Algebris UK Ltd Sells 256,884 Shares of Banco Bradesco SA (NYSE:BBD)

Key Points

• Algebris UK Ltd reduced its stake in Banco Bradesco by 3.4%, selling 256,884 shares and now holding 7,392,446 shares.
• Banco Bradesco recently declared a new dividend of $0.0023 per share, a significant increase from its previous dividend of $0.00, which brings a yield of 0.99%.
• Analysts have upgraded Banco Bradesco with the majority rating now as "buy," from firms such as Bank of America and Citigroup, indicating positive sentiment towards the bank’s stock.

Algebris UK Ltd trimmed its holdings in shares of Banco Bradesco SA (NYSE:BBD - Free Report) by 3.4% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 7,392,446 shares of the bank's stock after selling 256,884 shares during the period. Banco Bradesco comprises approximately 2.8% of Algebris UK Ltd's holdings, making the stock its 18th biggest holding. Algebris UK Ltd owned 0.07% of Banco Bradesco worth $15,261,000 as of its most recent SEC filing.

A number of other institutional investors have also modified their holdings of BBD. ARGA Investment Management LP raised its position in shares of Banco Bradesco by 53.0% in 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 raised its position in shares of Banco Bradesco by 13.9% in the fourth 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 last quarter. Arrowstreet Capital Limited Partnership raised its position in shares of Banco Bradesco by 26.2% in 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. Wellington Management Group LLP raised its position in shares of Banco Bradesco by 20.8% in the fourth 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 last quarter. Finally, Marshall Wace LLP raised its position in shares of Banco Bradesco by 45.4% in the fourth quarter. Marshall Wace LLP now owns 27,742,604 shares of the bank's stock valued at $52,988,000 after buying an additional 8,661,231 shares during the last quarter.

Banco Bradesco Stock Performance

NYSE:BBD traded up $0.04 during trading hours on Friday, hitting $2.81. 27,284,202 shares of the company traded hands, compared to its average volume of 42,788,348. The firm has a 50-day moving average of $2.93 and a 200 day moving average of $2.46. The stock has a market capitalization of $29.85 billion, a price-to-earnings ratio of 8.01, a P/E/G ratio of 0.40 and a beta of 0.71. The company has a current ratio of 0.76, a quick ratio of 0.76 and a debt-to-equity ratio of 0.63. Banco Bradesco SA has a twelve month low of $1.84 and a twelve month high of $3.13.

Banco Bradesco (NYSE:BBD - Get Free Report) last issued its earnings results on Wednesday, July 30th. The bank reported $0.10 EPS for the quarter, meeting the consensus estimate of $0.10. The company had revenue of $5.87 billion for the quarter, compared to the consensus estimate of $32.70 billion. Banco Bradesco had a net margin of 9.76% and a return on equity of 13.02%. On average, analysts forecast that Banco Bradesco SA will post 0.37 EPS for the current year.

Banco Bradesco Increases Dividend

The company also recently declared a dividend, which will be paid on Thursday, September 11th. Investors of record on Wednesday, August 6th will be given a $0.0023 dividend. The ex-dividend date is Tuesday, August 5th. This represents a dividend yield of 99.0%. This is a positive change from Banco Bradesco's previous dividend of $0.00. Banco Bradesco's dividend payout ratio is 5.71%.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on BBD. Citigroup raised shares of Banco Bradesco from a "hold" rating to a "buy" rating in a research report on Wednesday, May 28th. Bank of America upgraded shares of Banco Bradesco from a "neutral" rating to a "buy" rating in a research note on Thursday, May 8th. One analyst has rated the stock with a sell rating, one has issued a hold rating and three have assigned a buy rating to the company. According to MarketBeat.com, Banco Bradesco presently has an average rating of "Hold" and a consensus price target of $2.40.

Banco Bradesco Profile

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.