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

Key Points

• Banco Bradesco shares jumped, opening at $3.40 versus a prior close of $3.16 and last trading at $3.5650.
• Weiss Ratings downgraded the stock from “buy (b-)” to “hold (c+),” while the broader analyst consensus remains Hold.
• The company declared a special dividend of $0.0662 per share, with a 7.14% payout ratio; several institutional investors also increased their positions.

Banco Bradesco SA (NYSE:BBDO - Get Free Report) shares gapped up before the market opened on Monday. The stock had previously closed at $3.16, but opened at $3.40. Banco Bradesco shares last traded at $3.5650, with a volume of 63,569 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 research analyst has rated the stock with a Hold rating, Based on data from MarketBeat.com, Banco Bradesco currently has a consensus rating of "Hold".

Banco Bradesco Price Performance

The stock has a market cap of $39.46 billion, a price-to-earnings ratio of 8.88 and a beta of 0.48. The stock has a fifty day simple moving average of $3.14 and a 200-day simple moving average of $3.18. 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 Dividend Announcement

The business also recently declared a special dividend, which will be paid on Monday, May 10th. Investors of record on Thursday, October 15th will be issued a $0.0662 dividend. The ex-dividend date of this dividend is Thursday, October 15th. Banco Bradesco's dividend payout ratio (DPR) is currently 7.14%.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the stock. Ameritas Advisory Services LLC acquired a new stake in Banco Bradesco during the 2nd quarter worth $33,000. Intergy Private Wealth LLC boosted its position in shares of Banco Bradesco by 31.4% in the 1st 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 last quarter. SmartHarvest Portfolios LLC grew its stake in shares of Banco Bradesco by 21.2% during 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 grew its stake in shares of Banco Bradesco by 307.2% during 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 during the period. Finally, QRG Capital Management Inc. grew its stake in shares of Banco Bradesco by 49.2% during the second quarter. QRG Capital Management Inc. now owns 21,423 shares of the bank's stock worth $64,000 after purchasing an additional 7,068 shares during the period.

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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