Wellington Management Group LLP Buys 12,873,188 Shares of Banco Bradesco SA $BBD

Key Points

• Wellington Management Group LLP increased its stake in Banco Bradesco SA by 22.7%, now owning 69,682,931 shares valued at approximately $155.4 million after acquiring an additional 12,873,188 shares.
• Banco Bradesco's stock recently received upgrades from both Bank of America and Citigroup, moving from a "neutral" and "hold" rating to a "buy" rating respectively, suggesting positive sentiment among analysts.
• The company announced a new dividend payment of $0.0023 per share, indicating a boost from its previous dividend of $0.00, with a yield of 99% and an upcoming payout date of September 11th.

Wellington Management Group LLP raised its stake in Banco Bradesco SA (NYSE:BBD - Free Report) by 22.7% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 69,682,931 shares of the bank's stock after purchasing an additional 12,873,188 shares during the period. Wellington Management Group LLP owned 0.65% of Banco Bradesco worth $155,393,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Traveka Wealth LLC lifted its holdings in shares of Banco Bradesco by 29.9% in the 1st quarter. Traveka Wealth LLC now owns 21,333 shares of the bank's stock worth $48,000 after purchasing an additional 4,910 shares in the last quarter. Inspire Advisors LLC lifted its holdings in shares of Banco Bradesco by 14.5% in the 1st quarter. Inspire Advisors LLC now owns 67,833 shares of the bank's stock worth $151,000 after purchasing an additional 8,589 shares in the last quarter. PDS Planning Inc lifted its holdings in shares of Banco Bradesco by 48.2% in the 1st quarter. PDS Planning Inc now owns 28,765 shares of the bank's stock worth $64,000 after purchasing an additional 9,349 shares in the last quarter. Eagle Bay Advisors LLC lifted its holdings in shares of Banco Bradesco by 35.0% in the 1st quarter. Eagle Bay Advisors LLC now owns 37,000 shares of the bank's stock worth $85,000 after purchasing an additional 9,600 shares in the last quarter. Finally, Simplicity Wealth LLC bought a new position in shares of Banco Bradesco in the 1st quarter worth $26,000.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on the company. Bank of America upgraded Banco Bradesco from a "neutral" rating to a "buy" rating in a report on Thursday, May 8th. Citigroup raised Banco Bradesco from a "hold" rating to a "buy" rating in a report on Wednesday, May 28th. Three equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, Banco Bradesco has an average rating of "Hold" and a consensus price target of $2.40.

Banco Bradesco Stock Up 0.9%

BBD opened at $2.8850 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. The company's 50-day moving average is $2.94 and its 200 day moving average is $2.55. Banco Bradesco SA has a fifty-two week low of $1.84 and a fifty-two week high of $3.13. The firm has a market capitalization of $30.70 billion, a P/E ratio of 8.24, a PEG ratio of 0.39 and a beta of 0.68.

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 analysts' consensus estimates 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 analyst estimates of $32.70 billion. Research analysts expect that Banco Bradesco SA will post 0.37 earnings per share for the current fiscal year.

Banco Bradesco Increases Dividend

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

About Banco Bradesco

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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