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Grupo Financiero Galicia S.A. (NASDAQ:GGAL) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued on Tuesday, Marketbeat.com reports.

According to Zacks, “Grupo Financiero Galicia SA. is involved in the Financial Services Industry. Their principal activity is to continue to be a financial and investment services holding company and to fulfill the banking services activities of Banco Galicia. “

Grupo Financiero Galicia (NASDAQ:GGAL) traded down 3.58% during mid-day trading on Tuesday, hitting $26.90. The stock had a trading volume of 200,399 shares. The stock’s 50-day moving average price is $26.27 and its 200-day moving average price is $22.86. Grupo Financiero Galicia has a 12 month low of $15.30 and a 12 month high of $29.25. The stock has a market cap of $3.50 billion and a price-to-earnings ratio of 12.45.

A number of hedge funds have recently added to or reduced their stakes in GGAL. EQIS Capital Management purchased a new stake in Grupo Financiero Galicia during the fourth quarter worth about $260,000. Wells Fargo Company MN increased its stake in Grupo Financiero Galicia by 85.3% in the fourth quarter. Wells Fargo Company MN now owns 13,274 shares of the company’s stock worth $360,000 after buying an additional 6,109 shares during the last quarter. Bailard Inc. purchased a new stake in Grupo Financiero Galicia during the fourth quarter worth about $812,000. Penserra Capital Management LLC purchased a new stake in Grupo Financiero Galicia during the fourth quarter worth about $1,316,000. Finally, Shell Asset Management Co. purchased a new stake in Grupo Financiero Galicia during the fourth quarter worth about $1,589,000.

Separately, JPMorgan Chase Co. raised Grupo Financiero Galicia from an “underweight” rating to a “neutral” rating and lifted their price objective for the stock from $16.00 to $32.00 in a research note on Tuesday.

Grupo Financiero Galicia SA (NASDAQ:GGAL) is a financial services holding company. Banco de Galicia y Buenos Aires SA (Banco Galicia) is the Company’s largest subsidiary. Banco Galicia is a bank that provides, directly or through its subsidiaries, a range of financial products and services to large corporations, small and medium sized companies (SMEs), and individuals.

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