Banco Bradesco (NYSE:BBD) Stock Rating Upgraded by Bank of America

Bank of America upgraded shares of Banco Bradesco (NYSE:BBD - Free Report) from a neutral rating to a buy rating in a report issued on Thursday morning, Marketbeat.com reports.

BBD has been the subject of several other reports. The Goldman Sachs Group downgraded Banco Bradesco from a "buy" rating to a "sell" rating and dropped their target price for the company from $2.40 to $2.00 in a research report on Wednesday, February 12th. HSBC raised Banco Bradesco from a "hold" rating to a "buy" rating and set a $2.80 target price for the company in a research report on Monday, January 13th.

Banco Bradesco Trading Up 3.8%

Shares of NYSE BBD traded up $0.10 during trading on Thursday, hitting $2.74. 35,151,357 shares of the company were exchanged, compared to its average volume of 33,227,810. Banco Bradesco has a 12-month low of $1.84 and a 12-month high of $2.96. The company has a debt-to-equity ratio of 2.48, a quick ratio of 0.72 and a current ratio of 1.01. The company has a fifty day moving average price of $2.25 and a 200-day moving average price of $2.16. The firm has a market capitalization of $29.16 billion, a PE ratio of 9.13, a P/E/G ratio of 0.32 and a beta of 0.65.

Banco Bradesco (NYSE:BBD - Get Free Report) last issued its quarterly earnings data on Wednesday, May 7th. The bank reported $0.09 earnings per share (EPS) for the quarter, hitting analysts' consensus estimates of $0.09. The firm had revenue of $5.69 billion during the quarter, compared to the consensus estimate of $31.24 billion. Banco Bradesco had a return on equity of 11.43% and a net margin of 8.46%. As a group, equities research analysts expect that Banco Bradesco will post 0.37 EPS for the current year.

Banco Bradesco Cuts Dividend

The business also recently disclosed a dividend, which will be paid on Monday, June 9th. Stockholders of record on Wednesday, May 7th will be paid a $0.0022 dividend. This represents a dividend yield of 1.08%. The ex-dividend date is Tuesday, May 6th. Banco Bradesco's payout ratio is presently 6.25%.

Hedge Funds Weigh In On Banco Bradesco

Several hedge funds and other institutional investors have recently made changes to their positions in BBD. ARGA Investment Management LP boosted its stake in shares of Banco Bradesco by 215.1% in the 4th quarter. ARGA Investment Management LP now owns 82,839,944 shares of the bank's stock valued at $158,224,000 after buying an additional 56,552,808 shares during the period. Moerus Capital Management LLC purchased a new position in shares of Banco Bradesco in the 1st quarter valued at about $27,372,000. Massachusetts Financial Services Co. MA boosted its stake in shares of Banco Bradesco by 13.9% in the 4th quarter. Massachusetts Financial Services Co. MA now owns 100,202,214 shares of the bank's stock valued at $191,386,000 after buying an additional 12,236,689 shares during the period. Arrowstreet Capital Limited Partnership boosted its stake in shares of Banco Bradesco by 26.2% in the 4th 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 period. Finally, Wellington Management Group LLP boosted its stake in shares of Banco Bradesco by 20.8% in the 4th quarter. Wellington Management Group LLP now owns 56,809,743 shares of the bank's stock valued at $108,507,000 after buying an additional 9,762,964 shares during the period.

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.