Wellington Management Group LLP Cuts Holdings in Banco Bradesco SA $BBD

Key Points

• Wellington Management Group LLP reduced its Banco Bradesco stake by 6.3% in the second quarter, selling 4.97 million shares and retaining 73.5 million shares valued at approximately $255 million.
• Weiss Ratings downgraded Banco Bradesco from “buy” to “hold,” although analysts’ overall consensus remains “Moderate Buy,” split between one Buy and one Hold rating.
• Banco Bradesco reported quarterly earnings of $0.12 per share on $6.77 billion in revenue and announced a monthly dividend of $0.0037 per share, representing a 1.4% annualized yield.

Wellington Management Group LLP lessened its stake in Banco Bradesco SA (NYSE:BBD - Free Report) by 6.3% in the 2nd quarter, according to its most recent filing with the SEC. The firm owned 73,499,659 shares of the bank's stock after selling 4,970,038 shares during the quarter. Wellington Management Group LLP owned 0.69% of Banco Bradesco worth $255,044,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also made changes to their positions in BBD. EverSource Wealth Advisors LLC increased its stake 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 during the period. Brooklyn Investment Group raised its holdings in Banco Bradesco by 1,276.5% in the third quarter. Brooklyn Investment Group now owns 10,613 shares of the bank's stock valued at $36,000 after acquiring an additional 9,842 shares in the last quarter. Global Wealth Strategies & Associates purchased a new position in Banco Bradesco in the second quarter worth approximately $38,000. Wayfinding Financial LLC purchased a new position in Banco Bradesco in the second quarter worth approximately $40,000. Finally, Ballentine Partners LLC acquired a new position in Banco Bradesco during the 4th quarter worth approximately $41,000.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings downgraded shares of Banco Bradesco from a "buy (b-)" rating to a "hold (c+)" rating in a research report on Friday, July 24th. One investment analyst has rated the stock with a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy".

Banco Bradesco Price Performance

Shares of NYSE:BBD opened at $3.26 on Monday. The company's fifty day moving average price is $3.42 and its 200 day moving average price is $3.62. Banco Bradesco SA has a 12 month low of $2.96 and a 12 month high of $4.30. The company has a debt-to-equity ratio of 2.93, a current ratio of 1.48 and a quick ratio of 1.48. The firm has a market capitalization of $34.55 billion, a P/E ratio of 7.76, a P/E/G ratio of 0.40 and a beta of 0.53.

Banco Bradesco (NYSE:BBD - Get Free Report) last announced its quarterly earnings results on Tuesday, June 30th. The bank reported $0.12 earnings per share for the quarter. The firm had revenue of $6.77 billion during the quarter. Banco Bradesco had a net margin of 10.55% and a return on equity of 14.61%. As a group, sell-side analysts predict that Banco Bradesco SA will post 0.5 earnings per share for the current fiscal year.

Banco Bradesco Increases Dividend

The company also recently announced a monthly dividend, which will be paid on Thursday, October 8th. Investors of record on Thursday, September 3rd will be given a $0.0037 dividend. This is a boost from Banco Bradesco's previous monthly dividend of $0.00. The ex-dividend date of this dividend is Thursday, September 3rd. This represents a c) dividend on an annualized basis and a dividend yield of 1.4%. Banco Bradesco's payout ratio is currently 7.14%.

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.

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