Itau Unibanco Holding S.A. Sells 6,839,494 Shares of Banco Bradesco SA $BBD

Key Points

• Itau Unibanco Holding S.A. has reduced its ownership in Banco Bradesco SA by 20.7%, selling nearly 6.84 million shares, bringing its total holdings to approximately 26.27 million shares.
• Institutional investors are actively trading Banco Bradesco, with ARGA Investment Management LP increasing its holdings by 53.0%, now owning 126.72 million shares.
• Recent analyst ratings have been favorable, with Citigroup and Bank of America upgrading Banco Bradesco to a "buy" rating, giving the stock a current average target price of $2.40.

Itau Unibanco Holding S.A. trimmed its holdings in Banco Bradesco SA (NYSE:BBD - Free Report) by 20.7% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 26,266,116 shares of the bank's stock after selling 6,839,494 shares during the quarter. Banco Bradesco accounts for about 2.1% of Itau Unibanco Holding S.A.'s portfolio, making the stock its 13th biggest holding. Itau Unibanco Holding S.A. owned 0.25% of Banco Bradesco worth $56,570,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently bought and sold shares of the business. Samalin Investment Counsel LLC boosted its holdings in shares of Banco Bradesco by 8.8% in the first quarter. Samalin Investment Counsel LLC now owns 49,500 shares of the bank's stock worth $110,000 after buying an additional 4,000 shares during the period. Traveka Wealth LLC increased its holdings in shares of Banco Bradesco by 29.9% in the 1st quarter. Traveka Wealth LLC now owns 21,333 shares of the bank's stock valued at $48,000 after purchasing an additional 4,910 shares during the period. Inspire Advisors LLC increased its holdings in shares of Banco Bradesco by 14.5% in the 1st quarter. Inspire Advisors LLC now owns 67,833 shares of the bank's stock valued at $151,000 after purchasing an additional 8,589 shares during the period. PDS Planning Inc increased its holdings in shares of Banco Bradesco by 48.2% in the 1st quarter. PDS Planning Inc now owns 28,765 shares of the bank's stock valued at $64,000 after purchasing an additional 9,349 shares during the period. Finally, Eagle Bay Advisors LLC increased its holdings in shares of Banco Bradesco by 35.0% in the 1st quarter. Eagle Bay Advisors LLC now owns 37,000 shares of the bank's stock valued at $85,000 after purchasing an additional 9,600 shares during the period.

Banco Bradesco Stock Down 2.4%

Shares of NYSE:BBD traded down $0.08 on Tuesday, reaching $3.04. The company had a trading volume of 13,353,550 shares, compared to its average volume of 41,170,773. The stock has a market capitalization of $32.30 billion, a P/E ratio of 8.67, a P/E/G ratio of 0.43 and a beta of 0.76. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.63. The stock has a 50-day moving average price of $2.94 and a 200 day moving average price of $2.61. Banco Bradesco SA has a twelve month low of $1.84 and a twelve month high of $3.13.

Banco Bradesco (NYSE:BBD - Get Free Report) last announced its earnings results on Wednesday, July 30th. The bank reported $0.10 earnings per share (EPS) for the quarter, hitting analysts' consensus estimates of $0.10. The firm had revenue of $5.87 billion during the quarter, compared to analysts' expectations of $32.70 billion. Banco Bradesco had a return on equity of 12.96% and a net margin of 9.76%. On average, equities analysts expect that Banco Bradesco SA will post 0.37 EPS for the current year.

Banco Bradesco Increases Dividend

The business also recently announced a monthly dividend, which will be paid on Wednesday, October 8th. Shareholders of record on Wednesday, September 3rd will be given a dividend of $0.0035 per share. The ex-dividend date of this dividend is Wednesday, September 3rd. This is an increase from Banco Bradesco's previous monthly dividend of $0.00. This represents a c) dividend on an annualized basis and a yield of 1.4%. Banco Bradesco's dividend payout ratio (DPR) is currently 8.57%.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on the company. Bank of America upgraded Banco Bradesco from a "neutral" rating to a "buy" rating in a report on Thursday, May 8th. Citigroup upgraded Banco Bradesco from a "hold" rating to a "buy" rating in a report on Wednesday, May 28th. Three 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. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus price target 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.