Banco Bradesco S.A. (NYSE:BBD) Shares Sold by Bank of America Corp DE

Bank of America Corp DE lessened its position in shares of Banco Bradesco S.A. (NYSE:BBD - Free Report) by 82.2% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 5,362,519 shares of the bank's stock after selling 24,797,217 shares during the quarter. Bank of America Corp DE owned approximately 0.05% of Banco Bradesco worth $10,242,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Massachusetts Financial Services Co. MA raised its stake in Banco Bradesco by 13.9% in the 4th quarter. Massachusetts Financial Services Co. MA now owns 100,202,214 shares of the bank's stock valued at $191,386,000 after purchasing an additional 12,236,689 shares during the last quarter. ARGA Investment Management LP raised its stake in Banco Bradesco by 215.1% in the 4th quarter. ARGA Investment Management LP now owns 82,839,944 shares of the bank's stock valued at $158,224,000 after purchasing an additional 56,552,808 shares during the last quarter. Wellington Management Group LLP raised its stake in Banco Bradesco by 20.8% in the 4th quarter. Wellington Management Group LLP now owns 56,809,743 shares of the bank's stock valued at $108,507,000 after purchasing an additional 9,762,964 shares during the last quarter. Arrowstreet Capital Limited Partnership raised its stake in Banco Bradesco by 26.2% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 50,826,745 shares of the bank's stock valued at $97,079,000 after purchasing an additional 10,537,751 shares during the last quarter. Finally, Franklin Resources Inc. raised its stake in Banco Bradesco by 1.8% in the 4th quarter. Franklin Resources Inc. now owns 45,810,825 shares of the bank's stock valued at $87,499,000 after purchasing an additional 821,239 shares during the last quarter.

Analysts Set New Price Targets

A number of research analysts have recently commented on BBD shares. Citigroup raised shares of Banco Bradesco from a "neutral" rating to a "buy" rating in a research note on Wednesday. The Goldman Sachs Group downgraded shares of Banco Bradesco from a "buy" rating to a "sell" rating and dropped their price objective for the company from $2.40 to $2.00 in a research note on Wednesday, February 12th. Finally, Bank of America raised shares of Banco Bradesco from a "neutral" rating to a "buy" rating in a research note on Thursday, May 8th. One investment analyst has rated the stock with a sell rating, one has given a hold rating and three have given a buy rating to the company. According to MarketBeat, Banco Bradesco currently has a consensus rating of "Hold" and an average target price of $2.40.

Banco Bradesco Trading Down 0.2%

Shares of NYSE:BBD traded down $0.01 during trading on Wednesday, reaching $2.87. 23,546,721 shares of the stock were exchanged, compared to its average volume of 34,357,258. The company has a debt-to-equity ratio of 2.48, a quick ratio of 0.72 and a current ratio of 1.01. Banco Bradesco S.A. has a 12-month low of $1.84 and a 12-month high of $2.96. The firm has a market cap of $30.49 billion, a price-to-earnings ratio of 9.55, a price-to-earnings-growth ratio of 0.32 and a beta of 0.65. The firm's 50-day moving average price is $2.40 and its 200 day moving average price is $2.19.

Banco Bradesco (NYSE:BBD - Get Free Report) last issued its earnings results on Wednesday, May 7th. The bank reported $0.09 earnings per share (EPS) for the quarter, hitting analysts' consensus estimates of $0.09. Banco Bradesco had a return on equity of 11.43% and a net margin of 8.46%. The business had revenue of $5.69 billion during the quarter, compared to analysts' expectations of $31.24 billion. On average, sell-side analysts anticipate that Banco Bradesco S.A. will post 0.37 earnings per share for the current fiscal year.

Banco Bradesco Cuts Dividend

The business also recently declared a dividend, which will be paid on Monday, June 9th. Shareholders of record on Wednesday, May 7th will be issued a $0.0022 dividend. This represents a yield of 1.08%. The ex-dividend date is Tuesday, May 6th. Banco Bradesco's dividend payout ratio is presently 6.25%.

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.