Banco Bradesco (NYSE:BBD) Sets New 52-Week High - Here's What Happened

Banco Bradesco S.A. (NYSE:BBD - Get Free Report) shares reached a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $2.97 and last traded at $2.97, with a volume of 83141985 shares trading hands. The stock had previously closed at $2.90.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on BBD. Citigroup raised Banco Bradesco from a "hold" rating to a "buy" rating in a research note on Wednesday, May 28th. The Goldman Sachs Group downgraded Banco Bradesco from a "buy" rating to a "sell" rating and dropped their target price for the stock from $2.40 to $2.00 in a report on Wednesday, February 12th. Finally, Bank of America raised Banco Bradesco from a "neutral" rating to a "buy" rating in a report on Thursday, May 8th. One research analyst has rated the stock with a sell rating, one has issued a hold rating and three have given a buy rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Hold" and an average price target of $2.40.

Banco Bradesco Stock Down 0.3%

The company has a 50 day moving average price of $2.47 and a two-hundred day moving average price of $2.21. The company has a debt-to-equity ratio of 2.48, a current ratio of 1.01 and a quick ratio of 0.72. The stock has a market cap of $31.08 billion, a PE ratio of 9.73, a PEG ratio of 0.32 and a beta of 0.71.

Banco Bradesco (NYSE:BBD - Get Free Report) last posted its quarterly earnings data on Wednesday, May 7th. The bank reported $0.09 EPS for the quarter, meeting analysts' consensus estimates of $0.09. The company had revenue of $5.69 billion during the quarter, compared to analysts' expectations of $31.24 billion. Banco Bradesco had a return on equity of 11.43% and a net margin of 8.46%. Analysts expect that Banco Bradesco S.A. will post 0.37 EPS for the current year.

Banco Bradesco Cuts Dividend

The firm also recently disclosed a dividend, which will be paid on Wednesday, July 9th. Stockholders of record on Thursday, June 5th will be paid a $0.0021 dividend. This represents a dividend yield of 0.88%. The ex-dividend date is Wednesday, June 4th. Banco Bradesco's dividend payout ratio (DPR) is 6.25%.

Hedge Funds Weigh In On Banco Bradesco

Hedge funds have recently made changes to their positions in the business. ARGA Investment Management LP boosted its stake in Banco Bradesco by 53.0% during the first quarter. ARGA Investment Management LP now owns 126,724,278 shares of the bank's stock valued at $282,595,000 after buying an additional 43,884,334 shares during the last quarter. Massachusetts Financial Services Co. MA boosted its stake in Banco Bradesco by 3.5% during the first quarter. Massachusetts Financial Services Co. MA now owns 103,749,417 shares of the bank's stock valued at $231,361,000 after buying an additional 3,547,203 shares during the last quarter. Wellington Management Group LLP boosted its stake in Banco Bradesco by 22.7% during the first quarter. Wellington Management Group LLP now owns 69,682,931 shares of the bank's stock valued at $155,393,000 after buying an additional 12,873,188 shares during the last quarter. Arrowstreet Capital Limited Partnership boosted its stake in Banco Bradesco by 26.2% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 50,826,745 shares of the bank's stock valued at $97,079,000 after buying an additional 10,537,751 shares during the last quarter. Finally, Franklin Resources Inc. boosted its stake in Banco Bradesco by 1.8% during the fourth quarter. Franklin Resources Inc. now owns 45,810,825 shares of the bank's stock valued at $87,499,000 after buying an additional 821,239 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.