Amundi Decreases Holdings in Banco Bradesco SA $BBD

Key Points

• Amundi has reduced its stake in Banco Bradesco SA by 7.1%, selling 479,482 shares, leaving them with approximately 0.06% ownership valued at $14.4 million.
• The bank recently announced a monthly dividend of $0.0035, marking a notable increase from its previous dividend of $0.00, with a current dividend yield of 1.3%.
• Citi upgraded Banco Bradesco's rating from "hold" to "buy", contributing to a consensus rating of "Hold" with a price target of $2.40.

Amundi lowered its stake in Banco Bradesco SA (NYSE:BBD - Free Report) by 7.1% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 6,280,762 shares of the bank's stock after selling 479,482 shares during the quarter. Amundi owned 0.06% of Banco Bradesco worth $14,383,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. ARGA Investment Management LP boosted its stake in shares of Banco Bradesco by 53.0% during the 1st quarter. ARGA Investment Management LP now owns 126,724,278 shares of the bank's stock worth $282,595,000 after acquiring an additional 43,884,334 shares during the last quarter. Massachusetts Financial Services Co. MA boosted its stake in shares of Banco Bradesco by 3.5% during the 1st quarter. Massachusetts Financial Services Co. MA now owns 103,749,417 shares of the bank's stock worth $231,361,000 after acquiring an additional 3,547,203 shares during the last quarter. Wellington Management Group LLP boosted its stake in shares of Banco Bradesco by 22.7% during the 1st quarter. Wellington Management Group LLP now owns 69,682,931 shares of the bank's stock worth $155,393,000 after acquiring an additional 12,873,188 shares during the last quarter. Earnest Partners LLC boosted its stake in shares of Banco Bradesco by 2.5% during the 1st quarter. Earnest Partners LLC now owns 21,864,348 shares of the bank's stock worth $48,757,000 after acquiring an additional 528,442 shares during the last quarter. Finally, Moerus Capital Management LLC purchased a new position in shares of Banco Bradesco during the 1st quarter worth $27,372,000.

Banco Bradesco Price Performance

NYSE BBD traded up $0.06 on Monday, reaching $3.19. The company had a trading volume of 56,520,097 shares, compared to its average volume of 31,655,236. Banco Bradesco SA has a 12 month low of $1.84 and a 12 month high of $3.24. The stock has a market capitalization of $33.95 billion, a PE ratio of 9.11, a price-to-earnings-growth ratio of 0.43 and a beta of 0.76. The firm's 50 day moving average price is $2.95 and its 200 day moving average price is $2.68. 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 (NYSE:BBD - Get Free Report) last issued its quarterly earnings data on Wednesday, July 30th. The bank reported $0.10 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 analysts' expectations of $32.70 billion. As a group, equities analysts predict that Banco Bradesco SA will post 0.37 earnings per share for the current year.

Banco Bradesco Increases Dividend

The business also recently disclosed a monthly dividend, which will be paid on Wednesday, October 8th. Shareholders of record on Wednesday, September 3rd will be given a $0.0035 dividend. This is a positive change from Banco Bradesco's previous monthly dividend of $0.00. The ex-dividend date of this dividend is Wednesday, September 3rd. This represents a c) annualized dividend and a yield of 1.3%. Banco Bradesco's dividend payout ratio is presently 8.57%.

Wall Street Analysts Forecast Growth

Separately, Citigroup upgraded shares of Banco Bradesco from a "hold" rating to a "buy" rating in a research note on Wednesday, May 28th. Three equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, Banco Bradesco has an average rating of "Hold" and an average target price of $2.40.

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.