Short Interest in Banco Bradesco SA (NYSE:BBD) Decreases By 54.4%

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 decline in short interest during the month of July. As of July 31st, there was short interest totaling 26,920,000 shares, adeclineof54.4% from the July 15th total of 59,080,000 shares. Currently,0.3% of the shares of the company are short sold. Based on an average trading volume of 41,490,000 shares, the short-interest ratio is currently 0.6 days. Based on an average trading volume of 41,490,000 shares, the short-interest ratio is currently 0.6 days. Currently,0.3% of the shares of the company are short sold.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on BBD. Citigroup raised shares of Banco Bradesco from a "hold" rating to a "buy" rating in a research report on Wednesday, May 28th. Bank of America upgraded shares of Banco Bradesco from a "neutral" rating to a "buy" rating in a report on Thursday, May 8th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Hold" and a consensus target price of $2.40.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Aprio Wealth Management LLC purchased a new stake in shares of Banco Bradesco in the 1st quarter worth about $25,000. GAMMA Investing LLC grew its position in Banco Bradesco by 92.7% during the 2nd quarter. GAMMA Investing LLC now owns 8,034 shares of the bank's stock valued at $25,000 after purchasing an additional 3,864 shares during the last quarter. Simplicity Wealth LLC purchased a new stake in Banco Bradesco during the 1st quarter valued at about $26,000. Dorsey & Whitney Trust CO LLC purchased a new stake in Banco Bradesco during the 1st quarter valued at about $26,000. Finally, EverSource Wealth Advisors LLC grew its position in Banco Bradesco by 100.5% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 8,685 shares of the bank's stock valued at $27,000 after purchasing an additional 4,353 shares during the last quarter.

Banco Bradesco Trading Up 0.3%

Shares of NYSE:BBD traded up $0.01 during trading on Friday, reaching $2.97. The stock had a trading volume of 27,157,673 shares, compared to its average volume of 32,855,620. The stock has a market cap of $31.61 billion, a price-to-earnings ratio of 8.49, a P/E/G ratio of 0.41 and a beta of 0.68. Banco Bradesco has a 52 week low of $1.84 and a 52 week high of $3.13. The firm's fifty day moving average is $2.94 and its 200 day moving average is $2.54. The company has a debt-to-equity ratio of 0.63, a quick ratio of 1.11 and a current ratio of 1.11.

Banco Bradesco (NYSE:BBD - Get Free Report) last posted its quarterly earnings data on Wednesday, July 30th. The bank reported $0.10 earnings per share (EPS) for the quarter, hitting analysts' consensus estimates of $0.10. The business 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, equities analysts forecast that Banco Bradesco will post 0.37 EPS for the current fiscal year.

Banco Bradesco Increases Dividend

The company also recently announced 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. This is a positive change from Banco Bradesco's previous dividend of $0.00. The ex-dividend date is Tuesday, August 5th. This represents a dividend yield of 99.0%. Banco Bradesco's dividend payout ratio (DPR) is currently 5.71%.

About Banco Bradesco

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.

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