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

Banco Macro S.A. (NYSE:BMA) hit a new 52-week high during trading on Friday . The company traded as high as $110.00 and last traded at $109.17, with a volume of 432807 shares changing hands. The stock had previously closed at $96.76.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on BMA. Morgan Stanley upgraded Banco Macro from an “underweight” rating to an “overweight” rating and set a $12.50 price target for the company in a research note on Monday, December 16th. 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 Performance

The firm has a market capitalization of $7.08 billion, a price-to-earnings ratio of 9.71 and a beta of 1.68. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.02 and a quick ratio of 0.79. The firm has a 50 day moving average price of $87.73 and a 200-day moving average price of $69.98.

Hedge Funds Weigh In On Banco Macro

Hedge funds have recently made changes to their positions in the company. Beverly Hills Private Wealth LLC boosted its holdings in Banco Macro by 6.2% in the 2nd quarter. Beverly Hills Private Wealth LLC now owns 5,505 shares of the bank’s stock valued at $316,000 after purchasing an additional 323 shares in the last quarter. Blue Trust Inc. raised its position in Banco Macro by 118.3% in the third quarter. Blue Trust Inc. now owns 714 shares of the bank’s stock worth $45,000 after acquiring an additional 387 shares in the last quarter. Sigma Planning Corp lifted its holdings in Banco Macro by 6.7% in the third quarter. Sigma Planning Corp now owns 6,275 shares of the bank’s stock valued at $398,000 after acquiring an additional 395 shares during the period. GAMMA Investing LLC boosted its position in shares of Banco Macro by 136.1% during the 4th quarter. GAMMA Investing LLC now owns 784 shares of the bank’s stock worth $76,000 after purchasing an additional 452 shares in the last quarter. Finally, Diversify Wealth Management LLC increased its holdings in shares of Banco Macro by 4.3% in the 3rd quarter. Diversify Wealth Management LLC now owns 16,657 shares of the bank’s stock valued at $1,058,000 after purchasing an additional 693 shares in the last quarter.

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.