Perpetual Ltd Sells 605,532 Shares of Banco Bradesco SA $BBD

Key Points

• Perpetual Ltd reduced its Banco Bradesco stake by 16.8%, selling 605,532 shares and retaining 2.99 million shares valued at approximately $10.54 million.
• Analyst sentiment remains positive overall: Banco Bradesco has a consensus “Moderate Buy” rating from six analysts, with an average price target of $4.05.
• BBD shares opened at $4.28, near their 12-month high of $4.58, while the company announced a special dividend of $0.0728 per share.

Perpetual Ltd lessened its position in Banco Bradesco SA (NYSE:BBD - Free Report) by 16.8% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 2,994,402 shares of the bank's stock after selling 605,532 shares during the period. Perpetual Ltd's holdings in Banco Bradesco were worth $10,540,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of BBD. Plan A Wealth LLC increased its stake in shares of Banco Bradesco by 22.1% in the third quarter. Plan A Wealth LLC now owns 23,327 shares of the bank's stock valued at $82,000 after purchasing an additional 4,224 shares during the period. QRG Capital Management Inc. boosted its position in shares of Banco Bradesco by 16.3% during the second quarter. QRG Capital Management Inc. now owns 201,615 shares of the bank's stock worth $700,000 after buying an additional 28,320 shares during the period. ABS Direct Equity Fund LLC acquired a new position in shares of Banco Bradesco during the second quarter worth approximately $1,270,000. Tidal Investments LLC boosted its position in shares of Banco Bradesco by 1.9% during the second quarter. Tidal Investments LLC now owns 160,721 shares of the bank's stock worth $558,000 after buying an additional 2,990 shares during the period. Finally, Integrated Wealth Concepts LLC grew its holdings in Banco Bradesco by 11.6% in the 2nd quarter. Integrated Wealth Concepts LLC now owns 163,460 shares of the bank's stock worth $567,000 after buying an additional 16,998 shares in the last quarter.

Analyst Ratings Changes

Several research firms recently commented on BBD. Weiss Ratings upgraded Banco Bradesco from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Thursday. Bradesco Corretora upgraded Banco Bradesco from a "neutral" rating to an "overweight" rating in a research report on Tuesday, October 6th. The Goldman Sachs Group reissued a "neutral" rating and set a $4.20 price target on shares of Banco Bradesco in a report on Friday. HSBC lowered Banco Bradesco from a "buy" rating to a "hold" rating and set a $3.90 price target on the stock. in a report on Thursday. Finally, JPMorgan Chase & Co. upgraded shares of Banco Bradesco from a "neutral" rating to an "overweight" rating in a research note on Tuesday, October 6th. Four research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $4.05.

Banco Bradesco Trading Down 0.6%

Shares of NYSE:BBD opened at $4.28 on Tuesday. The company has a 50 day moving average of $3.48 and a 200-day moving average of $3.57. The company has a current ratio of 1.48, a quick ratio of 1.48 and a debt-to-equity ratio of 2.93. The firm has a market cap of $45.30 billion, a P/E ratio of 10.18, a P/E/G ratio of 0.66 and a beta of 0.46. Banco Bradesco SA has a twelve month low of $2.98 and a twelve month high of $4.58.

Banco Bradesco (NYSE:BBD - Get Free Report) last announced its earnings results on Tuesday, June 30th. The bank reported $0.12 EPS for the quarter. The firm had revenue of $6.77 billion for the quarter. Banco Bradesco had a return on equity of 14.61% and a net margin of 10.55%. As a group, analysts anticipate that Banco Bradesco SA will post 0.50 earnings per share for the current fiscal year.

Banco Bradesco Dividend Announcement

The company also recently disclosed a special dividend, which will be paid on Monday, May 10th. Stockholders of record on Thursday, October 15th will be paid a $0.0728 dividend. The ex-dividend date of this dividend is Thursday, October 15th. Banco Bradesco's payout ratio is currently 7.14%.

Banco Bradesco Profile

Banco Bradesco SA is a Brazilian financial services company headquartered in Osasco, São Paulo. Through its banking operations, the company serves individuals, businesses, corporate clients and public-sector entities across Brazil.

Bradesco offers a broad range of products and services, including checking and savings accounts, loans, credit cards, mortgages, investment and wealth-management products, payment solutions, foreign-exchange services and investment banking. Its operations also include insurance, pension plans and capitalization products through affiliated businesses.

Founded in 1943 in Marília, São Paulo, Bradesco has developed an extensive distribution network of branches, automated banking facilities and digital channels.

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