Russell Investments Group Ltd. Decreases Holdings in Banco Bradesco SA $BBD

Key Points

• Russell Investments Group Ltd. has reduced its position in Banco Bradesco SA by 19.3%, selling 1,986,133 shares and now holds approximately 0.08% of the bank, valued at $18.5 million.
• Banco Bradesco has seen recent upgrades from multiple analysts, with Bank of America and Citigroup raising the stock's rating to "buy".
• The bank will issue a dividend of $0.0023 per share on September 11th, 2023, marking a significant increase from its previous dividend of $0.00.

Russell Investments Group Ltd. reduced its stake in shares of Banco Bradesco SA (NYSE:BBD - Free Report) by 19.3% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 8,299,573 shares of the bank's stock after selling 1,986,133 shares during the period. Russell Investments Group Ltd. owned 0.08% of Banco Bradesco worth $18,508,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in BBD. ARGA Investment Management LP lifted its position in shares of Banco Bradesco by 53.0% during the 1st quarter. ARGA Investment Management LP now owns 126,724,278 shares of the bank's stock valued at $282,595,000 after buying an additional 43,884,334 shares in the last quarter. Public Employees Retirement System of Ohio purchased a new stake in Banco Bradesco in the 4th quarter worth $13,097,000. BNP Paribas Financial Markets increased its stake in Banco Bradesco by 431.3% in the 4th quarter. BNP Paribas Financial Markets now owns 7,205,238 shares of the bank's stock worth $13,762,000 after buying an additional 5,848,994 shares in the last quarter. 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 in the last quarter. Finally, Massachusetts Financial Services Co. MA increased its stake in Banco Bradesco by 3.5% in the 1st quarter. Massachusetts Financial Services Co. MA now owns 103,749,417 shares of the bank's stock worth $231,361,000 after buying an additional 3,547,203 shares in the last quarter.

Banco Bradesco Price Performance

NYSE BBD traded up $0.0850 during trading on Friday, hitting $2.9750. 15,789,129 shares of the stock traded hands, compared to its average volume of 41,632,156. The company has a market capitalization of $31.66 billion, a P/E ratio of 8.50, a price-to-earnings-growth ratio of 0.40 and a beta of 0.68. The firm has a 50-day simple moving average of $2.94 and a 200-day simple moving average of $2.56. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.63. Banco Bradesco SA has a 12-month low of $1.84 and a 12-month high of $3.13.

Banco Bradesco (NYSE:BBD - Get Free Report) last released its quarterly earnings results on Wednesday, July 30th. The bank reported $0.10 earnings per share for the quarter, meeting the consensus estimate of $0.10. The business 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%. As a group, analysts predict that Banco Bradesco SA will post 0.37 EPS for the current year.

Banco Bradesco Increases Dividend

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

Analysts Set New Price Targets

A number of equities research analysts have issued reports on BBD shares. Bank of America upgraded Banco Bradesco from a "neutral" rating to a "buy" rating in a research note on Thursday, May 8th. Citigroup raised shares of 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 given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus 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.