ARGA Investment Management LP Buys 11,525,758 Shares of Banco Bradesco SA $BBD

ARGA Investment Management LP boosted its stake in Banco Bradesco SA (NYSE:BBD - Free Report) by 16.3% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 82,243,666 shares of the bank's stock after acquiring an additional 11,525,758 shares during the period. Banco Bradesco accounts for about 7.4% of ARGA Investment Management LP's holdings, making the stock its 3rd biggest position. ARGA Investment Management LP owned about 0.78% of Banco Bradesco worth $289,498,000 as of its most recent filing with the SEC.

Other hedge funds also recently modified their holdings of the company. Bank of America Corp DE grew its stake in shares of Banco Bradesco by 355.9% during the 1st quarter. Bank of America Corp DE now owns 28,078,599 shares of the bank's stock worth $102,487,000 after acquiring an additional 21,920,074 shares during the period. SPX Gestao de Recursos Ltda grew its holdings in Banco Bradesco by 221.5% during the 1st quarter. SPX Gestao de Recursos Ltda now owns 11,051,974 shares of the bank's stock valued at $40,340,000 after buying an additional 7,614,725 shares in the last quarter. Bamco Inc. NY purchased a new position in shares of Banco Bradesco during the 2nd quarter valued at $25,339,000. Renaissance Technologies LLC boosted its position in shares of Banco Bradesco by 103.9% during the 1st quarter. Renaissance Technologies LLC now owns 12,315,995 shares of the bank's stock valued at $44,953,000 after acquiring an additional 6,276,800 shares during the last quarter. Finally, Carrhae Capital LLP purchased a new stake in shares of Banco Bradesco during the 2nd quarter valued at $15,560,000.

Banco Bradesco Trading Down 3.3%

NYSE BBD opened at $2.48 on Wednesday. The stock has a market cap of $26.18 billion, a P/E ratio of 5.33, a price-to-earnings-growth ratio of 0.46 and a beta of 0.56. Banco Bradesco SA has a fifty-two week low of $2.44 and a fifty-two week high of $4.58. The stock has a 50 day simple moving average of $3.55 and a two-hundred day simple moving average of $3.64. The company has a debt-to-equity ratio of 2.78, a quick ratio of 1.72 and a current ratio of 1.72.

Banco Bradesco (NYSE:BBD - Get Free Report) last posted its earnings results on Thursday, October 22nd. The bank reported $0.12 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.13 by ($0.01). The business had revenue of $6.32 billion for the quarter, compared to analysts' expectations of $7.52 billion. Banco Bradesco had a net margin of 12.58% and a return on equity of 15.06%. On average, analysts forecast that Banco Bradesco SA will post 0.49 earnings per share for the current year.

Banco Bradesco Increases Dividend

The firm also recently disclosed a monthly dividend, which will be paid on Friday, December 11th. Shareholders of record on Thursday, November 5th will be issued a $0.0038 dividend. This represents a $0.05 dividend on an annualized basis and a yield of 1.8%. This is a boost from Banco Bradesco's previous monthly dividend of $0.0037. The ex-dividend date is Thursday, November 5th. Banco Bradesco's dividend payout ratio is currently 43.48%.

Analysts Set New Price Targets

BBD has been the subject of a number of research analyst reports. JPMorgan Chase & Co. downgraded shares of Banco Bradesco from an "overweight" rating to a "neutral" rating in a report on Thursday, October 29th. Citigroup cut Banco Bradesco from a "buy" rating to a "hold" rating in a research note on Tuesday, October 27th. Bradesco Corretora downgraded Banco Bradesco from an "overweight" rating to a "neutral" rating in a research report on Thursday, October 29th. Weiss Ratings raised Banco Bradesco from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Thursday, October 8th. Finally, HSBC cut shares of Banco Bradesco from a "buy" rating to a "hold" rating and set a $3.90 price objective for the company. in a research note on Thursday, October 8th. One analyst has rated the stock with a Buy rating and six have assigned a Hold rating to the company's stock. According to data from MarketBeat, Banco Bradesco presently has an average rating of "Hold" and an average price target of $4.05.

Banco Bradesco Company Profile

Banco Bradesco SA is a Brazilian financial services company headquartered in Osasco, São Paulo. Founded in 1943, the bank serves individuals, businesses and institutional clients through a broad network of branches, digital channels and automated banking services.

Bradesco offers traditional banking products and services, including checking and savings accounts, personal and commercial loans, credit and debit cards, payment solutions, foreign exchange and investment products. Through its related businesses, the company also provides insurance, pension and capitalization products, asset management, brokerage and other financial services.

The company primarily serves customers in Brazil and maintains international activities to support corporate and institutional clients, including services related to international banking and trade.

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