Strs Ohio Invests $1.87 Million in Banco Bradesco SA $BBD

Key Points

• Strs Ohio has purchased a new stake in Banco Bradesco SA, acquiring 836,291 shares valued at approximately $1.87 million in the first quarter.
• Citigroup upgraded the stock from a "hold" to a "buy" rating, with a consensus target price of $2.40, indicating positive sentiment among analysts.
• Banco Bradesco declared an increase in its monthly dividend, now at $0.0035 per share, contributing to an annualized dividend yield of 1.3%.

Strs Ohio acquired a new stake in shares of Banco Bradesco SA (NYSE:BBD - Free Report) in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 836,291 shares of the bank's stock, valued at approximately $1,865,000.

Other institutional investors and hedge funds also recently made changes to their positions in the company. 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 acquiring an additional 17,853,712 shares during the last quarter. Jones Financial Companies Lllp grew its holdings in shares of Banco Bradesco by 3,749.8% during the first quarter. Jones Financial Companies Lllp now owns 38,613 shares of the bank's stock worth $86,000 after purchasing an additional 37,610 shares in the last quarter. Millennium Management LLC grew its holdings in shares of Banco Bradesco by 28.4% during the first quarter. Millennium Management LLC now owns 6,834,192 shares of the bank's stock worth $15,240,000 after purchasing an additional 1,510,481 shares in the last quarter. AQR Capital Management LLC increased its stake in Banco Bradesco by 75.9% in the 1st quarter. AQR Capital Management LLC now owns 5,048,938 shares of the bank's stock worth $11,259,000 after purchasing an additional 2,178,928 shares during the period. Finally, Aprio Wealth Management LLC bought a new position in shares of Banco Bradesco in the first quarter worth approximately $25,000.

Wall Street Analysts Forecast Growth

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

Banco Bradesco Price Performance

Shares of NYSE:BBD traded up $0.06 on Friday, reaching $3.33. The company's stock had a trading volume of 43,358,033 shares, compared to its average volume of 35,472,780. Banco Bradesco SA has a 52-week low of $1.84 and a 52-week high of $3.34. The company has a market cap of $35.44 billion, a P/E ratio of 9.51, a PEG ratio of 0.45 and a beta of 0.76. The company has a 50-day simple moving average of $2.98 and a 200 day simple moving average of $2.71. The company has a debt-to-equity ratio of 0.63, a quick ratio of 1.11 and a current ratio of 1.11.

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

Banco Bradesco Increases Dividend

The company also recently disclosed a monthly dividend, which will be paid on Wednesday, October 8th. Investors of record on Wednesday, September 3rd will be given a $0.0035 dividend. This is an increase from Banco Bradesco's previous monthly dividend of $0.00. The ex-dividend date of this dividend is Wednesday, September 3rd. This represents a c) dividend on an annualized basis and a yield of 1.3%. Banco Bradesco's dividend payout ratio is currently 8.57%.

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.