Banco Bradesco (NYSE:BBD) Hits New 12-Month Low After Earnings Miss

Shares of Banco Bradesco SA (NYSE:BBD) hit a new 52-week low during trading on Monday following a dissappointing earnings announcement. The stock traded as low as $2.89 and last traded at $3.0140, with a volume of 5,843,049 shares trading hands. The stock had previously closed at $4.07.

The bank reported $0.12 EPS for the quarter, missing analysts’ consensus estimates of $0.13 by ($0.01). The firm had revenue of $6.32 billion during the quarter, compared to the consensus estimate of $7.52 billion. Banco Bradesco had a return on equity of 15.51% and a net margin of 12.58%.

Banco Bradesco Increases Dividend

The business also recently declared a monthly dividend, which will be paid on Friday, December 11th. Shareholders of record on Thursday, November 5th will be given a $0.0038 dividend. This is an increase from Banco Bradesco’s previous monthly dividend of $0.0037. This represents a $0.05 dividend on an annualized basis and a dividend yield of 1.6%. The ex-dividend date of this dividend is Thursday, November 5th. Banco Bradesco’s payout ratio is presently 43.48%.

Analysts Set New Price Targets

Several research analysts have commented on BBD shares. Bradesco Corretora raised Banco Bradesco from a “neutral” rating to an “overweight” rating in a research note on Tuesday, October 6th. The Goldman Sachs Group restated a “neutral” rating and issued a $4.20 target price on shares of Banco Bradesco in a report on Friday, October 9th. Weiss Ratings raised Banco Bradesco from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Thursday, October 8th. HSBC cut shares of Banco Bradesco from a “buy” rating to a “hold” rating and set a $3.90 price target on the stock. in a research note on Thursday, October 8th. Finally, Wall Street Zen upgraded shares of Banco Bradesco to a “hold” rating in a research report on Saturday, October 17th. Four investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $4.05.

Hedge Funds Weigh In On Banco Bradesco

Several institutional investors have recently made changes to their positions in BBD. Global Wealth Strategies & Associates purchased a new position in shares of Banco Bradesco during the second quarter valued at about $38,000. Wayfinding Financial LLC purchased a new stake in shares of Banco Bradesco in the 2nd quarter worth approximately $40,000. Diversify Wealth Management LLC purchased a new position in Banco Bradesco during the first quarter valued at approximately $43,000. Modern Wealth Management LLC purchased a new stake in Banco Bradesco during the first quarter worth $55,000. Finally, EverSource Wealth Advisors LLC boosted its position in Banco Bradesco by 62.1% during the 1st quarter. EverSource Wealth Advisors LLC now owns 15,858 shares of the bank’s stock valued at $58,000 after acquiring an additional 6,074 shares in the last quarter.

Banco Bradesco Stock Performance

The business has a 50-day moving average of $3.61 and a two-hundred day moving average of $3.60. The company has a debt-to-equity ratio of 2.93, a current ratio of 1.48 and a quick ratio of 1.48. The company has a market cap of $30.60 billion, a P/E ratio of 6.55, a P/E/G ratio of 0.72 and a beta of 0.46.

Banco Bradesco Company Profile

Banco Bradesco SA is a Brazilian financial services company headquartered in Osasco, São Paulo. Founded in 1943, the bank serves individuals, businesses and institutional clients through a broad network of branches, digital channels and automated banking services.

Bradesco offers traditional banking products and services, including checking and savings accounts, personal and commercial loans, credit and debit cards, payment solutions, foreign exchange and investment products. Through its related businesses, the company also provides insurance, pension and capitalization products, asset management, brokerage and other financial services.

The company primarily serves customers in Brazil and maintains international activities to support corporate and institutional clients, including services related to international banking and trade.