Grupo Financiero Banorte (OTCMKTS:GBOOY) upgraded to buy from Zacks Investment Research

Grupo Financiero Banorte (OTCMKTS: GBOOY – Get a rating) has been updated by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report released Thursday to clients and investors, reports. The brokerage currently has a target price of $34.00 on the stock. Zacks Investment ResearchThe company’s price target indicates a potential upside of 11.04% from the company’s current price.

According to Zacks, “Grupo Financiero Banorte, SAB de CV (GFNorte), is a Mexican banking and financial services holding company. It is one of Mexico’s largest commercial banks by assets and loans, and the largest pension fund administrator.The Bank operates in four business segments: Banking, Savings, Brokerage and Other Financial Services.The Banking division provides current accounts, consumer and commercial loans, and credit cards and debit, among others.The Savings division offers insurance and pension-related products.The Brokerage division focuses on investment fund management and securities trading.The Other Financial Services division includes, among others, leasing, factoring, portfolio management and warehousing.The Bank offers financial products and services to individuals and businesses.GFNorte is one of the banks with assets of best quality within the Mexican financial system and possessing adequate capitalization and level of liquidity ls. “

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OTCMKTS: GBOOY fell $0.15 during midday trading on Thursday, hitting $30.62. 19,771 shares of the company were traded, against an average volume of 56,997. The company 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 capitalization 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 ratio of 0.38, a current ratio of 0.82 and a quick ratio of 0.82.

Company Profile Grupo Financiero Banorte (Get a rating)

Grupo Financiero Banorte, SAB. de CV, through its subsidiaries, provides banking and financial products and services in Mexico. The company offers term and demand deposits; auto, payroll, consumer and business loans; mortgages; and debit and credit cards. It also provides medical, personal accident and life insurance products; and pension fund management services.

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