Banco Bradesco (NYSE:BBD) Raised to Buy at The Goldman Sachs Group

The Goldman Sachs Group upgraded shares of Banco Bradesco (NYSE:BBD) from a neutral rating to a buy rating in a research note published on Monday, MarketBeat reports. The Goldman Sachs Group currently has $3.20 price target on the bank’s stock, up from their previous price target of $2.50.

Banco Bradesco Price Performance

Shares of NYSE BBD opened at $2.80 on Monday. The stock has a market capitalization of $29.79 billion, a price-to-earnings ratio of 12.15, a PEG ratio of 0.24 and a beta of 0.98. The business has a 50-day moving average of $2.40 and a 200-day moving average of $2.61. The company has a debt-to-equity ratio of 0.54, a current ratio of 0.77 and a quick ratio of 0.77. Banco Bradesco has a fifty-two week low of $2.16 and a fifty-two week high of $3.65.

Banco Bradesco Announces Dividend

The business also recently disclosed a monthly dividend, which will be paid on Tuesday, October 8th. Stockholders of record on Wednesday, September 4th will be issued a $0.0035 dividend. This represents a $0.04 annualized dividend and a dividend yield of 1.49%. The ex-dividend date of this dividend is Wednesday, September 4th. Banco Bradesco’s payout ratio is 13.04%.

Hedge Funds Weigh In On Banco Bradesco

Several hedge funds have recently modified their holdings of the stock. First Trust Direct Indexing L.P. increased its position in Banco Bradesco by 8.6% during the fourth quarter. First Trust Direct Indexing L.P. now owns 45,245 shares of the bank’s stock worth $158,000 after buying an additional 3,570 shares during the last quarter. Gould Asset Management LLC CA raised its stake in Banco Bradesco by 7.3% in the 4th quarter. Gould Asset Management LLC CA now owns 53,509 shares of the bank’s stock valued at $187,000 after acquiring an additional 3,640 shares during the period. SVB Wealth LLC lifted its holdings in Banco Bradesco by 11.3% during the 4th quarter. SVB Wealth LLC now owns 38,140 shares of the bank’s stock valued at $133,000 after purchasing an additional 3,868 shares during the last quarter. Ieq Capital LLC boosted its position in Banco Bradesco by 24.7% during the fourth quarter. Ieq Capital LLC now owns 20,714 shares of the bank’s stock worth $72,000 after purchasing an additional 4,103 shares during the period. Finally, Silvercrest Asset Management Group LLC boosted its position in Banco Bradesco by 27.4% during the first quarter. Silvercrest Asset Management Group LLC now owns 21,141 shares of the bank’s stock worth $60,000 after purchasing an additional 4,550 shares during the period.

Banco Bradesco Company Profile

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.