Banco Bradesco (BBD) Upgraded to Buy by Zacks Investment Research

Zacks Investment Research upgraded shares of Banco Bradesco (NYSE:BBD) from a hold rating to a buy rating in a research report sent to investors on Monday. Zacks Investment Research currently has $11.00 price objective on the bank’s stock.

According to Zacks, “Banco Bradesco’s main activities are the provision of banking and insurance services such as private and industrial credit loans, credit cards, mortgaged loans, 24 hour banking, health and life insurance, leasing, pension fund management and services for stock market investors. “

BBD has been the topic of several other research reports. ValuEngine raised Banco Bradesco from a sell rating to a hold rating in a report on Monday, October 8th. Morgan Stanley raised Banco Bradesco from an underweight rating to an equal weight rating in a report on Friday, November 9th. Finally, Santander raised Banco Bradesco from a hold rating to a buy rating in a report on Friday, July 20th. Two equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. The stock presently has an average rating of Buy and an average target price of $11.00.

NYSE BBD traded up $0.07 during trading hours on Monday, hitting $9.67. The company had a trading volume of 615,931 shares, compared to its average volume of 16,181,272. Banco Bradesco has a 52 week low of $6.49 and a 52 week high of $13.18. The company has a quick ratio of 1.13, a current ratio of 1.12 and a debt-to-equity ratio of 0.69. The company has a market cap of $61.31 billion, a P/E ratio of 10.77, a P/E/G ratio of 0.59 and a beta of 1.14.

The firm also recently declared a monthly dividend, which will be paid on Wednesday, January 9th. Shareholders of record on Wednesday, December 5th will be issued a $0.004 dividend. The ex-dividend date is Tuesday, December 4th. This represents a $0.05 annualized dividend and a dividend yield of 0.50%. Banco Bradesco’s payout ratio is currently 5.62%.

Several large investors have recently added to or reduced their stakes in BBD. Allianz Asset Management GmbH raised its holdings in shares of Banco Bradesco by 11.2% in the 1st quarter. Allianz Asset Management GmbH now owns 235,271 shares of the bank’s stock valued at $2,541,000 after acquiring an additional 23,664 shares in the last quarter. Confluence Investment Management LLC purchased a new position in shares of Banco Bradesco during the 2nd quarter valued at about $230,000. Campbell & CO Investment Adviser LLC raised its holdings in shares of Banco Bradesco by 132.3% during the 2nd quarter. Campbell & CO Investment Adviser LLC now owns 50,341 shares of the bank’s stock valued at $345,000 after buying an additional 28,668 shares in the last quarter. Baillie Gifford & Co. raised its holdings in shares of Banco Bradesco by 11.8% during the 2nd quarter. Baillie Gifford & Co. now owns 17,509,302 shares of the bank’s stock valued at $120,114,000 after buying an additional 1,844,878 shares in the last quarter. Finally, Pendal Group Ltd raised its holdings in shares of Banco Bradesco by 133.4% during the 2nd quarter. Pendal Group Ltd now owns 4,053,437 shares of the bank’s stock valued at $27,807,000 after buying an additional 2,316,540 shares in the last quarter. 3.15% of the stock is currently owned by hedge funds and other institutional investors.

Banco Bradesco Company Profile

Banco Bradesco SA provides banking and financial products and services to individuals, enterprises, and corporations and institutions. It operates through two segments, Banking; and Insurance, Pension Plans and Capitalization Bond. The company accepts checking and savings accounts, time deposits, interbank deposits from financial institutions, and accounts for salary purposes.

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