Morgan Stanley Upgrades Banco Macro (NYSE:BMA) to Overweight

Banco Macro (NYSE:BMA) was upgraded by research analysts at Morgan Stanley from an “underweight” rating to an “overweight” rating in a research note issued on Monday, Marketbeat reports. The firm currently has a $12.50 price objective on the bank’s stock. Morgan Stanley’s price target would suggest a potential downside of 88.24% from the stock’s previous close.

Several other equities research analysts also recently weighed in on BMA. JPMorgan Chase & Co. upgraded Banco Macro from an “underweight” rating to a “neutral” rating and upped their price target for the stock from $14.00 to $78.00 in a report on Friday, August 30th. StockNews.com lowered shares of Banco Macro from a “buy” rating to a “hold” rating in a research note on Thursday, September 26th.

Banco Macro Stock Down 0.5 %

Shares of BMA opened at $106.26 on Monday. The company’s 50-day simple moving average is $80.09 and its 200-day simple moving average is $66.22. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.79 and a current ratio of 1.02. Banco Macro has a 1 year low of $24.41 and a 1 year high of $108.91. The stock has a market capitalization of $6.79 billion, a PE ratio of 9.30 and a beta of 1.75.

Hedge Funds Weigh In On Banco Macro

Several institutional investors have recently added to or reduced their stakes in the stock. Candriam S.C.A. purchased a new position in shares of Banco Macro during the 2nd quarter worth approximately $43,236,000. Ping Capital Management Inc. acquired a new position in Banco Macro during the second quarter worth approximately $12,326,000. TT International Asset Management LTD raised its stake in Banco Macro by 21.9% during the third quarter. TT International Asset Management LTD now owns 611,476 shares of the bank’s stock worth $38,828,000 after purchasing an additional 109,793 shares during the period. Marshall Wace LLP boosted its holdings in shares of Banco Macro by 72.3% in the 2nd quarter. Marshall Wace LLP now owns 165,558 shares of the bank’s stock valued at $9,491,000 after purchasing an additional 69,494 shares during the last quarter. Finally, Duquesne Family Office LLC grew its stake in shares of Banco Macro by 30.9% during the 2nd quarter. Duquesne Family Office LLC now owns 273,130 shares of the bank’s stock valued at $15,659,000 after buying an additional 64,400 shares during the period.

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.