Bank of New York Mellon Corp Has $2.21 Million Stock Position in Banco Bradesco SA $BBD

Key Points

• Bank of New York Mellon cut its Banco Bradesco position by 38.2% in the first quarter, selling 373,670 shares and retaining 605,263 shares valued at approximately $2.21 million.
• Banco Bradesco opened at $3.37, near the lower end of its 52-week range, with a market capitalization of $35.66 billion and a price-to-earnings ratio of 8.01. The bank reported quarterly EPS of $0.12 on $6.77 billion in revenue.
• The company declared a monthly dividend of $0.0037 per share, representing a 1.3% yield. Analyst sentiment remains “Moderate Buy,” although Weiss Ratings downgraded the stock from “buy” to “hold.”

Bank of New York Mellon Corp reduced its position in shares of Banco Bradesco SA (NYSE:BBD - Free Report) by 38.2% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 605,263 shares of the bank's stock after selling 373,670 shares during the period. Bank of New York Mellon Corp's holdings in Banco Bradesco were worth $2,209,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of the company. Aquamarine Financial Cayman Ltd boosted its holdings in Banco Bradesco by 8.1% during the fourth quarter. Aquamarine Financial Cayman Ltd now owns 148,670,798 shares of the bank's stock valued at $517,056,000 after acquiring an additional 11,137,145 shares during the period. Arrowstreet Capital Limited Partnership lifted its position in shares of Banco Bradesco by 25.9% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 82,163,260 shares of the bank's stock worth $273,604,000 after purchasing an additional 16,908,425 shares during the last quarter. Orbis Allan Gray Ltd acquired a new position in shares of Banco Bradesco during the 2nd quarter worth about $250,398,000. Wellington Management Group LLP grew its holdings in Banco Bradesco by 1.0% in the 4th quarter. Wellington Management Group LLP now owns 77,491,815 shares of the bank's stock valued at $258,048,000 after buying an additional 756,107 shares during the last quarter. Finally, Franklin Resources Inc. grew its holdings in Banco Bradesco by 2,469.2% in the 4th quarter. Franklin Resources Inc. now owns 47,947,074 shares of the bank's stock valued at $159,664,000 after buying an additional 46,080,856 shares during the last quarter.

Banco Bradesco Stock Performance

NYSE BBD opened at $3.37 on Monday. The company has a debt-to-equity ratio of 2.93, a current ratio of 1.48 and a quick ratio of 1.48. The firm has a market capitalization of $35.66 billion, a price-to-earnings ratio of 8.01, a P/E/G ratio of 0.42 and a beta of 0.53. The company's fifty day moving average is $3.49 and its two-hundred day moving average is $3.71. Banco Bradesco SA has a 52-week low of $2.84 and a 52-week high of $4.30.

Banco Bradesco (NYSE:BBD - Get Free Report) last announced its quarterly earnings data on Tuesday, June 30th. The bank reported $0.12 EPS for the quarter. Banco Bradesco had a net margin of 10.55% and a return on equity of 14.61%. The business had revenue of $6.77 billion during the quarter. Equities research analysts forecast that Banco Bradesco SA will post 0.5 EPS for the current year.

Banco Bradesco Cuts Dividend

The company also recently declared a monthly dividend, which will be paid on Wednesday, September 9th. Investors of record on Wednesday, August 5th will be paid a dividend of $0.0037 per share. This represents a c) annualized dividend and a yield of 1.3%. The ex-dividend date is Wednesday, August 5th. Banco Bradesco's payout ratio is currently 7.14%.

Analysts Set New Price Targets

Separately, Weiss Ratings lowered Banco Bradesco from a "buy (b-)" rating to a "hold (c+)" rating in a report on Friday, July 24th. One investment analyst has rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat.com, Banco Bradesco has an average rating of "Moderate Buy".

Banco Bradesco Profile

Banco Bradesco SA is a major Brazilian financial institution headquartered in Osasco, São Paulo. Founded in 1943 by Amador Aguiar, the bank has grown into one of Brazil's largest private-sector banks, offering a full range of financial services to retail, small and medium-sized enterprises, corporate and institutional clients. It operates across the banking value chain, including deposit-taking, lending, payments, trade finance and treasury services, and it participates actively in Brazil's retail and corporate credit markets.

The company's product and service mix extends beyond traditional banking to include insurance, pension plans, asset management, leasing and credit card services, delivered through a combination of branches, automated teller machines and digital channels.

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