Banco Macro (NYSE:BMA) Upgraded to Overweight at Morgan Stanley

Morgan Stanley upgraded shares of Banco Macro (NYSE:BMA) from an underweight rating to an overweight rating in a research report sent to investors on Monday, MarketBeat.com reports. Morgan Stanley currently has $12.50 target price on the bank’s stock.

A number of other research analysts have also recently issued reports on BMA. JPMorgan Chase & Co. raised Banco Macro from an “underweight” rating to a “neutral” rating and lifted their price objective for the company from $14.00 to $78.00 in a report on Friday, August 30th. StockNews.com cut shares of Banco Macro from a “buy” rating to a “hold” rating in a research note on Thursday, September 26th.

Banco Macro Stock Down 8.3 %

Shares of BMA opened at $97.45 on Monday. Banco Macro has a 12 month low of $24.41 and a 12 month high of $109.36. The stock has a market cap of $6.23 billion, a price-to-earnings ratio of 8.54 and a beta of 1.75. The company has a 50-day moving average price of $81.37 and a two-hundred day moving average price of $66.71. The company has a quick ratio of 0.79, a current ratio of 1.02 and a debt-to-equity ratio of 0.13.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the stock. Duquesne Family Office LLC increased its holdings in shares of Banco Macro by 30.9% in the second quarter. Duquesne Family Office LLC now owns 273,130 shares of the bank’s stock worth $15,659,000 after acquiring an additional 64,400 shares in the last quarter. Candriam S.C.A. bought a new position in Banco Macro during the 2nd quarter worth about $43,236,000. Marshall Wace LLP raised its stake 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 period. Point72 Asset Management L.P. bought a new stake in shares of Banco Macro in the third quarter valued at about $826,000. Finally, Y Intercept Hong Kong Ltd boosted its position in shares of Banco Macro by 300.8% during the third quarter. Y Intercept Hong Kong Ltd now owns 15,333 shares of the bank’s stock worth $974,000 after buying an additional 11,507 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.