Macro Bank (NYSE:BMA) Stock Falls 11.2% on Analyst Downgrade

Macro Bank Inc. (NYSE:BMA)’s share price was down 11.2% on Monday after Zacks Research downgraded the stock from a strong-buy rating to a hold rating. The stock traded as low as $58.01 and last traded at $58.6420. 79,487 shares changed hands during mid-day trading, a decline of 74% from the average daily volume of 306,930 shares. The stock had previously closed at $66.04.

A number of other equities analysts have also weighed in on BMA. Itau BBA Securities lowered shares of Macro Bank from an “outperform” rating to a “market perform” rating in a research report on Thursday, September 3rd. Weiss Ratings downgraded shares of Macro Bank from a “hold (c-)” rating to a “sell (d+)” rating in a report on Tuesday, September 29th. Wall Street Zen cut Macro Bank from a “strong-buy” rating to a “buy” rating in a research note on Saturday, September 5th. Finally, UBS Group cut their target price on Macro Bank from $130.00 to $90.00 and set a “buy” rating on the stock in a research report on Tuesday, October 13th. Five equities 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 company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $101.25.

Institutional Investors Weigh In On Macro Bank

Several hedge funds have recently made changes to their positions in the stock. Farther Finance Advisors LLC grew its position in Macro Bank by 93.3% in the third quarter. Farther Finance Advisors LLC now owns 634 shares of the bank’s stock valued at $42,000 after acquiring an additional 306 shares during the period. NewEdge Advisors LLC acquired a new position in shares of Macro Bank during the 2nd quarter worth about $310,000. Squarepoint Ops LLC boosted its position in shares of Macro Bank by 36.7% during the second quarter. Squarepoint Ops LLC now owns 4,623 shares of the bank’s stock worth $428,000 after purchasing an additional 1,242 shares in the last quarter. Deltec Asset Management LLC lifted its holdings in Macro Bank by 51.8% during the first quarter. Deltec Asset Management LLC now owns 12,600 shares of the bank’s stock worth $975,000 after acquiring an additional 4,300 shares in the last quarter. Finally, Titan Global Capital Management USA LLC grew its position in shares of Macro Bank by 5.5% in 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 purchasing an additional 690 shares during the period.

Macro Bank Price Performance

The company has a market cap of $3.95 billion, a P/E ratio of 13.51 and a beta of 1.37. The company’s 50-day moving average price is $71.27 and its 200-day moving average price is $81.43.

Macro Bank (NYSE:BMA) last posted its quarterly earnings data on Thursday, August 20th. The bank reported $2.29 earnings per share for the quarter, topping the consensus estimate of $1.86 by $0.43. The firm had revenue of $1 billion for the quarter, compared to analyst estimates of $946.46 million. On average, equities research analysts predict that Macro Bank Inc. will post 8.35 EPS for the current year.

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.