Banco Bradesco (NYSE:BBDO) Shares Gap Down - Should You Sell?

Key Points

• Banco Bradesco shares fell sharply, opening at $3.75 after closing at $3.94 and later trading at $3.60 on volume of 48,944 shares.
• Despite the decline, Weiss Ratings upgraded the stock from “hold (c+)” to “buy (b-)”; MarketBeat reports an average analyst rating of Buy.
• The company declared a special dividend of $0.0662 per share, with a 7.14% payout ratio; several institutional investors also increased their positions in the stock.

Banco Bradesco SA (NYSE:BBDO - Get Free Report)'s stock price gapped down before the market opened on Wednesday. The stock had previously closed at $3.94, but opened at $3.75. Banco Bradesco shares last traded at $3.60, with a volume of 48,944 shares.

Wall Street Analyst Weigh In

Separately, Weiss Ratings upgraded Banco Bradesco from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Thursday, October 8th. One research analyst has rated the stock with a Buy rating. According to MarketBeat, the stock presently has an average rating of "Buy".

Banco Bradesco Stock Performance

The company has a fifty day moving average price of $3.22 and a two-hundred day moving average price of $3.22. The firm has a market cap of $37.18 billion, a price-to-earnings ratio of 8.46 and a beta of 0.48. The company has a debt-to-equity ratio of 2.93, a current ratio of 1.48 and a quick ratio of 1.48.

Banco Bradesco Dividend Announcement

The firm also recently declared a special dividend, which will be paid on Monday, May 10th. Investors of record on Thursday, October 15th will be given a dividend of $0.0662 per share. The ex-dividend date of this dividend is Thursday, October 15th. Banco Bradesco's payout ratio is presently 7.14%.

Institutional Investors Weigh In On Banco Bradesco

A number of institutional investors have recently bought and sold shares of BBDO. Kathmere Capital Management LLC grew 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 valued at $861,000 after acquiring an additional 65,621 shares in the last quarter. Ritholtz Wealth Management increased its holdings in shares of Banco Bradesco by 202.8% in the 1st quarter. Ritholtz Wealth Management now owns 217,530 shares of the bank's stock valued at $716,000 after purchasing an additional 145,684 shares during the period. Renaissance Technologies LLC increased its holdings in shares of Banco Bradesco by 198.9% in the 1st quarter. Renaissance Technologies LLC now owns 34,999 shares of the bank's stock valued at $115,000 after purchasing an additional 23,289 shares during the period. Cetera Investment Advisers lifted its position in shares of Banco Bradesco by 160.5% in the first quarter. Cetera Investment Advisers now owns 29,490 shares of the bank's stock worth $97,000 after purchasing an additional 18,168 shares in the last quarter. Finally, Royal Bank of Canada lifted 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 purchasing an additional 15,180 shares in the last quarter.

About Banco Bradesco

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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