SPX Gestao de Recursos Ltda Purchases 7,614,725 Shares of Banco Bradesco SA $BBD

Key Points

• SPX Gestao de Recursos Ltda sharply increased its stake in Banco Bradesco, buying 7.6 million additional shares in Q1 and lifting its holdings to 11.1 million shares, worth about $40.3 million.
• Other hedge funds also made smaller moves in BBD, while analyst sentiment remains positive with Weiss Ratings reiterating a “buy (b-)” and the stock holding a consensus Buy rating.
• Banco Bradesco was trading at $3.54 and reported quarterly EPS of $0.09; the bank also declared a monthly dividend of $0.0037 per share, implying a 1.3% yield.

SPX Gestao de Recursos Ltda increased its position in shares of Banco Bradesco SA (NYSE:BBD - Free Report) by 221.5% in the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 11,051,974 shares of the bank's stock after purchasing an additional 7,614,725 shares during the quarter. Banco Bradesco makes up approximately 3.4% of SPX Gestao de Recursos Ltda's investment portfolio, making the stock its 10th largest position. SPX Gestao de Recursos Ltda owned about 0.10% of Banco Bradesco worth $40,340,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in BBD. EverSource Wealth Advisors LLC grew its holdings in shares of Banco Bradesco by 100.5% during the second quarter. EverSource Wealth Advisors LLC now owns 8,685 shares of the bank's stock worth $27,000 after buying an additional 4,353 shares in the last quarter. Brooklyn Investment Group boosted its position in Banco Bradesco by 1,276.5% during the third quarter. Brooklyn Investment Group now owns 10,613 shares of the bank's stock worth $36,000 after acquiring an additional 9,842 shares during the last quarter. Diversify Wealth Management LLC acquired a new position in Banco Bradesco during the first quarter worth about $43,000. Checchi Capital Advisers LLC purchased a new stake in Banco Bradesco during the 4th quarter valued at about $39,000. Finally, Ballentine Partners LLC acquired a new stake in Banco Bradesco in the 4th quarter valued at about $41,000.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings reaffirmed a "buy (b-)" rating on shares of Banco Bradesco in a report on Friday, July 10th. Two research analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, Banco Bradesco presently has a consensus rating of "Buy".

Banco Bradesco Stock Performance

NYSE:BBD opened at $3.54 on Friday. The company's 50-day moving average is $3.48 and its two-hundred day moving average is $3.69. Banco Bradesco SA has a 1-year low of $2.73 and a 1-year high of $4.30. The company has a debt-to-equity ratio of 1.17, a current ratio of 1.16 and a quick ratio of 1.16. The firm has a market capitalization of $37.57 billion, a price-to-earnings ratio of 9.09, a PEG ratio of 0.44 and a beta of 0.53.

Banco Bradesco (NYSE:BBD - Get Free Report) last announced its quarterly earnings results on Tuesday, March 31st. The bank reported $0.09 earnings per share (EPS) for the quarter. The business had revenue of $1.50 billion during the quarter. Banco Bradesco had a net margin of 9.24% and a return on equity of 14.15%. Analysts forecast that Banco Bradesco SA will post 0.5 EPS for the current year.

Banco Bradesco Cuts Dividend

The firm also recently announced a monthly dividend, which will be paid on Wednesday, September 9th. Shareholders of record on Wednesday, August 5th will be paid a dividend of $0.0037 per share. The ex-dividend date of this dividend is Wednesday, August 5th. This represents a c) annualized dividend and a yield of 1.3%. Banco Bradesco's dividend payout ratio (DPR) is 5.13%.

About Banco Bradesco

Banco Bradesco SA is a major Brazilian financial institution headquartered in Osasco, São Paulo. Founded in 1943 by Amador Aguiar, the bank has grown into one of Brazil's largest private-sector banks, offering a full range of financial services to retail, small and medium-sized enterprises, corporate and institutional clients. It operates across the banking value chain, including deposit-taking, lending, payments, trade finance and treasury services, and it participates actively in Brazil's retail and corporate credit markets.

The company's product and service mix extends beyond traditional banking to include insurance, pension plans, asset management, leasing and credit card services, delivered through a combination of branches, automated teller machines and digital channels.

Want to see what other hedge funds are holding BBD? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Banco Bradesco SA (NYSE:BBD - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.