Zacks Investment Research Lowers Grupo Financiero Banorte (OTCMKTS:GBOOY) to Hold

Grupo Financiero Banorte (OTCMKTS:GBOOYGet Rating) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued to investors on Wednesday, reports.

According to Zacks, “Grupo Financiero Banorte, S.A.B. de C.V. (GFNorte), is a Mexican banking and financial services holding company. It is one of the largest commercial banks of Mexico by assets and loans, and the largest retirement fund administrator. The Bank operates in four business sectors: Banking, Savings, Brokerage and Other financial services. The Banking division provides current accounts, consumer and commercial loans, as well as credit and debit cards, among others. The Savings division offers products related to insurance and pension schemes. The Brokerage division focuses on the investment funds management and securities trading. The Other financial services division includes leasing, factoring, portfolio management and warehousing, among others. The Bank offers financial products and services to individual and business customers. GFNorte is one of the banks with better quality assets within the Mexican financial system and possesses adequate capitalization and liquidity levels. “

Shares of GBOOY stock traded down $0.26 during mid-day trading on Wednesday, reaching $30.77. 16,209 shares of the company’s stock traded hands, compared to its average volume of 57,339. Grupo Financiero Banorte has a 12 month low of $28.54 and a 12 month high of $39.76. The company has a market cap of $17.74 billion, a P/E ratio of 9.68, a P/E/G ratio of 0.60 and a beta of 1.20. The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt-to-equity ratio of 0.38. The company’s 50-day moving average price is $33.72 and its 200-day moving average price is $33.34.

About Grupo Financiero Banorte (Get Rating)

Grupo Financiero Banorte, SAB. de C.V., through its subsidiaries, provides banking and financial products and services in Mexico. The company offers time and demand deposits; car, payroll, consumer, and corporate loans; mortgages; and debit and credit cards. It also provides medical, personal accident, and life insurance products; and retirement fund management services.

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