Banco Macro (BMA) Sets New 12-Month High and Low Following Dividend Announcement

Banco Macro S.A. (NYSE:BMA) hit a new 52-week high and low during trading on Friday after the company announced a dividend. The company traded as low as $82.53 and last traded at $82.98, with a volume of 733158 shares. The stock had previously closed at $89.67.

The newly announced dividend which will be paid on Tuesday, May 22nd. Investors of record on Monday, May 14th will be given a dividend of $2.2345 per share. This is an increase from Banco Macro’s previous special dividend of $0.75. This represents a dividend yield of 0.91%. The ex-dividend date of this dividend is Friday, May 11th. Banco Macro’s payout ratio is currently 8.67%.

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Several brokerages recently issued reports on BMA. Zacks Investment Research upgraded Banco Macro from a “sell” rating to a “hold” rating in a research report on Tuesday, February 27th. HSBC upgraded Banco Macro from a “hold” rating to a “buy” rating in a research report on Monday, February 26th. UBS upgraded Banco Macro from a “hold” rating to a “buy” rating in a report on Monday, March 12th. Citigroup upgraded Banco Macro from a “neutral” rating to a “buy” rating in a report on Monday, March 12th. Finally, ValuEngine downgraded Banco Macro from a “buy” rating to a “hold” rating in a report on Wednesday, April 4th. Four analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. Banco Macro currently has a consensus rating of “Buy” and an average price target of $117.35.

The company has a quick ratio of 1.26, a current ratio of 1.26 and a debt-to-equity ratio of 0.18. The firm has a market cap of $6,105.51, a price-to-earnings ratio of 9.59, a price-to-earnings-growth ratio of 0.63 and a beta of 1.26.

Banco Macro (NYSE:BMA) last issued its quarterly earnings results on Monday, February 19th. The bank reported $2.40 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $2.31 by $0.09. The company had revenue of $401.72 million during the quarter. Banco Macro had a return on equity of 25.77% and a net margin of 21.88%. research analysts expect that Banco Macro S.A. will post 10.65 EPS for the current year.

A number of institutional investors and hedge funds have recently modified their holdings of BMA. Icon Wealth Partners LLC acquired a new position in Banco Macro in the 4th quarter valued at $104,000. Earnest Partners LLC acquired a new position in Banco Macro in the 4th quarter valued at $128,000. Castleark Management LLC acquired a new position in Banco Macro in the 4th quarter valued at $151,000. Lake Street Advisors Group LLC acquired a new position in Banco Macro in the 4th quarter valued at $207,000. Finally, Advisor Group Inc. increased its holdings in shares of Banco Macro by 22.8% during the 4th quarter. Advisor Group Inc. now owns 2,748 shares of the bank’s stock worth $319,000 after buying an additional 511 shares during the last quarter. Institutional investors own 30.44% of the company’s stock.

About Banco Macro

Banco Macro SA provides various banking products and services to individuals and corporate customers in Argentina. It offers various retail 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 (ATMs), and money transfers.

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