ARGA Investment Management LP Acquires 90,764 Shares of Banco Bradesco SA $BBD

Key Points

• ARGA Investment Management LP increased its stake in Banco Bradesco SA by acquiring 90,764 shares, raising its total ownership to 126,815,042 shares, which constitutes 10.7% of its portfolio.
• The bank reported $0.10 earnings per share for the last quarter, meeting analysts' expectations, with revenue of $5.87 billion, significantly below analyst estimates of $32.70 billion.
• Banco Bradesco recently announced a monthly dividend of $0.0035 with a yield of 1.2%, set to be paid on December 8th to investors recorded by November 5th.

ARGA Investment Management LP raised its holdings in shares of Banco Bradesco SA (NYSE:BBD - Free Report) by 0.1% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 126,815,042 shares of the bank's stock after acquiring an additional 90,764 shares during the period. Banco Bradesco makes up 10.7% of ARGA Investment Management LP's holdings, making the stock its 2nd largest position. ARGA Investment Management LP owned approximately 1.19% of Banco Bradesco worth $391,858,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently modified their holdings of the business. Bleakley Financial Group LLC raised its stake in shares of Banco Bradesco by 15.1% during the second quarter. Bleakley Financial Group LLC now owns 160,146 shares of the bank's stock valued at $495,000 after purchasing an additional 20,982 shares in the last quarter. Freedom Investment Management Inc. acquired a new position in Banco Bradesco during the 2nd quarter valued at about $585,000. S Bank Fund Management Ltd bought a new stake in shares of Banco Bradesco during the 2nd quarter worth about $1,020,000. Sequoia Financial Advisors LLC lifted its stake in shares of Banco Bradesco by 8.5% in the 2nd quarter. Sequoia Financial Advisors LLC now owns 54,163 shares of the bank's stock worth $167,000 after acquiring an additional 4,257 shares during the period. Finally, Yousif Capital Management LLC lifted its stake in shares of Banco Bradesco by 7.0% in the 2nd quarter. Yousif Capital Management LLC now owns 88,866 shares of the bank's stock worth $275,000 after acquiring an additional 5,800 shares during the period.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings reissued a "hold (c+)" rating on shares of Banco Bradesco in a report on Wednesday, October 8th. Three investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Hold" and an average target price of $2.40.

Banco Bradesco Price Performance

Shares of NYSE:BBD opened at $3.35 on Friday. The company has a market cap of $35.60 billion, a P/E ratio of 9.56, a price-to-earnings-growth ratio of 0.40 and a beta of 0.75. The company's fifty day moving average is $3.17 and its two-hundred day moving average is $2.89. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.63. Banco Bradesco SA has a 12-month low of $1.84 and a 12-month high of $3.41.

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

Banco Bradesco Cuts Dividend

The firm also recently disclosed a monthly dividend, which will be paid on Monday, December 8th. Investors of record on Wednesday, November 5th will be paid a $0.0035 dividend. This represents a c) annualized dividend and a dividend yield of 1.2%. The ex-dividend date of this dividend is Wednesday, November 5th. Banco Bradesco's payout ratio is presently 8.57%.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.