Grupo Financiero Galicia (NASDAQ:GGAL) Downgraded by Credit Suisse Group

Credit Suisse Group downgraded shares of Grupo Financiero Galicia (NASDAQ:GGAL) from an outperform rating to a neutral rating in a research note released on Tuesday morning, BenzingaRatingsTable reports. Credit Suisse Group currently has $22.00 target price on the bank’s stock, down from their prior target price of $45.00.

Several other brokerages also recently commented on GGAL. JPMorgan Chase & Co. downgraded Grupo Financiero Galicia from a neutral rating to an underweight rating and reduced their target price for the stock from $28.00 to $20.00 in a research note on Monday, April 29th. Morgan Stanley downgraded Grupo Financiero Galicia from an overweight rating to an underweight rating in a research note on Monday. Zacks Investment Research upgraded Grupo Financiero Galicia from a hold rating to a buy rating and set a $40.00 target price for the company in a research note on Wednesday, July 3rd. BidaskClub downgraded Grupo Financiero Galicia from a buy rating to a hold rating in a research note on Tuesday, August 6th. Finally, Scotiabank started coverage on Grupo Financiero Galicia in a research note on Wednesday, August 7th. They set an underperform rating and a $27.00 target price for the company. Four investment analysts have rated the stock with a sell rating, four have assigned a hold rating and one has issued a buy rating to the company’s stock. The company has a consensus rating of Hold and an average price target of $27.25.

Shares of NASDAQ GGAL opened at $17.23 on Tuesday. The company has a debt-to-equity ratio of 0.77, a current ratio of 1.05 and a quick ratio of 1.05. Grupo Financiero Galicia has a 12 month low of $15.17 and a 12 month high of $39.22. The business’s 50 day simple moving average is $35.26. The company has a market cap of $5.45 billion, a P/E ratio of 4.80 and a beta of 0.85.

Several hedge funds and other institutional investors have recently modified their holdings of GGAL. Asset Management One Co. Ltd. acquired a new position in shares of Grupo Financiero Galicia during the 2nd quarter worth $1,367,000. BlackRock Inc. raised its holdings in shares of Grupo Financiero Galicia by 139.1% during the 2nd quarter. BlackRock Inc. now owns 6,883,396 shares of the bank’s stock worth $244,360,000 after buying an additional 4,004,132 shares in the last quarter. Nomura Asset Management Co. Ltd. acquired a new position in shares of Grupo Financiero Galicia during the 2nd quarter worth $220,000. Pinebridge Investments L.P. acquired a new position in shares of Grupo Financiero Galicia during the 2nd quarter worth $738,000. Finally, APG Asset Management N.V. acquired a new position in shares of Grupo Financiero Galicia during the 2nd quarter worth $2,615,000. Institutional investors own 25.57% of the company’s stock.

About Grupo Financiero Galicia

Grupo Financiero Galicia SA, a financial services holding company, provides various financial products and services in Argentina. The company operates through Banking, Regional Credit Cards, Insurance, and Other Grupo Galicia Businesses segments. It offers corporate banking services to companies; credit and debit cards, loans, and financing advice to various agricultural-sector clients; foreign trade transaction services; and e-banking services.

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Analyst Recommendations for Grupo Financiero Galicia (NASDAQ:GGAL)

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