Banco Bradesco (NYSE:BBD) Cut to Neutral at JPMorgan Chase & Co.

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

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

Banco Bradesco Trading Down 4.6 %

BBD stock opened at $2.26 on Monday. Banco Bradesco has a fifty-two week low of $2.16 and a fifty-two week high of $3.65. The business’s 50 day moving average price is $2.54 and its two-hundred day moving average price is $2.52. The company has a current ratio of 0.72, a quick ratio of 0.72 and a debt-to-equity ratio of 0.36.

Banco Bradesco (NYSE:BBD) last posted its quarterly earnings data on Thursday, October 31st. The bank reported $0.10 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 during the quarter, compared to the consensus estimate of $5.62 billion. Sell-side analysts forecast that Banco Bradesco will post 0.34 EPS for the current year.

Banco Bradesco Increases Dividend

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

Hedge Funds Weigh In On Banco Bradesco

Several institutional investors and hedge funds have recently modified their holdings of BBD. Blue Trust Inc. grew its position in Banco Bradesco by 99.9% during the 3rd quarter. Blue Trust Inc. now owns 11,254 shares of the bank’s stock valued at $30,000 after purchasing an additional 5,623 shares during the last quarter. Townsquare Capital LLC bought a new position in shares of Banco Bradesco in the third quarter worth approximately $37,000. Insigneo Advisory Services LLC purchased a new stake in shares of Banco Bradesco during the second quarter valued at approximately $43,000. Mayport LLC bought a new stake in shares of Banco Bradesco during the second quarter valued at approximately $47,000. Finally, SG Americas Securities LLC purchased a new position in Banco Bradesco in the 2nd quarter worth approximately $49,000.

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.