.