Banco Bradesco (NYSE:BBD) Reaches New 1-Year High - Here's What Happened

Banco Bradesco SA (NYSE:BBD - Get Free Report)'s stock price hit a new 52-week high during trading on Wednesday . The stock traded as high as $3.12 and last traded at $3.10, with a volume of 38534423 shares traded. The stock had previously closed at $3.07.

Analyst Upgrades and Downgrades

Several research firms have commented on BBD. Citigroup raised Banco Bradesco from a "hold" rating to a "buy" rating in a research report on Wednesday, May 28th. Bank of America upgraded shares of Banco Bradesco from a "neutral" rating to a "buy" rating in a research report on Thursday, May 8th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat, Banco Bradesco presently has a consensus rating of "Hold" and a consensus target price of $2.40.

Banco Bradesco Stock Performance

The stock has a market cap of $32.83 billion, a PE ratio of 9.64, a price-to-earnings-growth ratio of 0.44 and a beta of 0.71. The stock has a fifty day moving average of $2.62 and a 200-day moving average of $2.25. 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 (NYSE:BBD - Get Free Report) last posted its quarterly earnings data on Wednesday, May 7th. The bank reported $0.09 earnings per share for the quarter, hitting analysts' consensus estimates of $0.09. Banco Bradesco had a return on equity of 12.33% and a net margin of 9.08%. The company had revenue of $5.69 billion during the quarter, compared to analysts' expectations of $31.24 billion. On average, equities analysts forecast that Banco Bradesco SA will post 0.37 EPS for the current year.

Banco Bradesco Cuts Dividend

The business also recently declared a dividend, which will be paid on Wednesday, July 9th. Investors of record on Thursday, June 5th will be issued a dividend of $0.0021 per share. This represents a dividend yield of 0.88%. The ex-dividend date of this dividend is Wednesday, June 4th. Banco Bradesco's dividend payout ratio is presently 9.38%.

Hedge Funds Weigh In On Banco Bradesco

Several institutional investors have recently bought and sold shares of the company. Blue Trust Inc. increased its position in Banco Bradesco by 226.1% during the 4th quarter. Blue Trust Inc. now owns 36,699 shares of the bank's stock worth $70,000 after purchasing an additional 25,445 shares during the period. New York State Common Retirement Fund boosted its stake in shares of Banco Bradesco by 85.5% in the fourth quarter. New York State Common Retirement Fund now owns 3,936,542 shares of the bank's stock valued at $7,519,000 after buying an additional 1,814,009 shares in the last quarter. LGT Fund Management Co Ltd. acquired a new position in Banco Bradesco during the fourth quarter worth $2,607,000. M&T Bank Corp grew its holdings in Banco Bradesco by 38.1% during the fourth quarter. M&T Bank Corp now owns 80,241 shares of the bank's stock worth $153,000 after acquiring an additional 22,150 shares during the period. Finally, Raymond James Financial Inc. purchased a new position in Banco Bradesco in the fourth quarter worth $3,222,000.

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.