Banco Bradesco (NYSE:BBD) Lowered to Neutral Rating by JPMorgan Chase & Co.

JPMorgan Chase & Co. cut shares of Banco Bradesco (NYSE:BBD) from an overweight rating to a neutral rating in a research report sent to investors on Monday, Marketbeat Ratings reports.

Separately, The Goldman Sachs Group upgraded Banco Bradesco from a “neutral” rating to a “buy” rating and raised their target price for the company from $2.50 to $3.20 in a research note on Monday, August 19th.

Banco Bradesco Trading Down 4.6 %

Shares of BBD stock opened at $2.26 on Monday. The company has a quick ratio of 0.72, a current ratio of 0.72 and a debt-to-equity ratio of 0.36. The company has a market capitalization of $24.09 billion, a P/E ratio of 8.69, a P/E/G ratio of 0.27 and a beta of 0.97. Banco Bradesco has a 12-month low of $2.16 and a 12-month high of $3.65. The firm has a 50-day moving average price of $2.53 and a 200 day moving average price of $2.52.

Banco Bradesco (NYSE:BBD) last announced its earnings results on Thursday, October 31st. The bank reported $0.10 EPS for the quarter, topping the consensus estimate of $0.09 by $0.01. Banco Bradesco had a return on equity of 10.17% and a net margin of 7.43%. The business had revenue of $9.18 billion for the quarter, compared to the consensus estimate of $5.62 billion. Research analysts forecast that Banco Bradesco will post 0.34 earnings per share for the current fiscal year.

Banco Bradesco Increases Dividend

The business also recently disclosed a monthly dividend, which will be paid on Thursday, January 9th. Investors of record on Wednesday, December 4th will be given a $0.0033 dividend. This represents a $0.04 annualized dividend and a yield of 1.75%. The ex-dividend date is Wednesday, December 4th. This is a boost from Banco Bradesco’s previous monthly dividend of $0.00. Banco Bradesco’s payout ratio is 11.54%.

Hedge Funds Weigh In On Banco Bradesco

Large investors have recently made changes to their positions in the company. Franklin Resources Inc. raised its holdings in Banco Bradesco by 2.6% during the 3rd quarter. Franklin Resources Inc. now owns 44,989,586 shares of the bank’s stock worth $120,122,000 after purchasing an additional 1,139,470 shares during the last quarter. XTX Topco Ltd acquired a new stake in shares of Banco Bradesco during the 3rd quarter worth approximately $1,590,000. iA Global Asset Management Inc. bought a new stake in shares of Banco Bradesco during the third quarter worth approximately $404,000. Insigneo Advisory Services LLC raised its stake in shares of Banco Bradesco by 23.9% during the third quarter. Insigneo Advisory Services LLC now owns 22,120 shares of the bank’s stock worth $59,000 after buying an additional 4,260 shares during the last quarter. Finally, Wellington Management Group LLP lifted its holdings in Banco Bradesco by 15.1% in the third quarter. Wellington Management Group LLP now owns 47,046,779 shares of the bank’s stock valued at $125,144,000 after buying an additional 6,171,193 shares during the period.

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.