Grupo Supervielle (NYSE:SUPV) announced its quarterly earnings results on November 3, 2023, revealing a loss of ($0.43) earnings per share (EPS). This figure fell short of analysts’ expectations, which had anticipated a positive EPS of $0.03. According to Zacks, this discrepancy of $0.46 represents a significant miss for the financial services holding company, which operates primarily in Argentina.
Despite the disappointing earnings report, Grupo Supervielle’s stock saw a rise of 5.5%, closing at $10.22 for the day. The trading volume reached 1,967,573 shares, surpassing the average volume of 1,653,686 shares. The company has a market capitalization of $905.17 million with a price-to-earnings (P/E) ratio of 15.49 and a beta of 1.66. Over the past year, the stock has fluctuated significantly, with a low of $4.54 and a high of $19.75.
Analysts Adjust Ratings Following Earnings Report
In light of the earnings report, several analysts have reassessed their ratings for Grupo Supervielle. On October 28, JPMorgan Chase & Co. upgraded the company from an “underweight” to a “neutral” rating, increasing their price target from $5.00 to $12.00. Additionally, Citigroup raised its rating from “neutral” to “buy” on November 3, while Wall Street Zen changed its rating from “sell” to “hold”.
Current consensus ratings reflect a cautious optimism, with two analysts assigning a “buy” rating and three recommending a “hold.” According to MarketBeat.com, the average target price for Grupo Supervielle stands at $14.67.
Institutional Activity Highlights Shareholder Interest
Recent movements among institutional investors indicate a growing interest in Grupo Supervielle. UBS Group AG increased its holdings by 151.2% in the third quarter, acquiring an additional 341,539 shares valued at approximately $2.8 million. Similarly, BNP Paribas Financial Markets raised its stake by 45.7%, now owning 533,041 shares worth around $2.6 million.
Other notable changes include Engineers Gate Manager LP, which boosted its position by 242.8%, and Brevan Howard Capital Management LP, which increased its stake by 15.8%. These shifts suggest that investors may be positioning themselves for future growth despite the recent earnings disappointment.
Grupo Supervielle operates a diverse range of banking products and services, including personal and business banking, corporate banking, consumer finance, and asset management. As the financial landscape in Argentina evolves, the company’s performance will be closely monitored by analysts and investors alike.
