Banco Bradesco (NYSE:BBD) Reaches New 1-Year High – Here’s Why

Banco Bradesco SA (NYSE:BBD) hit a new 52-week high on Wednesday . The stock traded as high as $3.12 and last traded at $3.10, with a volume of 38534423 shares changing hands. The stock had previously closed at $3.07.

Analyst Ratings Changes

A number of research firms have issued reports on BBD. Citigroup raised Banco Bradesco from a “hold” rating to a “buy” rating in a research report on Wednesday, May 28th. Bank of America raised Banco Bradesco from a “neutral” rating to a “buy” rating in a report on Thursday, May 8th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $2.40.

Banco Bradesco Stock Performance

The company has a market capitalization of $32.83 billion, a P/E ratio of 9.64, a P/E/G ratio of 0.45 and a beta of 0.71. The company has a current ratio of 0.76, a quick ratio of 0.76 and a debt-to-equity ratio of 0.63. The company’s fifty day moving average is $2.65 and its 200 day moving average is $2.26.

Banco Bradesco (NYSE:BBD) last posted its earnings results on Wednesday, May 7th. The bank reported $0.09 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.09. The firm had revenue of $5.69 billion for the quarter, compared to the consensus estimate of $31.24 billion. Banco Bradesco had a return on equity of 12.33% and a net margin of 9.08%. As a group, equities analysts anticipate that Banco Bradesco SA will post 0.37 earnings per share for the current year.

Banco Bradesco Cuts Dividend

The business also recently announced a dividend, which will be paid on Wednesday, July 9th. Shareholders of record on Thursday, June 5th will be paid a $0.0021 dividend. The ex-dividend date is Wednesday, June 4th. This represents a yield of 0.88%. Banco Bradesco’s dividend payout ratio is currently 9.38%.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Inspire Investing LLC boosted its position in shares of Banco Bradesco by 121.0% in the first quarter. Inspire Investing LLC now owns 23,919 shares of the bank’s stock valued at $53,000 after acquiring an additional 13,098 shares during the period. Strs Ohio purchased a new stake in Banco Bradesco in the 1st quarter worth approximately $1,865,000. Goldman Sachs Group Inc. boosted its stake in Banco Bradesco by 116.9% during the first quarter. Goldman Sachs Group Inc. now owns 33,132,112 shares of the bank’s stock valued at $73,885,000 after buying an additional 17,853,712 shares during the period. Jones Financial Companies Lllp grew its holdings in shares of Banco Bradesco by 3,749.8% during the first quarter. Jones Financial Companies Lllp now owns 38,613 shares of the bank’s stock worth $86,000 after purchasing an additional 37,610 shares in the last quarter. Finally, Millennium Management LLC grew its stake in Banco Bradesco by 28.4% in the 1st quarter. Millennium Management LLC now owns 6,834,192 shares of the bank’s stock worth $15,240,000 after buying an additional 1,510,481 shares in the last quarter.

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.