Banco Bradesco SA (NYSE:BBD) Short Interest Update

Key Points

• Short interest in Banco Bradesco SA has seen a substantial decrease of 54.4% in July, dropping from 59,080,000 shares to 26,920,000 shares.
• Brokerages have recently upgraded Banco Bradesco’s ratings, with Citigroup changing it from "hold" to "buy," and the current consensus target price is $2.40.
• The bank recently announced a dividend of $0.0023 per share to be paid on September 11, marking an increase from its previous dividend of $0.00, representing a dividend yield of 99.0%.

Banco Bradesco SA (NYSE:BBD - Get Free Report) was the recipient of a large decrease in short interest during the month of July. As of July 31st, there was short interest totaling 26,920,000 shares, adecreaseof54.4% from the July 15th total of 59,080,000 shares. Based on an average daily volume of 41,490,000 shares, the short-interest ratio is currently 0.6 days. Currently,0.3% of the shares of the stock are sold short. Currently,0.3% of the shares of the stock are sold short. Based on an average daily volume of 41,490,000 shares, the short-interest ratio is currently 0.6 days.

Institutional Trading of Banco Bradesco

A number of hedge funds and other institutional investors have recently made changes to their positions in BBD. Marex Group plc acquired a new stake in shares of Banco Bradesco in the 2nd quarter valued at about $172,000. Tower Research Capital LLC TRC increased its position in Banco Bradesco by 355.5% during the second quarter. Tower Research Capital LLC TRC now owns 26,317 shares of the bank's stock worth $81,000 after buying an additional 20,539 shares during the period. Corient Private Wealth LLC lifted its stake in Banco Bradesco by 8.8% in the second quarter. Corient Private Wealth LLC now owns 42,025 shares of the bank's stock valued at $130,000 after buying an additional 3,402 shares during the last quarter. Orbis Allan Gray Ltd acquired a new stake in shares of Banco Bradesco in the second quarter valued at approximately $250,398,000. Finally, Man Group plc purchased a new position in shares of Banco Bradesco during the second quarter worth approximately $4,851,000.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on BBD. Citigroup upgraded Banco Bradesco from a "hold" rating to a "buy" rating in a report on Wednesday, May 28th. Bank of America upgraded shares of Banco Bradesco from a "neutral" rating to a "buy" rating in a research note on Thursday, May 8th. Three analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Hold" and an average target price of $2.40.

Banco Bradesco Stock Up 3.3%

Shares of BBD stock traded up $0.0950 on Friday, reaching $2.9850. 38,244,333 shares of the stock were exchanged, compared to its average volume of 41,786,090. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.63. The business's 50 day moving average price is $2.94 and its 200 day moving average price is $2.56. The company has a market capitalization of $31.77 billion, a price-to-earnings ratio of 8.53, a PEG ratio of 0.40 and a beta of 0.68. Banco Bradesco has a twelve month low of $1.84 and a twelve month high of $3.13.

Banco Bradesco (NYSE:BBD - Get Free Report) last issued its earnings results on Wednesday, July 30th. The bank reported $0.10 EPS for the quarter, hitting analysts' consensus estimates of $0.10. The firm had revenue of $5.87 billion during the quarter, compared to the consensus estimate 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 expect that Banco Bradesco will post 0.37 earnings per share for the current fiscal year.

Banco Bradesco Increases Dividend

The company also recently disclosed a dividend, which will be paid on Thursday, September 11th. Shareholders of record on Wednesday, August 6th will be issued a dividend of $0.0023 per share. The ex-dividend date of this dividend is Tuesday, August 5th. This is a positive change from Banco Bradesco's previous dividend of $0.00. This represents a dividend yield of 99.0%. Banco Bradesco's dividend payout ratio is 8.57%.

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.