Banco Bradesco SA (NYSE:BBD) Sees Large Decline in Short Interest

Key Points

• Short interest in Banco Bradesco SA decreased by 21.0% in August, dropping to 21,270,000 shares compared to 26,920,000 shares in July.
• Banco Bradesco announced a new monthly dividend of $0.0035, with a dividend yield of 1.3%, marking an increase from the previous dividend of $0.00.
• Citigroup upgraded Banco Bradesco from a "hold" to a "buy" rating, reflecting a more positive outlook from several analysts who have rated the stock.

Banco Bradesco SA (NYSE:BBD - Get Free Report) was the target of a large decrease in short interest in August. As of August 15th, there was short interest totaling 21,270,000 shares, a decrease of 21.0% from the July 31st total of 26,920,000 shares. Based on an average trading volume of 36,720,000 shares, the days-to-cover ratio is currently 0.6 days. Based on an average trading volume of 36,720,000 shares, the days-to-cover ratio is currently 0.6 days.

Institutional Trading of Banco Bradesco

Institutional investors have recently bought and sold shares of the stock. Osaic Holdings Inc. grew its position in Banco Bradesco by 34.7% in the 2nd quarter. Osaic Holdings Inc. now owns 16,915 shares of the bank's stock valued at $52,000 after acquiring an additional 4,355 shares during the last quarter. Orion Porfolio Solutions LLC grew its position in Banco Bradesco by 51.4% in the 2nd quarter. Orion Porfolio Solutions LLC now owns 226,349 shares of the bank's stock valued at $699,000 after acquiring an additional 76,855 shares during the last quarter. Marex Group plc bought a new position in Banco Bradesco in the 2nd quarter valued at $172,000. Tower Research Capital LLC TRC grew its position in Banco Bradesco by 355.5% in the 2nd quarter. Tower Research Capital LLC TRC now owns 26,317 shares of the bank's stock valued at $81,000 after acquiring an additional 20,539 shares during the last quarter. Finally, Corient Private Wealth LLC grew 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 acquiring an additional 3,402 shares during the last quarter.

Banco Bradesco Trading Down 0.8%

BBD traded down $0.03 on Friday, hitting $3.14. The company had a trading volume of 31,191,696 shares, compared to its average volume of 40,938,910. The company has a market cap of $33.36 billion, a PE ratio of 8.96, a PEG ratio of 0.43 and a beta of 0.76. Banco Bradesco has a 12-month low of $1.84 and a 12-month high of $3.24. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.63. The business's fifty day simple moving average is $2.95 and its 200 day simple moving average is $2.66.

Banco Bradesco (NYSE:BBD - Get Free Report) last released its quarterly earnings results on Wednesday, July 30th. The bank reported $0.10 EPS for the quarter, hitting the consensus estimate of $0.10. The company had revenue of $5.87 billion during the quarter, compared to analyst estimates of $32.70 billion. Banco Bradesco had a return on equity of 12.96% and a net margin of 9.76%. Equities research analysts expect that Banco Bradesco will post 0.37 EPS for the current year.

Banco Bradesco Increases Dividend

The business also recently declared a monthly dividend, which will be paid on Wednesday, October 8th. Investors of record on Wednesday, September 3rd will be given a $0.0035 dividend. This is a boost from Banco Bradesco's previous monthly dividend of $0.00. This represents a c) dividend on an annualized basis and a yield of 1.3%. The ex-dividend date is Wednesday, September 3rd. Banco Bradesco's dividend payout ratio is 8.57%.

Analyst Upgrades and Downgrades

Separately, Citigroup raised shares of Banco Bradesco from a "hold" rating to a "buy" rating in a research report on Wednesday, May 28th. Three equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Hold" and an average price target of $2.40.

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.