Banco Bradesco (NYSE:BBD) Stock Moved Down to Neutral by JPMorgan Chase & Co.

Key Points

• JPMorgan downgraded Banco Bradesco from “overweight” to “neutral,” following similar rating cuts by Bradesco Corretora, HSBC and Itaú BBA Securities. Analysts’ consensus rating is “Hold,” with an average price target of $4.05.
• BBD opened at $2.73, near its 52-week low of $2.73 and well below its 50-day and 200-day moving averages of $3.59 and $3.66, respectively.
• Banco Bradesco’s latest quarterly results fell short of expectations, with EPS of $0.12 versus a $0.13 estimate and revenue of $6.32 billion versus a $7.52 billion consensus forecast.

Banco Bradesco (NYSE:BBD - Get Free Report) was downgraded by equities researchers at JPMorgan Chase & Co. from an "overweight" rating to a "neutral" rating in a report released on Thursday, Briefing.com reports.

Several other brokerages have also recently issued reports on BBD. Bradesco Corretora cut shares of Banco Bradesco from an "overweight" rating to a "neutral" rating in a report on Thursday. HSBC lowered shares of Banco Bradesco from a "buy" rating to a "hold" rating and set a $3.90 target price for the company. in a research note on Thursday, October 8th. Weiss Ratings raised Banco Bradesco from a "hold (c+)" rating to a "buy (b-)" rating in a report on Thursday, October 8th. Itau BBA Securities downgraded Banco Bradesco from an "outperform" rating to a "market perform" rating in a research note on Tuesday. Finally, Wall Street Zen raised Banco Bradesco to a "hold" rating in a report on Saturday, October 17th. One equities research analyst has rated the stock with a Buy rating and six have given a Hold rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Hold" and an average target price of $4.05.

Banco Bradesco Price Performance

BBD opened at $2.73 on Thursday. The company's 50-day simple moving average is $3.59 and its two-hundred day simple moving average is $3.66. The company has a debt-to-equity ratio of 2.93, a quick ratio of 1.48 and a current ratio of 1.48. The stock has a market capitalization of $28.98 billion, a P/E ratio of 5.95, a P/E/G ratio of 0.72 and a beta of 0.46. Banco Bradesco has a 52-week low of $2.73 and a 52-week high of $4.58.

Banco Bradesco (NYSE:BBD - Get Free Report) last announced its quarterly earnings results on Thursday, October 22nd. The bank reported $0.12 EPS for the quarter, missing analysts' consensus estimates of $0.13 by ($0.01). Banco Bradesco had a return on equity of 15.51% and a net margin of 12.58%. The company had revenue of $6.32 billion during the quarter, compared to the consensus estimate of $7.52 billion. As a group, analysts predict that Banco Bradesco will post 0.50 EPS for the current year.

Hedge Funds Weigh In On Banco Bradesco

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Carrhae Capital LLP bought a new stake in Banco Bradesco during the second quarter valued at about $15,560,000. ABS Direct Equity Fund LLC purchased a new stake in Banco Bradesco in the second quarter worth about $1,270,000. Euro Pacific Asset Management LLC increased its position in Banco Bradesco by 77.6% in the first quarter. Euro Pacific Asset Management LLC now owns 1,057,281 shares of the bank's stock worth $3,866,000 after buying an additional 462,080 shares in the last quarter. Nykredit A S bought a new position in shares of Banco Bradesco in the second quarter worth about $3,583,000. Finally, Hsbc Holdings PLC raised its stake in shares of Banco Bradesco by 18.1% in the first quarter. Hsbc Holdings PLC now owns 3,389,610 shares of the bank's stock worth $12,377,000 after buying an additional 519,953 shares during the period.

About Banco Bradesco

Banco Bradesco SA is a Brazilian financial services company headquartered in Osasco, São Paulo. Founded in 1943, the bank serves individuals, businesses and institutional clients through a broad network of branches, digital channels and automated banking services.

Bradesco offers traditional banking products and services, including checking and savings accounts, personal and commercial loans, credit and debit cards, payment solutions, foreign exchange and investment products. Through its related businesses, the company also provides insurance, pension and capitalization products, asset management, brokerage and other financial services.

The company primarily serves customers in Brazil and maintains international activities to support corporate and institutional clients, including services related to international banking and trade.

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