Carrhae Capital LLP Buys Shares of 4,484,271 Banco Bradesco SA $BBD

Key Points

• Carrhae Capital LLP initiated a position in Banco Bradesco, buying 4.48 million shares valued at approximately $15.6 million. Several other major institutions, including Franklin Resources, Bank of America and Goldman Sachs, also increased their holdings.
• Banco Bradesco reported quarterly EPS of $0.12 on $6.77 billion in revenue, with a 10.55% net margin and 14.61% return on equity. Analysts project full-year EPS of $0.50, while the stock carries a “Moderate Buy” consensus rating.
• The bank raised its monthly dividend to $0.0037 per share, equivalent to an annualized yield of about 1.3%. Shares recently traded at $3.54, within a 52-week range of $2.98 to $4.30.

Carrhae Capital LLP purchased a new position in shares of Banco Bradesco SA (NYSE:BBD - Free Report) in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The firm purchased 4,484,271 shares of the bank's stock, valued at approximately $15,560,000. Banco Bradesco comprises 0.4% of Carrhae Capital LLP's investment portfolio, making the stock its 21st largest holding.

Other hedge funds also recently modified their holdings of the company. Orbis Allan Gray Ltd purchased a new position in shares of Banco Bradesco during the 2nd quarter valued at $250,398,000. Franklin Resources Inc. boosted its position in Banco Bradesco by 2,469.2% during the fourth quarter. Franklin Resources Inc. now owns 47,947,074 shares of the bank's stock worth $159,664,000 after purchasing an additional 46,080,856 shares during the period. Bank of America Corp DE increased its stake in shares of Banco Bradesco by 355.9% in the first quarter. Bank of America Corp DE now owns 28,078,599 shares of the bank's stock worth $102,487,000 after purchasing an additional 21,920,074 shares in the last quarter. Goldman Sachs Group Inc. raised its position in shares of Banco Bradesco by 116.9% in the first quarter. Goldman Sachs Group Inc. now owns 33,132,112 shares of the bank's stock valued at $73,885,000 after purchasing an additional 17,853,712 shares during the period. Finally, Arrowstreet Capital Limited Partnership lifted its stake 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 valued at $273,604,000 after buying an additional 16,908,425 shares in the last quarter.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings lowered shares of Banco Bradesco from a "buy (b-)" rating to a "hold (c+)" rating in a research note on Friday, July 24th. One research analyst has rated the stock with a Buy rating and one has given a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy".

Banco Bradesco Price Performance

Shares of BBD traded up $0.07 during midday trading on Tuesday, hitting $3.54. 31,126,665 shares of the company traded hands, compared to its average volume of 35,333,324. Banco Bradesco SA has a one year low of $2.98 and a one year high of $4.30. The firm has a market cap of $37.57 billion, a P/E ratio of 8.44, a PEG ratio of 0.42 and a beta of 0.52. 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 stock has a 50-day moving average of $3.42 and a 200-day moving average of $3.59.

Banco Bradesco (NYSE:BBD - Get Free Report) last issued 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 company had revenue of $6.77 billion during the quarter. As a group, sell-side analysts predict that Banco Bradesco SA will post 0.5 EPS for the current fiscal year.

Banco Bradesco Increases Dividend

The firm also recently disclosed a monthly dividend, which will be paid on Thursday, October 8th. Investors of record on Thursday, September 3rd will be given a $0.0037 dividend. This represents a c) dividend on an annualized basis and a dividend yield of 1.3%. This is a boost from Banco Bradesco's previous monthly dividend of $0.00. The ex-dividend date is Thursday, September 3rd. Banco Bradesco's dividend payout ratio (DPR) is 7.14%.

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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