Banco Bradesco (NYSE:BBD) Raised to “Buy” at Zacks Investment Research

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Zacks Investment Research upgraded shares of Banco Bradesco (NYSE:BBD) from a hold rating to a buy rating in a report released on Monday, reports. Zacks Investment Research currently has $11.00 target price 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 subject of several other research reports. ValuEngine cut shares of Banco Bradesco from a buy rating to a hold rating in a research report on Thursday, March 21st. Goldman Sachs Group initiated coverage on shares of Banco Bradesco in a report on Monday, June 10th. They issued a sell rating and a $9.58 price objective on the stock. Three analysts have rated the stock with a sell rating, one has issued a hold rating and three have issued a buy rating to the stock. The company presently has an average rating of Hold and a consensus price target of $10.29.

Shares of BBD stock opened at $9.84 on Monday. The company has a debt-to-equity ratio of 0.79, a current ratio of 1.10 and a quick ratio of 1.10. Banco Bradesco has a 52 week low of $5.41 and a 52 week high of $10.46. The stock has a market cap of $94.85 billion, a PE ratio of 13.86, a PEG ratio of 0.56 and a beta of 0.92. The firm has a 50 day simple moving average of $9.24.

Banco Bradesco (NYSE:BBD) last issued its quarterly earnings results on Thursday, April 25th. The bank reported $0.21 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.18 by $0.03. Banco Bradesco had a net margin of 15.96% and a return on equity of 18.75%. The company had revenue of $9.26 billion during the quarter, compared to analysts’ expectations of $6.51 billion. On average, sell-side analysts predict that Banco Bradesco will post 0.78 earnings per share for the current fiscal year.

The company also recently disclosed a dividend, which will be paid on Monday, July 22nd. Stockholders of record on Tuesday, July 2nd will be issued a $0.037 dividend. This is a positive change from Banco Bradesco’s previous dividend of $0.01. The ex-dividend date is Monday, July 1st. Banco Bradesco’s dividend payout ratio (DPR) is presently 5.63%.

Several institutional investors and hedge funds have recently made changes to their positions in BBD. Icon Wealth Partners LLC acquired a new stake in Banco Bradesco during the 1st quarter worth $34,000. Parallel Advisors LLC increased its stake in Banco Bradesco by 293.1% in the first quarter. Parallel Advisors LLC now owns 3,286 shares of the bank’s stock valued at $36,000 after purchasing an additional 2,450 shares during the period. Advisor Group Inc. increased its stake in Banco Bradesco by 125.8% in the fourth quarter. Advisor Group Inc. now owns 8,350 shares of the bank’s stock valued at $83,000 after purchasing an additional 4,652 shares during the period. OLD Mission Capital LLC acquired a new position in Banco Bradesco in the fourth quarter valued at $100,000. Finally, Bluefin Trading LLC acquired a new position in Banco Bradesco in the fourth quarter valued at $127,000. Institutional investors and hedge funds own 2.06% of the company’s stock.

About Banco Bradesco

Banco Bradesco SA, together with its subsidiaries, provides banking and financial products and services to individuals, corporates, and businesses in Brazil and internationally. It operates through two segments, Banking and Insurance. The company accepts checking and savings accounts, demand deposits, time deposits, and interbank deposits.

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