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    GFNORTE O   MXP370711014

GRUPO FINANCIERO BANORTE, S.A.B. DE C.V.

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Shares of Mexico's Banorte drop more than 4% after strong Q4 results

01/21/2022 | 01:55pm EDT

MEXICO CITY, Jan 21 (Reuters) - Shares of Mexico's Grupo Financiero Banorte fell for the fourth consecutive session on Friday, a day after the company posted strong results and four days after it saw its stock price reach an all-time high.

Shares in Banorte, which operates the largest bank in the hands of Mexican investors, fell 4.6% to trade at 134.16 pesos on Friday.

The bank reported on Thursday that its net profit grew 52% on a year-on-year basis during the fourth quarter to reach nearly $442 million, with revenue during the three-month period up 7%.

"It was a good report with momentum toward recovery and (future) outlook. We attribute (the lower share price) more to the context of global risk aversion," said Carlos Hernandez, senior analyst at Masari Casa de Bolsa.

Some analysts also said Banorte's comments that it is analyzing the possibility of buying Citibanamex, a local subsidiary of U.S.-based banking giant Citigroup, could be applying downward pressure on its shares, which climbed to an all-time intraday record of 150.50 pesos on Monday.

"This time it's a bit of everything," said Jonathan Zuloaga, an analyst at the Columbus consulting firm in Mexico. "A bad session for the equity market and risk assets, plus there's been noise for a few days about whether (Banorte) is interested in Citibanamex."

Citi announced last week that it would sell its Citibanamex operations, ending a two-decade retail presence in the Latin American nation. According to an analysis note from Bank of America, Banorte would be the best positioned lender in the country for its acquisition. (Reporting by Noe Torres; Writing by Kylie Madry; Editing by David Alire Garcia and Paul Simao)


© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
CITIGROUP INC. 7.56% 51.05 Delayed Quote.-21.41%
GRUPO FINANCIERO BANORTE, S.A.B. DE C.V. 0.22% 133.68 End-of-day quote.0.50%
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Analyst Recommendations on GRUPO FINANCIERO BANORTE, S.A.B. DE C.V.
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Financials
Sales 2022 117 B 5 851 M 5 851 M
Net income 2022 42 090 M 2 106 M 2 106 M
Net Debt 2022 - - -
P/E ratio 2022 9,13x
Yield 2022 8,65%
Capitalization 381 B 19 073 M 19 073 M
Capi. / Sales 2022 3,26x
Capi. / Sales 2023 2,94x
Nbr of Employees 30 000
Free-Float 99,0%
Chart GRUPO FINANCIERO BANORTE, S.A.B. DE C.V.
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Grupo Financiero Banorte, S.A.B. de C.V. Technical Analysis Chart | GFNORTE O | MXP370711014 | MarketScreener
Technical analysis trends GRUPO FINANCIERO BANORTE, S.A.B. DE C.V.
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TrendsBearishBearishNeutral
Income Statement Evolution
Consensus
Sell
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Mean consensus OUTPERFORM
Number of Analysts 18
Last Close Price 133,68 MXN
Average target price 157,65 MXN
Spread / Average Target 17,9%
EPS Revisions
Managers and Directors
Jose Marcos Ramírez Miguel Chief Executive Officer & Director
Rafael Victorio Arana de la Garza Chief Financial & Operating Officer
Carlos Hank González Chairman
José Francisco Martha González MD-Digital Banking & Information Technology
Javier Beltrán Cantú Chief Administrator & Human Relations Officer