Banco Bradesco (NYSE:BBDO) Hits New 1-Year High - Still a Buy?

Key Points

• Banco Bradesco shares reached a new 52-week high, trading as high as $3.93 before closing around $3.76, significantly above the previous close of $3.16.
• Despite the price surge, analyst sentiment remains cautious: Weiss Ratings downgraded the stock to “hold,” and the broader consensus rating is also “Hold.”
• The company announced a special dividend of $0.0662 per share, while several hedge funds—including O'Shaughnessy Asset Management and Renaissance Technologies—recently increased their positions.

Banco Bradesco SA (NYSE:BBDO - Get Free Report)'s share price hit a new 52-week high during mid-day trading on Tuesday. The company traded as high as $3.93 and last traded at $3.7590, with a volume of 261810 shares. The stock had previously closed at $3.16.

Wall Street Analysts Forecast Growth

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

Banco Bradesco Price Performance

The company has a market capitalization of $39.83 billion, a PE ratio of 8.95 and a beta of 0.48. The company has a current ratio of 1.48, a quick ratio of 1.48 and a debt-to-equity ratio of 2.93. The stock has a fifty day simple moving average of $3.15 and a 200-day simple moving average of $3.19.

Banco Bradesco Dividend Announcement

The firm also recently announced a special dividend, which will be paid on Monday, May 10th. Investors of record on Thursday, October 15th will be paid a dividend of $0.0662 per share. The ex-dividend date is Thursday, October 15th. Banco Bradesco's payout ratio is presently 4.76%.

Hedge Funds Weigh In On Banco Bradesco

Hedge funds have recently added to or reduced their stakes in the stock. O Shaughnessy Asset Management LLC raised its holdings in Banco Bradesco by 79.7% during the fourth quarter. O Shaughnessy Asset Management LLC now owns 3,067,093 shares of the bank's stock worth $8,803,000 after purchasing an additional 1,360,089 shares in the last quarter. Kathmere Capital Management LLC raised its stake in Banco Bradesco by 33.5% during the 1st quarter. Kathmere Capital Management LLC now owns 261,787 shares of the bank's stock worth $861,000 after acquiring an additional 65,621 shares in the last quarter. Ritholtz Wealth Management raised its stake in Banco Bradesco by 202.8% during the 1st quarter. Ritholtz Wealth Management now owns 217,530 shares of the bank's stock worth $716,000 after acquiring an additional 145,684 shares in the last quarter. Renaissance Technologies LLC lifted its position in Banco Bradesco by 198.9% in the first quarter. Renaissance Technologies LLC now owns 34,999 shares of the bank's stock valued at $115,000 after acquiring an additional 23,289 shares during the last quarter. Finally, Cetera Investment Advisers lifted its position in Banco Bradesco by 160.5% in the first quarter. Cetera Investment Advisers now owns 29,490 shares of the bank's stock valued at $97,000 after acquiring an additional 18,168 shares during the last quarter.

Banco Bradesco Company Profile

Banco Bradesco SA is a Brazilian financial services company that provides banking and related products to individuals, businesses and institutional clients. Its services include checking and savings accounts, consumer and commercial lending, credit and debit cards, payment services, foreign exchange, investment products and wealth management.

Through its operating businesses, Bradesco also provides insurance, pension and capitalization products, as well as investment banking and asset management services.

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