Public Employees Retirement System of Ohio Trims Stake in Banco Bradesco SA $BBD

Key Points

• The Public Employees Retirement System of Ohio decreased its stake in Banco Bradesco SA by 2.2%, owning approximately 8.95 million shares valued at $27.6 million after sell-offs during Q2.
• Banco Bradesco's stock is currently priced at $3.34, with recent earnings per share of $0.10, matching analyst expectations, and a market cap of $35.49 billion.
• The bank announced a new monthly dividend of $0.0036 per share, resulting in an annualized yield of 1.3%, with a low payout ratio of 8.57%.

Public Employees Retirement System of Ohio lowered its position in Banco Bradesco SA (NYSE:BBD - Free Report) by 2.2% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 8,947,488 shares of the bank's stock after selling 201,006 shares during the quarter. Public Employees Retirement System of Ohio owned about 0.08% of Banco Bradesco worth $27,648,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in BBD. ARGA Investment Management LP raised its stake in shares of Banco Bradesco by 53.0% in the first quarter. ARGA Investment Management LP now owns 126,724,278 shares of the bank's stock valued at $282,595,000 after acquiring an additional 43,884,334 shares during the period. Goldman Sachs Group Inc. increased its stake in Banco Bradesco by 116.9% in the 1st quarter. Goldman Sachs Group Inc. now owns 33,132,112 shares of the bank's stock worth $73,885,000 after buying an additional 17,853,712 shares during the period. Wellington Management Group LLP increased its stake in Banco Bradesco by 22.7% in the 1st quarter. Wellington Management Group LLP now owns 69,682,931 shares of the bank's stock worth $155,393,000 after buying an additional 12,873,188 shares during the period. Moerus Capital Management LLC purchased a new position in Banco Bradesco in the 1st quarter worth about $27,372,000. Finally, Natixis Advisors LLC increased its stake in Banco Bradesco by 148.2% in the 1st quarter. Natixis Advisors LLC now owns 9,331,197 shares of the bank's stock worth $20,809,000 after buying an additional 5,572,096 shares during the period.

Banco Bradesco Stock Down 1.6%

Shares of Banco Bradesco stock opened at $3.34 on Thursday. The company has a debt-to-equity ratio of 0.63, a current ratio of 1.11 and a quick ratio of 1.11. Banco Bradesco SA has a 1 year low of $1.84 and a 1 year high of $3.41. The firm's 50-day moving average is $3.00 and its two-hundred day moving average is $2.73. The stock has a market cap of $35.49 billion, a price-to-earnings ratio of 9.53, a PEG ratio of 0.47 and a beta of 0.76.

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

Banco Bradesco Cuts Dividend

The firm also recently announced a monthly dividend, which will be paid on Monday, November 10th. Shareholders of record on Friday, October 3rd will be issued a dividend of $0.0036 per share. This represents a c) annualized dividend and a yield of 1.3%. The ex-dividend date is Friday, October 3rd. Banco Bradesco's dividend payout ratio is presently 8.57%.

Analyst Ratings Changes

Separately, Citigroup raised shares of Banco Bradesco from a "hold" rating to a "buy" rating in a research note on Wednesday, May 28th. Three analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, Banco Bradesco has a consensus rating of "Hold" and a consensus target price of $2.40.

Banco Bradesco 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.

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