Banco Bradesco (NYSE:BBD) Reaches New 52-Week High - Should You Buy?

Key Points

• Banco Bradesco's share price reached a new 52-week high of $3.34, closing at $3.33 on significant trading volume of over 56 million shares.
• Citigroup upgraded Banco Bradesco's rating from "hold" to "buy", with three analysts rating it as a buy, while the average consensus price target remains at $2.40.
• The bank announced a monthly dividend of $0.0036 per share, reflecting an annualized yield of 1.3% and a dividend payout ratio of 8.57%.

Banco Bradesco SA (NYSE:BBD - Get Free Report)'s share price hit a new 52-week high during mid-day trading on Tuesday . The company traded as high as $3.34 and last traded at $3.33, with a volume of 56045955 shares. The stock had previously closed at $3.33.

Analyst Upgrades and Downgrades

Separately, Citigroup upgraded shares of Banco Bradesco from a "hold" rating to a "buy" rating in a research note on Wednesday, May 28th. Three research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat.com, Banco Bradesco currently has an average rating of "Hold" and a consensus price target of $2.40.

Banco Bradesco Trading Down 0.2%

The business's 50-day moving average price is $2.98 and its two-hundred day moving average price is $2.72. The company has a debt-to-equity ratio of 0.63, a current ratio of 1.11 and a quick ratio of 1.11. The firm has a market cap of $35.39 billion, a price-to-earnings ratio of 9.50, a price-to-earnings-growth ratio of 0.46 and a beta of 0.76.

Banco Bradesco (NYSE:BBD - Get Free Report) last posted its quarterly earnings data on Wednesday, July 30th. The bank reported $0.10 earnings per share for the quarter, meeting analysts' consensus estimates of $0.10. The business 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 12.96%. Equities analysts expect that Banco Bradesco SA will post 0.37 earnings per share for the current year.

Banco Bradesco Cuts Dividend

The business also recently declared a monthly dividend, which will be paid on Monday, November 10th. Investors of record on Friday, October 3rd will be given a dividend of $0.0036 per share. The ex-dividend date of this dividend is Friday, October 3rd. This represents a c) annualized dividend and a yield of 1.3%. Banco Bradesco's dividend payout ratio is 8.57%.

Hedge Funds Weigh In On Banco Bradesco

Several institutional investors and hedge funds have recently bought and sold shares of BBD. Riversedge Advisors LLC lifted its position in shares of Banco Bradesco by 13.5% in the 2nd quarter. Riversedge Advisors LLC now owns 27,901 shares of the bank's stock worth $86,000 after buying an additional 3,317 shares during the last quarter. Corient Private Wealth LLC lifted its position in Banco Bradesco by 8.8% in the 2nd quarter. Corient Private Wealth LLC now owns 42,025 shares of the bank's stock valued at $130,000 after purchasing an additional 3,402 shares during the last quarter. Metis Global Partners LLC lifted its position in Banco Bradesco by 11.3% in the 2nd quarter. Metis Global Partners LLC now owns 36,466 shares of the bank's stock valued at $113,000 after purchasing an additional 3,701 shares during the last quarter. GAMMA Investing LLC lifted its position in Banco Bradesco by 92.7% in the 2nd quarter. GAMMA Investing LLC now owns 8,034 shares of the bank's stock valued at $25,000 after purchasing an additional 3,864 shares during the last quarter. Finally, Samalin Investment Counsel LLC lifted its position in Banco Bradesco by 8.8% in the 1st quarter. Samalin Investment Counsel LLC now owns 49,500 shares of the bank's stock valued at $110,000 after purchasing an additional 4,000 shares during 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.

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