Banco Bradesco SA (NYSE:BBDO) Sees Large Decline in Short Interest

Key Points

• Short interest fell 55.1% to 77,922 shares as of September 15, representing approximately 0.0% of Banco Bradesco’s outstanding shares and a short-interest ratio of 1.2 days.
• BBDO traded at $3.05, within a 12-month range of $2.65 to $3.80. The stock has an average analyst rating of “Hold” after Weiss Ratings downgraded it from “Buy.”
• Banco Bradesco reduced its monthly dividend to $0.0034 per share from $0.0518, implying an annualized dividend of about $0.04 and a 1.3% yield.

Banco Bradesco SA (NYSE:BBDO - Get Free Report) saw a large drop in short interest in the month of September. As of September 15th, there was short interest totaling 77,922 shares, a drop of 55.1% from the August 31st total of 173,362 shares. Approximately 0.0% of the shares of the company are short sold. Based on an average daily trading volume, of 66,308 shares, the short-interest ratio is currently 1.2 days.

Banco Bradesco Price Performance

BBDO traded down $0.05 during trading on Monday, reaching $3.05. 76,676 shares of the company were exchanged, compared to its average volume of 76,807. Banco Bradesco has a 12-month low of $2.65 and a 12-month high of $3.80. The company's 50-day moving average is $3.15 and its two-hundred day moving average is $3.19. The company has a quick ratio of 1.48, a current ratio of 1.48 and a debt-to-equity ratio of 2.93. The company has a market cap of $32.32 billion, a price-to-earnings ratio of 7.26 and a beta of 0.54.

Banco Bradesco Cuts Dividend

The company also recently disclosed a monthly dividend, which will be paid on Tuesday, November 10th. Investors of record on Monday, October 5th will be paid a dividend of $0.0034 per share. This is a decrease from Banco Bradesco's previous monthly dividend of $0.0518. This represents a $0.04 annualized dividend and a yield of 1.3%. The ex-dividend date of this dividend is Monday, October 5th. Banco Bradesco's dividend payout ratio is presently 7.14%.

Analysts Set New Price Targets

Separately, Weiss Ratings lowered shares of Banco Bradesco from a "buy (b-)" rating to a "hold (c+)" rating in a research note on Monday, August 3rd. One equities research analyst has rated the stock with a Hold rating, Based on data from MarketBeat.com, the stock presently has an average rating of "Hold".

Institutional Trading of Banco Bradesco

Several institutional investors and hedge funds have recently bought and sold shares of BBDO. Ameritas Advisory Services LLC bought a new position in Banco Bradesco in the 2nd quarter valued at $33,000. Intergy Private Wealth LLC increased its holdings in shares of Banco Bradesco by 31.4% in the first quarter. Intergy Private Wealth LLC now owns 13,920 shares of the bank's stock worth $46,000 after purchasing an additional 3,323 shares during the period. SmartHarvest Portfolios LLC increased its holdings in shares of Banco Bradesco by 21.2% in the first quarter. SmartHarvest Portfolios LLC now owns 16,371 shares of the bank's stock worth $54,000 after purchasing an additional 2,863 shares during the period. Royal Bank of Canada raised its position in shares of Banco Bradesco by 307.2% in the first quarter. Royal Bank of Canada now owns 20,121 shares of the bank's stock worth $67,000 after buying an additional 15,180 shares in the last quarter. Finally, QRG Capital Management Inc. raised its position in shares of Banco Bradesco by 49.2% in the second quarter. QRG Capital Management Inc. now owns 21,423 shares of the bank's stock worth $64,000 after buying an additional 7,068 shares in the last quarter.

Banco Bradesco Company Profile

Banco Bradesco SA is a Brazilian financial services company headquartered in Osasco, São Paulo. Founded in 1943 in Marília, São Paulo, the institution has grown into one of Brazil's major banking groups, serving individuals, businesses, corporate clients and public-sector organizations through a broad network of physical and digital channels.

Bradesco offers a range of financial products and services, including checking and savings accounts, consumer and commercial lending, credit and debit cards, payment solutions, investments, brokerage services, asset management and private banking.

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