Grupo Financiero Banorte SAB de CV (OTCMKTS:GBOOY) Shares Gap Up After Strong Earnings

Shares of Grupo Financiero Banorte SAB de CV (OTCMKTS:GBOOY) gapped up before the market opened on Tuesday following a better than expected earnings announcement. The stock had previously closed at $51.69, but opened at $55.27. Grupo Financiero Banorte SAB de CV shares last traded at $51.70, with a volume of 3,480 shares changing hands.

The company reported $1.59 EPS for the quarter, beating analysts’ consensus estimates of $1.58 by $0.01. The firm had revenue of $2.48 billion during the quarter, compared to the consensus estimate of $2.29 billion. Grupo Financiero Banorte SAB de CV had a net margin of 14.97% and a return on equity of 22.25%.

Analyst Ratings Changes

Separately, Zacks Research lowered Grupo Financiero Banorte SAB de CV from a “strong-buy” rating to a “hold” rating in a report on Monday, March 30th. One research analyst has rated the stock with a Hold rating, According to data from MarketBeat.com, Grupo Financiero Banorte SAB de CV has an average rating of “Hold”.

Grupo Financiero Banorte SAB de CV Trading Up 2.9%

The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 0.42. The firm has a market cap of $31.07 billion, a P/E ratio of 9.31, a P/E/G ratio of 1.01 and a beta of 0.71. The company’s 50 day simple moving average is $53.40 and its 200-day simple moving average is $54.51.

Grupo Financiero Banorte SAB de CV Company Profile

Grupo Financiero Banorte SAB de CV, commonly known as Banorte, is a major Mexican financial services holding company headquartered in Monterrey, Mexico. The group operates a universal banking franchise that serves retail, small and medium-sized enterprises, and large corporate clients across Mexico. Banorte provides a broad suite of banking services through an extensive branch network and digital channels and maintains an international investor presence, including ADRs that trade on the U.S. OTC market under the symbol GBOOY.

Banorte’s core businesses include retail and commercial banking—offering deposit accounts, payment and cash management services, consumer and mortgage loans, credit and debit cards, and lending to corporate clients.