Banco Bradesco (NYSE:BBDO) Shares Gap Up - Still a Buy?

Key Points

• Banco Bradesco shares briefly gapped up from a prior close of $2.99 to open at $3.10, but last traded back at $2.99 on relatively low volume.
• Weiss Ratings downgraded the stock from “buy (b-)” to “hold (c+),” while MarketBeat reported an average analyst rating of “Hold.” The shares trade below their 50-day and 200-day moving averages.
• The bank increased its monthly dividend to $0.0034 per share, representing an annualized yield of about 1.4%; several institutional investors also recently increased or initiated positions.

Banco Bradesco SA (NYSE:BBDO - Get Free Report)'s stock price gapped up prior to trading on Wednesday . The stock had previously closed at $2.99, but opened at $3.10. Banco Bradesco shares last traded at $2.99, with a volume of 3,881 shares.

Analysts Set New Price Targets

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

Banco Bradesco Stock Down 2.3%

The company has a 50-day moving average of $3.11 and a 200-day moving average of $3.24. The company has a market capitalization of $31.68 billion, a price-to-earnings ratio of 7.12 and a beta of 0.55. The company has a current ratio of 1.48, a quick ratio of 1.48 and a debt-to-equity ratio of 2.93.

Banco Bradesco Increases Dividend

The firm also recently disclosed a monthly dividend, which will be paid on Thursday, October 8th. Shareholders of record on Thursday, September 3rd will be issued a $0.0034 dividend. The ex-dividend date of this dividend is Thursday, September 3rd. This is an increase from Banco Bradesco's previous monthly dividend of $0.00. This represents a c) annualized dividend and a yield of 1.4%. Banco Bradesco's dividend payout ratio is 4.76%.

Institutional Trading of Banco Bradesco

A number of institutional investors and hedge funds have recently modified their holdings of BBDO. SmartHarvest Portfolios LLC raised its position 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 valued at $54,000 after buying an additional 2,863 shares during the last quarter. Intergy Private Wealth LLC boosted its position in Banco Bradesco by 31.4% during the first quarter. Intergy Private Wealth LLC now owns 13,920 shares of the bank's stock worth $46,000 after acquiring an additional 3,323 shares during the last quarter. Ameritas Advisory Services LLC acquired a new position in Banco Bradesco during the second quarter worth about $33,000. Cetera Investment Advisers purchased a new stake in Banco Bradesco during the 4th quarter valued at about $32,000. Finally, Renaissance Technologies LLC purchased a new stake in Banco Bradesco during the 4th quarter valued at about $34,000.

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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