Banco Macro (NYSE:BMA) Shares Up 5.7% – Here’s Why

Shares of Banco Macro S.A. (NYSE:BMA) rose 5.7% on Tuesday . The stock traded as high as $85.65 and last traded at $85.80. Approximately 89,928 shares changed hands during trading, a decline of 73% from the average daily volume of 338,713 shares. The stock had previously closed at $81.20.

Wall Street Analysts Forecast Growth

Separately, Morgan Stanley upgraded shares of Banco Macro from an “underweight” rating to an “overweight” rating and set a $12.50 target price on the stock in a research note on Monday, December 16th.

Banco Macro Trading Down 3.1 %

The stock has a market cap of $5.13 billion, a P/E ratio of 7.04 and a beta of 1.73. The firm’s 50 day simple moving average is $91.10 and its two-hundred day simple moving average is $85.91. The company has a quick ratio of 0.79, a current ratio of 1.02 and a debt-to-equity ratio of 0.13.

Hedge Funds Weigh In On Banco Macro

A number of large investors have recently bought and sold shares of BMA. TT International Asset Management LTD increased its holdings in shares of Banco Macro by 86.6% in the 4th quarter. TT International Asset Management LTD now owns 1,141,086 shares of the bank’s stock worth $110,411,000 after acquiring an additional 529,610 shares during the period. William Blair Investment Management LLC raised its holdings in shares of Banco Macro by 136.1% during the fourth quarter. William Blair Investment Management LLC now owns 570,374 shares of the bank’s stock valued at $55,188,000 after buying an additional 328,800 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in shares of Banco Macro by 84.6% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 539,074 shares of the bank’s stock valued at $52,161,000 after buying an additional 247,070 shares during the last quarter. Duquesne Family Office LLC boosted its position in shares of Banco Macro by 14.5% during the fourth quarter. Duquesne Family Office LLC now owns 485,430 shares of the bank’s stock worth $46,970,000 after buying an additional 61,300 shares during the period. Finally, PointState Capital LP grew its holdings in Banco Macro by 25.1% in the 4th quarter. PointState Capital LP now owns 339,020 shares of the bank’s stock worth $32,804,000 after buying an additional 68,096 shares in the last quarter.

About Banco Macro

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.