Banco Bradesco (NYSE:BBDO) Shares Cross Above 50-Day Moving Average - Should You Sell?

Key Points

• Banco Bradesco shares moved above their 50-day moving average of $3.10, reaching $3.18 before last trading at $3.0340.
• Weiss Ratings downgraded the stock from “buy (b-)” to “hold (c+),” while the overall analyst consensus is also Hold.
• The bank announced a monthly dividend of $0.0034 per share, implying a 1.3% annualized yield, with payment scheduled for October 8 to shareholders of record on September 3.

Banco Bradesco SA (NYSE:BBDO - Get Free Report)'s share price passed above its fifty day moving average during trading on Thursday . The stock has a fifty day moving average of $3.10 and traded as high as $3.18. Banco Bradesco shares last traded at $3.0340, with a volume of 145,734 shares trading hands.

Analysts Set New Price Targets

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

Banco Bradesco Stock Performance

The stock has a market cap of $32.15 billion, a price-to-earnings ratio of 7.22 and a beta of 0.55. The company's 50 day simple moving average is $3.10 and its 200 day simple moving average is $3.25. The company has a debt-to-equity ratio of 2.93, a quick ratio of 1.48 and a current ratio of 1.48.

Banco Bradesco Increases Dividend

The firm also recently disclosed a monthly dividend, which will be paid on Thursday, October 8th. Stockholders of record on Thursday, September 3rd will be paid a $0.0034 dividend. The ex-dividend date of this dividend is Thursday, September 3rd. This represents a c) annualized dividend and a dividend yield of 1.3%. This is an increase from Banco Bradesco's previous monthly dividend of $0.00. Banco Bradesco's dividend payout ratio is presently 7.14%.

Institutional Trading of Banco Bradesco

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Goldman Sachs Group Inc. boosted its holdings in Banco Bradesco by 54.2% during the first quarter. Goldman Sachs Group Inc. now owns 516,081 shares of the bank's stock worth $1,073,000 after buying an additional 181,299 shares in the last quarter. Envestnet Asset Management Inc. purchased a new stake in shares of Banco Bradesco during the third quarter valued at $72,000. Franklin Resources Inc. boosted its position in shares of Banco Bradesco by 659,843.0% in the 3rd quarter. Franklin Resources Inc. now owns 47,377,311 shares of the bank's stock valued at $138,816,000 after purchasing an additional 47,370,132 shares during the period. Citadel Advisors LLC boosted its position in shares of Banco Bradesco by 25.7% in the 3rd quarter. Citadel Advisors LLC now owns 64,258 shares of the bank's stock valued at $188,000 after purchasing an additional 13,129 shares during the period. Finally, SBI Securities Co. Ltd. increased its stake in Banco Bradesco by 974.0% in the 4th quarter. SBI Securities Co. Ltd. now owns 13,898 shares of the bank's stock worth $40,000 after purchasing an additional 12,604 shares in the last quarter.

Banco Bradesco Company Profile

Banco Bradesco SA is a major Brazilian commercial bank and financial services company headquartered in Osasco, São Paulo. Founded in 1943 by Amador Aguiar, Bradesco has grown into one of Brazil's largest private-sector banks, serving individual, small-business and corporate clients through an extensive network of branches, correspondents and digital channels.

The bank's operations span retail and commercial banking products including deposit accounts, payment services, lending (personal, mortgage and corporate), credit cards and cash management.

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