ABS Direct Equity Fund LLC Buys New Shares in Banco Bradesco SA $BBD

Key Points

• ABS Direct Equity Fund initiated a Banco Bradesco position by purchasing 366,000 shares worth approximately $1.27 million in the second quarter.
• Several major institutions also increased their holdings, including Goldman Sachs, which more than doubled its stake to 33.1 million shares, and Millennium Management, which raised its position by 28.4%.
• Banco Bradesco reported quarterly EPS of $0.12 on $6.77 billion in revenue, while the stock traded at $3.58; the bank announced a monthly dividend of $0.0037 per share and received a “Moderate Buy” consensus rating despite a Weiss Ratings downgrade to “Hold.”

ABS Direct Equity Fund LLC bought a new position in shares of Banco Bradesco SA (NYSE:BBD - Free Report) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor bought 366,000 shares of the bank's stock, valued at approximately $1,270,000.

A number of other hedge funds have also recently added to or reduced their stakes in BBD. Millennium Management LLC increased its stake in shares of Banco Bradesco by 28.4% during the 1st quarter. Millennium Management LLC now owns 6,834,192 shares of the bank's stock valued at $15,240,000 after acquiring an additional 1,510,481 shares during the last quarter. Jones Financial Companies Lllp boosted its position in shares of Banco Bradesco by 3,749.8% in the first quarter. Jones Financial Companies Lllp now owns 38,613 shares of the bank's stock worth $86,000 after acquiring an additional 37,610 shares during the last quarter. Goldman Sachs Group Inc. grew its holdings in Banco Bradesco by 116.9% in the first quarter. Goldman Sachs Group Inc. now owns 33,132,112 shares of the bank's stock valued at $73,885,000 after purchasing an additional 17,853,712 shares during the period. Sivia Capital Partners LLC purchased a new stake in Banco Bradesco in the second quarter valued at approximately $62,000. Finally, JPMorgan Chase & Co. increased its position in Banco Bradesco by 22.0% during the second quarter. JPMorgan Chase & Co. now owns 964,959 shares of the bank's stock worth $2,982,000 after purchasing an additional 174,126 shares during the last quarter.

Banco Bradesco Stock Performance

NYSE BBD opened at $3.58 on Friday. The company has a debt-to-equity ratio of 2.93, a current ratio of 1.48 and a quick ratio of 1.48. Banco Bradesco SA has a 1-year low of $2.98 and a 1-year high of $4.30. The firm has a market capitalization of $37.99 billion, a P/E ratio of 8.54, a P/E/G ratio of 0.53 and a beta of 0.52. The business's 50-day simple moving average is $3.42 and its 200-day simple moving average is $3.58.

Banco Bradesco (NYSE:BBD - Get Free Report) last posted its earnings results on Tuesday, June 30th. The bank reported $0.12 earnings per share (EPS) for the quarter. Banco Bradesco had a net margin of 10.55% and a return on equity of 14.61%. The firm had revenue of $6.77 billion during the quarter. Equities analysts predict that Banco Bradesco SA will post 0.5 EPS for the current year.

Banco Bradesco Cuts Dividend

The business also recently disclosed a monthly dividend, which will be paid on Tuesday, November 10th. Shareholders of record on Monday, October 5th will be paid a dividend of $0.0037 per share. This represents a c) dividend on an annualized basis and a dividend yield of 1.3%. The ex-dividend date is Monday, October 5th. Banco Bradesco's payout ratio is currently 7.14%.

Wall Street Analyst Weigh In

Separately, Weiss Ratings downgraded shares of Banco Bradesco from a "buy (b-)" rating to a "hold (c+)" rating in a research note on Friday, July 24th. One equities research analyst has rated the stock with a Buy rating and one has issued a Hold rating to the company's stock. According to MarketBeat.com, Banco Bradesco has an average rating of "Moderate Buy".

About Banco Bradesco

Banco Bradesco SA is a Brazilian financial services company headquartered in Osasco, São Paulo. Founded in 1943 in Marília, São Paulo, the bank provides financial products and services to individual, business and corporate customers throughout Brazil.

Its activities include retail and commercial banking, corporate lending, deposits, payment services, credit and debit cards, investment products, asset management, leasing and consortium services. Through Bradesco Seguros, the group also offers insurance, pension and capitalization products.

Bradesco serves customers through a nationwide network of branches and digital channels, with operations focused primarily on Brazil and selected international activities designed to support Brazilian companies and clients abroad.

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