Mackenzie Financial Corp Takes Position in Banco Bradesco SA (NYSE:BBD)

Key Points

• Mackenzie Financial Corp has acquired 1,840,780 shares of Banco Bradesco SA, valued at approximately $4.1 million, during the first quarter.
• Banco Bradesco has recently declared a dividend of $0.0023 per share, representing a significant increase from its previous dividend of $0.00.
• Equities analysts have given Banco Bradesco a consensus rating of "Hold", with some recently upgrading their ratings to "Buy".

Mackenzie Financial Corp acquired a new position in Banco Bradesco SA (NYSE:BBD - Free Report) in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 1,840,780 shares of the bank's stock, valued at approximately $4,105,000.

A number of other hedge funds have also recently bought and sold shares of BBD. Simplicity Wealth LLC bought a new position in Banco Bradesco in the 1st quarter valued at $26,000. BSW Wealth Partners purchased a new stake in shares of Banco Bradesco in the first quarter worth about $29,000. Peapack Gladstone Financial Corp grew its stake in Banco Bradesco by 54.5% during the fourth quarter. Peapack Gladstone Financial Corp now owns 17,012 shares of the bank's stock valued at $32,000 after acquiring an additional 6,000 shares in the last quarter. Merit Financial Group LLC bought a new position in shares of Banco Bradesco in the first quarter worth $37,000. Finally, Stifel Financial Corp purchased a new position in Banco Bradesco during the fourth quarter worth about $39,000.

Banco Bradesco Stock Up 0.9%

Banco Bradesco stock traded up $0.03 during trading hours on Wednesday, hitting $2.85. 39,281,738 shares of the stock traded hands, compared to its average volume of 42,675,398. The company has a market cap of $30.28 billion, a PE ratio of 8.13, a PEG ratio of 0.39 and a beta of 0.68. The company has a current ratio of 1.11, a quick ratio of 0.76 and a debt-to-equity ratio of 0.63. The firm's 50-day moving average price is $2.93 and its two-hundred day moving average price is $2.48. Banco Bradesco SA has a one year low of $1.84 and a one year high of $3.13.

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

Banco Bradesco Increases Dividend

The business also recently disclosed a dividend, which will be paid on Thursday, September 11th. Stockholders of record on Wednesday, August 6th will be issued a dividend of $0.0023 per share. The ex-dividend date of this dividend is Tuesday, August 5th. This is a positive change from Banco Bradesco's previous dividend of $0.00. This represents a dividend yield of 99.0%. Banco Bradesco's dividend payout ratio is presently 8.57%.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on BBD shares. Citigroup upgraded shares of Banco Bradesco from a "hold" rating to a "buy" rating in a research report on Wednesday, May 28th. 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 research analyst has rated the stock with a sell rating, one has given a hold rating and three have issued a buy rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Hold" and an average target price of $2.40.

Banco Bradesco Company Profile

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.