Banco Bradesco (NYSE:BBD) Cut to “Hold” at Citigroup

Citigroup cut shares of Banco Bradesco (NYSE:BBD) from a buy rating to a hold rating in a research report report published on Tuesday morning, Marketbeat reports.

Several other analysts have also recently issued reports on the stock. Wall Street Zen upgraded shares of Banco Bradesco to a “hold” rating in a research note on Saturday, October 17th. JPMorgan Chase & Co. upgraded shares of Banco Bradesco from a “neutral” rating to an “overweight” rating in a research report on Tuesday, October 6th. 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 report on Thursday, October 8th. The Goldman Sachs Group reiterated a “neutral” rating and issued a $4.20 price objective on shares of Banco Bradesco in a research report on Friday, October 9th. Finally, Weiss Ratings raised Banco Bradesco from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Thursday, October 8th. One research analyst has rated the stock with a Buy rating and six have issued a Hold rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $4.05.

Banco Bradesco Trading Down 3.8%

Shares of Banco Bradesco stock opened at $2.62 on Tuesday. Banco Bradesco has a 12-month low of $2.61 and a 12-month high of $4.58. The company has a market cap of $27.82 billion, a price-to-earnings ratio of 5.69, a PEG ratio of 0.48 and a beta of 0.46. The company has a current ratio of 1.72, a quick ratio of 1.48 and a debt-to-equity ratio of 2.78. The company’s 50-day moving average price is $3.59 and its 200-day moving average price is $3.65.

Banco Bradesco (NYSE:BBD) last released its quarterly earnings data on Thursday, October 22nd. 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 net margin of 12.58% and a return on equity of 15.06%. On average, equities analysts expect that Banco Bradesco will post 0.50 earnings per share for the current fiscal year.

Banco Bradesco Increases Dividend

The business also recently announced a monthly dividend, which will be paid on Friday, December 11th. Investors of record on Thursday, November 5th will be given a $0.0038 dividend. This represents a $0.05 annualized dividend and a yield of 1.7%. This is a boost from Banco Bradesco’s previous monthly dividend of $0.0037. The ex-dividend date is Thursday, November 5th. Banco Bradesco’s dividend payout ratio (DPR) is presently 43.48%.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the company. Global Wealth Strategies & Associates bought a new stake in Banco Bradesco during the second quarter worth about $38,000. Diversify Wealth Management LLC purchased a new position in shares of Banco Bradesco in the 1st quarter worth about $43,000. Wayfinding Financial LLC bought a new position in shares of Banco Bradesco during the 2nd quarter valued at about $40,000. Modern Wealth Management LLC bought a new position in shares of Banco Bradesco during the 1st quarter valued at about $55,000. Finally, EverSource Wealth Advisors LLC increased its position in shares of 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 purchasing an additional 6,074 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, 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.