Bank of America Upgrades Banco Bradesco (NYSE:BBD) to Buy

Banco Bradesco (NYSE:BBD) was upgraded by research analysts at Bank of America from a “neutral” rating to a “buy” rating in a research note issued to investors on Thursday, Marketbeat reports.

Several other equities research analysts have also recently weighed in on BBD. HSBC upgraded Banco Bradesco from a “hold” rating to a “buy” rating and set a $2.80 target price for the company in a report on Monday, January 13th. The Goldman Sachs Group lowered Banco Bradesco from a “buy” rating to a “sell” rating and dropped their price objective for the company from $2.40 to $2.00 in a research note on Wednesday, February 12th.

Banco Bradesco Stock Up 0.7 %

Shares of NYSE BBD opened at $2.72 on Thursday. The stock has a market capitalization of $28.95 billion, a P/E ratio of 9.07, a PEG ratio of 0.32 and a beta of 0.65. Banco Bradesco has a one year low of $1.84 and a one year high of $2.96. The firm’s 50 day simple moving average is $2.24 and its two-hundred day simple moving average is $2.17. The company has a debt-to-equity ratio of 2.48, a current ratio of 1.01 and a quick ratio of 0.72.

Banco Bradesco (NYSE:BBD) last released its earnings results on Wednesday, May 7th. The bank reported $0.09 EPS for the quarter, meeting the consensus estimate of $0.09. The company had revenue of $5.69 billion for the quarter, compared to analyst estimates of $31.24 billion. Banco Bradesco had a net margin of 8.46% and a return on equity of 11.43%. As a group, analysts expect that Banco Bradesco will post 0.37 EPS for the current fiscal year.

Institutional Investors Weigh In On Banco Bradesco

Institutional investors and hedge funds have recently bought and sold shares of the business. Simplicity Wealth LLC purchased a new position in shares of Banco Bradesco during the first quarter valued at approximately $26,000. BSW Wealth Partners purchased a new position in Banco Bradesco during the 1st quarter valued at $29,000. R Squared Ltd bought a new position in Banco Bradesco in the 4th quarter worth $30,000. Traveka Wealth LLC purchased a new stake in shares of Banco Bradesco in the 4th quarter worth about $31,000. Finally, Merit Financial Group LLC bought a new stake in shares of Banco Bradesco during the 1st quarter valued at about $37,000.

About Banco Bradesco

Banco Bradesco SA, together with its subsidiaries, provides various banking products and services to individuals, corporates, and businesses in Brazil and internationally. The company operates through two segments, Banking and Insurance. It provides current, savings, click, and salary accounts; real estate credit, vehicle financing, payroll loans, mortgage loans, microcredit, leasing, and personal and installment credit; overdraft and agribusiness loans; debit and business cards; financial and security services; consortium products; car, personal accident, dental, travel, and life insurance; investment products; pension products; foreign currency exchange services; capitalization bonds; and internet banking services.