Grupo Financiero Banorte (OTCMKTS:GBOOY) Upgraded to Buy at Zacks Investment Research

Grupo Financiero Banorte (OTCMKTS:GBOOYGet Rating) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Thursday, reports. The brokerage currently has a $34.00 target price on the stock. Zacks Investment Research‘s price objective points to a potential upside of 11.04% from the company’s current price.

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. “

OTCMKTS:GBOOY traded down $0.15 during mid-day trading on Thursday, hitting $30.62. 19,771 shares of the company’s stock were exchanged, compared to its average volume of 56,997. The business has a fifty day moving average price of $33.59 and a 200 day moving average price of $33.33. The company has a market cap of $17.66 billion, a PE ratio of 9.63, a P/E/G ratio of 0.60 and a beta of 1.20. Grupo Financiero Banorte has a one year low of $28.54 and a one year high of $39.76. The company has a debt-to-equity ratio of 0.38, a current ratio of 0.82 and a quick ratio of 0.82.

Grupo Financiero Banorte Company Profile (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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