Banco Bradesco (NYSE:BBD) Shares Down 7.1% – Here’s Why

Shares of Banco Bradesco S.A. (NYSE:BBD) were down 7.1% during trading on Wednesday . The stock traded as low as $2.03 and last traded at $2.02. Approximately 9,568,233 shares were traded during mid-day trading, a decline of 81% from the average daily volume of 50,350,438 shares. The stock had previously closed at $2.17.

Wall Street Analyst Weigh In

Several analysts recently issued reports on BBD shares. HSBC upgraded shares of Banco Bradesco from a “hold” rating to a “buy” rating and set a $2.80 price target on the stock in a research report on Monday, January 13th. The Goldman Sachs Group lowered Banco Bradesco from a “buy” rating to a “sell” rating and decreased their price target for the company from $2.40 to $2.00 in a research note on Wednesday. Finally, JPMorgan Chase & Co. lowered Banco Bradesco from an “overweight” rating to a “neutral” rating in a research note on Monday, November 25th.

Banco Bradesco Stock Performance

The company has a debt-to-equity ratio of 0.36, a quick ratio of 0.72 and a current ratio of 0.72. The firm has a market cap of $21.98 billion, a P/E ratio of 7.94, a P/E/G ratio of 0.28 and a beta of 0.94. The company’s 50 day moving average is $1.99 and its 200 day moving average is $2.38.

Banco Bradesco (NYSE:BBD) last released its quarterly earnings data on Friday, February 7th. The bank reported $0.09 earnings per share for the quarter, meeting the consensus estimate of $0.09. Banco Bradesco had a return on equity of 10.17% and a net margin of 7.43%. As a group, equities analysts predict that Banco Bradesco S.A. will post 0.33 earnings per share for the current fiscal year.

Banco Bradesco Increases Dividend

The company also recently disclosed a monthly dividend, which will be paid on Friday, April 11th. Stockholders of record on Friday, March 7th will be paid a $0.0033 dividend. The ex-dividend date is Friday, March 7th. This represents a $0.04 annualized dividend and a dividend yield of 1.90%. This is an increase from Banco Bradesco’s previous monthly dividend of $0.00. Banco Bradesco’s dividend payout ratio is currently 11.54%.

Institutional Investors Weigh In On Banco Bradesco

A number of institutional investors have recently added to or reduced their stakes in the business. Franklin Resources Inc. lifted its holdings in shares of Banco Bradesco by 2.6% during the third 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 period. State Street Corp lifted its holdings in Banco Bradesco by 71.0% during the 3rd quarter. State Street Corp now owns 15,778,647 shares of the bank’s stock worth $42,715,000 after buying an additional 6,551,698 shares during the period. DAVENPORT & Co LLC bought a new stake in shares of Banco Bradesco in the 4th quarter valued at about $66,000. JPMorgan Chase & Co. increased its stake in shares of Banco Bradesco by 152.6% in the third quarter. JPMorgan Chase & Co. now owns 274,790 shares of the bank’s stock valued at $731,000 after buying an additional 166,008 shares during the period. Finally, Robeco Institutional Asset Management B.V. raised its position in shares of Banco Bradesco by 4.4% during the fourth quarter. Robeco Institutional Asset Management B.V. now owns 3,032,246 shares of the bank’s stock worth $5,792,000 after acquiring an additional 127,225 shares during the last quarter.

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.