Banco Bradesco (NYSE:BBD) Trading Up 4.2% Following Dividend Announcement

Shares of Banco Bradesco SA (NYSE:BBD) were up 4.2% during trading on Thursday after the company announced a dividend. The company traded as high as $3.56 and last traded at $3.5750. Approximately 9,169,181 shares were traded during mid-day trading, a decline of 74% from the average session volume of 35,144,758 shares. The stock had previously closed at $3.43.

The newly announced dividend which will be paid on Tuesday, November 10th. Stockholders of record on Monday, October 5th will be given a dividend of $0.0037 per share. This represents a c) annualized dividend and a dividend yield of 1.2%. The ex-dividend date is Monday, October 5th. Banco Bradesco’s dividend payout ratio (DPR) is presently 4.76%.

Analysts Set New Price Targets

Separately, Weiss Ratings cut shares of Banco Bradesco from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Friday, July 24th. One analyst has rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy”.

Banco Bradesco Price Performance

The firm has a 50-day moving average of $3.42 and a 200-day moving average of $3.58. The stock has a market cap of $38.10 billion, a PE ratio of 8.56, a PEG ratio of 0.55 and a beta of 0.52. The company has a debt-to-equity ratio of 2.93, a current ratio of 1.48 and a quick ratio of 1.48.

Banco Bradesco (NYSE:BBD) last posted its quarterly earnings results on Tuesday, June 30th. The bank reported $0.12 earnings per share for the quarter. Banco Bradesco had a return on equity of 14.61% and a net margin of 10.55%.The business had revenue of $6.77 billion during the quarter. Research analysts predict that Banco Bradesco SA will post 0.5 EPS for the current year.

Hedge Funds Weigh In On Banco Bradesco

Several institutional investors have recently bought and sold shares of the stock. Orbis Allan Gray Ltd bought a new stake in Banco Bradesco in the 2nd quarter worth approximately $250,398,000. Franklin Resources Inc. raised its holdings in shares of Banco Bradesco by 2,469.2% during the 4th quarter. Franklin Resources Inc. now owns 47,947,074 shares of the bank’s stock worth $159,664,000 after acquiring an additional 46,080,856 shares in the last quarter. Bank of America Corp DE boosted its position in shares of Banco Bradesco by 355.9% during the 1st quarter. Bank of America Corp DE now owns 28,078,599 shares of the bank’s stock valued at $102,487,000 after acquiring an additional 21,920,074 shares during the last quarter. Goldman Sachs Group Inc. boosted its position in shares of Banco Bradesco by 116.9% during the 1st quarter. Goldman Sachs Group Inc. now owns 33,132,112 shares of the bank’s stock valued at $73,885,000 after acquiring an additional 17,853,712 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership boosted its position in shares of Banco Bradesco by 25.9% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 82,163,260 shares of the bank’s stock valued at $273,604,000 after acquiring an additional 16,908,425 shares during the last quarter.

Banco Bradesco Company Profile

Banco Bradesco SA is a Brazilian financial services company headquartered in Osasco, São Paulo. Founded in 1943 in Marília, São Paulo, the bank provides financial products and services to individual, business and corporate customers throughout Brazil.

Its activities include retail and commercial banking, corporate lending, deposits, payment services, credit and debit cards, investment products, asset management, leasing and consortium services. Through Bradesco Seguros, the group also offers insurance, pension and capitalization products.

Bradesco serves customers through a nationwide network of branches and digital channels, with operations focused primarily on Brazil and selected international activities designed to support Brazilian companies and clients abroad.