Banco Bradesco (NYSE:BBD) Shares Gap Up to $2.75

Banco Bradesco S.A. (NYSE:BBD)’s stock price gapped up before the market opened on Monday . The stock had previously closed at $2.75, but opened at $2.82. Banco Bradesco shares last traded at $2.85, with a volume of 1,416,326 shares traded.

Wall Street Analysts Forecast Growth

Separately, The Goldman Sachs Group raised shares of Banco Bradesco from a “neutral” rating to a “buy” rating and upped their price target for the stock from $2.50 to $3.20 in a research note on Monday.

Banco Bradesco Stock Performance

The stock has a market capitalization of $30.91 billion, a price-to-earnings ratio of 12.57, a PEG ratio of 0.24 and a beta of 0.97. The stock’s 50 day moving average is $2.36 and its 200 day moving average is $2.61. The company has a current ratio of 0.77, a quick ratio of 0.77 and a debt-to-equity ratio of 0.54.

Banco Bradesco Announces Dividend

The firm also recently disclosed a monthly dividend, which will be paid on Tuesday, October 8th. Investors of record on Wednesday, September 4th will be paid a $0.0035 dividend. The ex-dividend date of this dividend is Wednesday, September 4th. This represents a $0.04 dividend on an annualized basis and a yield of 1.44%. Banco Bradesco’s payout ratio is 13.04%.

Institutional Investors Weigh In On Banco Bradesco

A number of large investors have recently added to or reduced their stakes in BBD. Scientech Research LLC acquired a new stake in shares of Banco Bradesco during the 2nd quarter worth about $186,000. Millennium Management LLC boosted its stake in shares of Banco Bradesco by 44.9% during the 2nd quarter. Millennium Management LLC now owns 7,629,716 shares of the bank’s stock worth $17,091,000 after purchasing an additional 2,364,963 shares during the last quarter. Doma Perpetual Capital Management LLC boosted its stake in shares of Banco Bradesco by 403.4% during the 2nd quarter. Doma Perpetual Capital Management LLC now owns 11,203,738 shares of the bank’s stock worth $25,096,000 after purchasing an additional 8,978,150 shares during the last quarter. Cubist Systematic Strategies LLC boosted its stake in shares of Banco Bradesco by 67.3% during the 2nd quarter. Cubist Systematic Strategies LLC now owns 1,017,789 shares of the bank’s stock worth $2,280,000 after purchasing an additional 409,484 shares during the last quarter. Finally, Insigneo Advisory Services LLC acquired a new stake in shares of Banco Bradesco during the 2nd quarter worth about $43,000.

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.