The Goldman Sachs Group Cuts Banco Bradesco (NYSE:BBD) Price Target to $2.30

Banco Bradesco (NYSE:BBD) had its target price cut by The Goldman Sachs Group from $3.20 to $2.30 in a report released on Friday morning,Benzinga reports. They currently have a buy rating on the bank’s stock.

Separately, JPMorgan Chase & Co. cut shares of Banco Bradesco from an “overweight” rating to a “neutral” rating in a report on Monday, November 25th.

Banco Bradesco Trading Down 1.6 %

BBD opened at $1.88 on Friday. Banco Bradesco has a twelve month low of $1.84 and a twelve month high of $3.36. The firm has a market cap of $20.01 billion, a PE ratio of 7.23, a price-to-earnings-growth ratio of 0.32 and a beta of 0.94. 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’s fifty day moving average is $2.12 and its two-hundred day moving average is $2.41.

Banco Bradesco (NYSE:BBD) last posted its earnings results on Thursday, October 31st. The bank reported $0.10 earnings per share for the quarter, topping the consensus estimate of $0.09 by $0.01. Banco Bradesco had a return on equity of 10.17% and a net margin of 7.43%. The firm had revenue of $9.18 billion for the quarter, compared to analyst estimates of $5.62 billion. Equities research analysts anticipate that Banco Bradesco will post 0.33 EPS for the current year.

Banco Bradesco Cuts Dividend

The company also recently disclosed a monthly dividend, which will be paid on Wednesday, March 12th. Stockholders of record on Wednesday, February 5th will be given a dividend of $0.0031 per share. The ex-dividend date of this dividend is Wednesday, February 5th. This represents a $0.04 annualized dividend and a dividend yield of 1.98%. Banco Bradesco’s dividend payout ratio is currently 7.69%.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in BBD. Ballentine Partners LLC grew its holdings in shares of Banco Bradesco by 93.1% in the 2nd quarter. Ballentine Partners LLC now owns 87,520 shares of the bank’s stock valued at $196,000 after acquiring an additional 42,199 shares in the last quarter. Daiwa Securities Group Inc. increased its position in shares of Banco Bradesco by 1.1% during the 2nd quarter. Daiwa Securities Group Inc. now owns 716,345 shares of the bank’s stock worth $1,605,000 after purchasing an additional 8,000 shares during the last quarter. American Century Companies Inc. raised its stake in shares of Banco Bradesco by 6.0% during the 2nd quarter. American Century Companies Inc. now owns 3,641,607 shares of the bank’s stock worth $8,157,000 after purchasing an additional 207,649 shares in the last quarter. DekaBank Deutsche Girozentrale boosted its holdings in shares of Banco Bradesco by 17.5% in the 2nd quarter. DekaBank Deutsche Girozentrale now owns 873,420 shares of the bank’s stock valued at $1,966,000 after buying an additional 130,000 shares during the last quarter. Finally, Oppenheimer Asset Management Inc. grew its stake in shares of Banco Bradesco by 19.7% in the second quarter. Oppenheimer Asset Management Inc. now owns 150,362 shares of the bank’s stock valued at $337,000 after buying an additional 24,763 shares in the last quarter.

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.