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Banco Macro (BMA) Soars 8%: Is Further Upside Left in the Stock?

Banco Macro (BMA) shares ended the last trading session 8% higher at $12.42. The jump came on an impressive volume with a higher-than-average number of shares changing hands in the session. This compares to the stock's 1.4% loss over the past four weeks.

Banco Macro witnessed a rise in share price for the fifth consecutive day. Investors are bullish on the banking sector on expectations of interest rate hikes and decent demand for commercial and consumer loans. This possibly led to the optimistic stance by the investors, which drove BMA stock higher.

This financial holding company is expected to post quarterly earnings of $0.70 per share in its upcoming report, which represents a year-over-year change of +94.4%. Revenues are expected to be $404.78 million, up 21.1% from the year-ago quarter.

While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.


For Banco Macro, the consensus EPS estimate for the quarter has been revised 3.1% lower over the last 30 days to the current level. And a negative trend in earnings estimate revisions doesn't usually translate into price appreciation. So, make sure to keep an eye on BMA going forward to see if this recent jump can turn into more strength down the road.

The stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>

Banco Macro is a member of the Zacks Banks - Foreign industry. One other stock in the same industry, ING Groep (ING), finished the last trading session 0.7% higher at $9.57. ING has returned -6.6% over the past month.

ING's consensus EPS estimate for the upcoming report has changed +2.9% over the past month to $0.29. Compared to the company's year-ago EPS, this represents a change of -35.6%. ING currently boasts a Zacks Rank of #3 (Hold).

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