Causeway Capital Management LLC Sells 9,662,131 Shares of Banco Bradesco S.A. (NYSE:BBD)

Causeway Capital Management LLC trimmed its stake in shares of Banco Bradesco S.A. (NYSE:BBD - Free Report) by 21.0% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 36,313,506 shares of the bank's stock after selling 9,662,131 shares during the period. Banco Bradesco makes up about 1.6% of Causeway Capital Management LLC's investment portfolio, making the stock its 14th biggest position. Causeway Capital Management LLC owned approximately 0.34% of Banco Bradesco worth $69,359,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. HighTower Advisors LLC raised its position in shares of Banco Bradesco by 27.2% in the fourth quarter. HighTower Advisors LLC now owns 25,317 shares of the bank's stock valued at $48,000 after purchasing an additional 5,421 shares during the period. Peapack Gladstone Financial Corp lifted its position in Banco Bradesco by 54.5% during the fourth quarter. Peapack Gladstone Financial Corp now owns 17,012 shares of the bank's stock worth $32,000 after acquiring an additional 6,000 shares during the last quarter. Eagle Bay Advisors LLC boosted its holdings in shares of Banco Bradesco by 37.0% during the fourth quarter. Eagle Bay Advisors LLC now owns 27,400 shares of the bank's stock worth $54,000 after acquiring an additional 7,400 shares during the period. Blue Trust Inc. grew its position in shares of Banco Bradesco by 78.2% in the fourth quarter. Blue Trust Inc. now owns 20,055 shares of the bank's stock valued at $38,000 after purchasing an additional 8,801 shares during the last quarter. Finally, PNC Financial Services Group Inc. increased its stake in shares of Banco Bradesco by 5.4% during the fourth quarter. PNC Financial Services Group Inc. now owns 214,322 shares of the bank's stock worth $409,000 after purchasing an additional 10,938 shares during the period.

Analyst Ratings Changes

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

Banco Bradesco Price Performance

BBD stock traded up $0.02 during midday trading on Friday, reaching $2.22. 25,042,858 shares of the stock were exchanged, compared to its average volume of 31,822,733. The company has a fifty day moving average price of $2.14 and a 200 day moving average price of $2.19. The stock has a market capitalization of $23.57 billion, a PE ratio of 7.38, a P/E/G ratio of 0.32 and a beta of 0.56. Banco Bradesco S.A. has a 52 week low of $1.84 and a 52 week high of $2.96. The company has a debt-to-equity ratio of 2.48, a current ratio of 1.01 and a quick ratio of 0.72.

Banco Bradesco (NYSE:BBD - Get Free Report) last announced its quarterly earnings results on Friday, February 7th. The bank reported $0.09 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.09. Banco Bradesco had a net margin of 8.46% and a return on equity of 11.43%. As a group, analysts expect that Banco Bradesco S.A. will post 0.37 EPS for the current fiscal year.

Banco Bradesco Increases Dividend

The company also recently declared a monthly dividend, which will be paid on Friday, November 7th. Stockholders of record on Wednesday, April 2nd will be given a $0.0398 dividend. The ex-dividend date is Wednesday, April 2nd. This represents a $0.48 dividend on an annualized basis and a dividend yield of 21.53%. This is an increase from Banco Bradesco's previous monthly dividend of $0.00. Banco Bradesco's payout ratio is 6.67%.

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.