Banco Bradesco SA (NYSE:BBD) Short Interest Down 24.2% in August

Key Points

• Short interest in Banco Bradesco SA decreased by 24.2% in August, dropping from 21,270,000 shares to 16,130,000 shares.
• The bank announced a monthly dividend increase of $0.0035 per share, resulting in an annualized yield of 1.3%.
• Citigroup upgraded Banco Bradesco's stock from "hold" to "buy," and the current consensus rating is "hold" with a price target of $2.40.

Banco Bradesco SA (NYSE:BBD - Get Free Report) was the target of a large drop in short interest during the month of August. As of August 31st, there was short interest totaling 16,130,000 shares, a drop of 24.2% from the August 15th total of 21,270,000 shares. Based on an average daily trading volume, of 34,220,000 shares, the days-to-cover ratio is presently 0.5 days. Approximately 0.2% of the shares of the company are sold short. Approximately 0.2% of the shares of the company are sold short. Based on an average daily trading volume, of 34,220,000 shares, the days-to-cover ratio is presently 0.5 days.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of BBD. Aprio Wealth Management LLC bought a new position in Banco Bradesco during the first quarter valued at approximately $25,000. GAMMA Investing LLC increased its holdings in shares of Banco Bradesco by 92.7% during the second quarter. GAMMA Investing LLC now owns 8,034 shares of the bank's stock valued at $25,000 after acquiring an additional 3,864 shares in the last quarter. Simplicity Wealth LLC bought a new stake in Banco Bradesco in the 1st quarter worth about $26,000. Dorsey & Whitney Trust CO LLC bought a new stake in Banco Bradesco in the 1st quarter worth about $26,000. Finally, EverSource Wealth Advisors LLC increased its holdings in Banco Bradesco by 100.5% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 8,685 shares of the bank's stock worth $27,000 after buying an additional 4,353 shares in the last quarter.

Banco Bradesco Stock Up 1.8%

BBD stock traded up $0.06 during midday trading on Friday, reaching $3.33. 43,358,033 shares of the company's stock traded hands, compared to its average volume of 35,472,780. The company has a market cap of $35.44 billion, a price-to-earnings ratio of 9.51, a P/E/G ratio of 0.46 and a beta of 0.76. The firm's fifty day moving average price is $2.98 and its 200-day moving average price is $2.71. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.63. Banco Bradesco has a 52 week low of $1.84 and a 52 week high of $3.34.

Banco Bradesco (NYSE:BBD - Get Free Report) last posted its earnings results on Wednesday, July 30th. The bank reported $0.10 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.10. The firm had revenue of $5.87 billion during the quarter, compared to analyst estimates of $32.70 billion. Banco Bradesco had a net margin of 9.76% and a return on equity of 12.96%. As a group, sell-side analysts forecast that Banco Bradesco will post 0.37 earnings per share for the current fiscal year.

Banco Bradesco Increases Dividend

The business also recently disclosed a monthly dividend, which will be paid on Wednesday, October 8th. Investors of record on Wednesday, September 3rd will be given a $0.0035 dividend. This represents a c) annualized dividend and a dividend yield of 1.3%. This is a positive change from Banco Bradesco's previous monthly dividend of $0.00. The ex-dividend date is Wednesday, September 3rd. Banco Bradesco's dividend payout ratio (DPR) is currently 8.57%.

Wall Street Analysts Forecast Growth

Separately, Citigroup raised shares of Banco Bradesco from a "hold" rating to a "buy" rating in a report on Wednesday, May 28th. Three investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat, Banco Bradesco presently has a consensus rating of "Hold" and an average price target of $2.40.

Banco Bradesco Company Profile

Banco Bradesco SA, together with its subsidiaries, provides various banking products and services to individuals, corporates, and businesses in Brazil and internationally. The company operates through two segments, Banking and Insurance. It provides current, savings, click, and salary accounts; real estate credit, vehicle financing, payroll loans, mortgage loans, microcredit, leasing, and personal and installment credit; overdraft and agribusiness loans; debit and business cards; financial and security services; consortium products; car, personal accident, dental, travel, and life insurance; investment products; pension products; foreign currency exchange services; capitalization bonds; and internet banking services.