Banco Macro (NYSE:BMA) Reaches New 52-Week High – Still a Buy?

Shares of Banco Macro S.A. (NYSE:BMA) hit a new 52-week high during mid-day trading on Tuesday . The company traded as high as $108.14 and last traded at $107.40, with a volume of 54711 shares changing hands. The stock had previously closed at $106.83.

Analyst Ratings Changes

A number of equities research analysts recently commented on BMA shares. Morgan Stanley raised Banco Macro from an “underweight” rating to an “overweight” rating and set a $12.50 price objective for the company in a research note on Monday. JPMorgan Chase & Co. upgraded shares of Banco Macro from an “underweight” rating to a “neutral” rating and increased their target price for the stock from $14.00 to $78.00 in a report on Friday, August 30th. Finally, StockNews.com cut shares of Banco Macro from a “buy” rating to a “hold” rating in a research report on Thursday, September 26th.

Banco Macro Trading Down 0.6 %

The stock has a market cap of $6.79 billion, a price-to-earnings ratio of 9.36 and a beta of 1.75. The business has a 50-day simple moving average of $80.09 and a two-hundred day simple moving average of $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.

Institutional Investors Weigh In On Banco Macro

Several hedge funds and other institutional investors have recently added to or reduced their stakes in BMA. Blue Trust Inc. grew its holdings in shares of Banco Macro by 118.3% in the 3rd quarter. Blue Trust Inc. now owns 714 shares of the bank’s stock valued at $45,000 after acquiring an additional 387 shares in the last quarter. Ashton Thomas Private Wealth LLC acquired a new position in shares of Banco Macro during the 2nd quarter worth approximately $51,000. Headlands Technologies LLC boosted its holdings in shares of Banco Macro by 262.0% in the 2nd quarter. Headlands Technologies LLC now owns 2,483 shares of the bank’s stock valued at $142,000 after buying an additional 1,797 shares during the last quarter. Beverly Hills Private Wealth LLC grew its stake in shares of Banco Macro by 6.2% in the second quarter. Beverly Hills Private Wealth LLC now owns 5,505 shares of the bank’s stock valued at $316,000 after buying an additional 323 shares in the last quarter. Finally, Atlas Capital Advisors LLC acquired a new position in Banco Macro during the second quarter worth $362,000.

Banco Macro Company Profile

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.