Banco Bradesco (NYSE:BBD) Posts Earnings Results, Meets Estimates

Key Points

• Banco Bradesco reported $0.10 earnings per share for the quarter, meeting consensus estimates with a return on equity of 12.33%.
• The bank announced a new dividend of $0.0023 per share, which represents a yield of 0.99%, a positive change from its previous dividend of $0.00.
• Goldman Sachs and Citigroup have upgraded their ratings on Banco Bradesco's stock, now classified as a "buy" by multiple analysts, with an average target price of $2.40.

Banco Bradesco (NYSE:BBD - Get Free Report) announced its quarterly earnings data on Wednesday. The bank reported $0.10 EPS for the quarter, meeting the consensus estimate of $0.10, Zacks reports. The firm had revenue of $5.87 billion during the quarter, compared to analyst estimates of $32.70 billion. Banco Bradesco had a net margin of 9.76% and a return on equity of 13.02%.

Banco Bradesco Stock Performance

Shares of NYSE BBD traded up $0.04 during midday trading on Friday, reaching $2.81. 29,530,451 shares of the stock were exchanged, compared to its average volume of 32,056,876. The firm has a market cap of $29.90 billion, a price-to-earnings ratio of 8.03, a PEG ratio of 0.39 and a beta of 0.69. Banco Bradesco has a twelve month low of $1.84 and a twelve month high of $3.13. The firm has a 50-day simple moving average of $2.93 and a two-hundred day simple moving average of $2.47. The company has a quick ratio of 0.76, a current ratio of 0.76 and a debt-to-equity ratio of 0.63.

Banco Bradesco Increases Dividend

The company also recently disclosed a dividend, which will be paid on Thursday, September 11th. Stockholders of record on Wednesday, August 6th will be paid a dividend of $0.0023 per share. This represents a dividend yield of 99.0%. The ex-dividend date of this dividend is Tuesday, August 5th. This is a positive change from Banco Bradesco's previous dividend of $0.00. Banco Bradesco's dividend payout ratio is 8.57%.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on BBD shares. Bank of America upgraded shares of Banco Bradesco from a "neutral" rating to a "buy" rating in a report on Thursday, May 8th. Citigroup upgraded shares of Banco Bradesco from a "hold" rating to a "buy" rating in a report on Wednesday, May 28th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and three have issued a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of "Hold" and a consensus price target of $2.40.

Institutional Investors Weigh In On Banco Bradesco

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Jones Financial Companies Lllp grew its stake in shares of Banco Bradesco by 3,749.8% during the 1st quarter. Jones Financial Companies Lllp now owns 38,613 shares of the bank's stock worth $86,000 after purchasing an additional 37,610 shares during the period. Millennium Management LLC lifted its position in shares of Banco Bradesco by 28.4% during the 1st quarter. Millennium Management LLC now owns 6,834,192 shares of the bank's stock valued at $15,240,000 after buying an additional 1,510,481 shares in the last quarter. Finally, Goldman Sachs Group Inc. lifted its position in shares of Banco Bradesco by 116.9% during the 1st quarter. Goldman Sachs Group Inc. now owns 33,132,112 shares of the bank's stock valued at $73,885,000 after buying an additional 17,853,712 shares in 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.