Banco Bradesco (NYSE:BBD) Lowered to Strong Sell at ValuEngine

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Banco Bradesco (NYSE:BBD) was downgraded by research analysts at ValuEngine from a “sell” rating to a “strong sell” rating in a note issued to investors on Thursday, ValuEngine reports.

BBD has been the subject of several other reports. Goldman Sachs Group started coverage on shares of Banco Bradesco in a research report on Monday, June 10th. They set a “sell” rating and a $9.58 price target for the company. Morgan Stanley raised shares of Banco Bradesco from an “equal weight” rating to an “overweight” rating in a research note on Wednesday, August 7th. Finally, Zacks Investment Research downgraded shares of Banco Bradesco from a “hold” rating to a “sell” rating in a research note on Thursday. Five analysts have rated the stock with a sell rating and one has assigned a buy rating to the company. The company has a consensus rating of “Sell” and a consensus target price of $10.29.

NYSE BBD traded up $0.18 during trading on Thursday, hitting $8.06. 13,110,200 shares of the company’s stock traded hands, compared to its average volume of 14,457,150. The stock has a fifty day moving average of $8.66 and a two-hundred day moving average of $9.57. The company has a debt-to-equity ratio of 0.79, a current ratio of 1.15 and a quick ratio of 1.10. Banco Bradesco has a 12-month low of $5.41 and a 12-month high of $10.55. The firm has a market cap of $74.03 billion, a P/E ratio of 11.35, a PEG ratio of 0.44 and a beta of 0.90.

Banco Bradesco (NYSE:BBD) last posted its quarterly earnings results on Friday, July 26th. The bank reported $0.20 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.19 by $0.01. Banco Bradesco had a net margin of 16.16% and a return on equity of 19.01%. The business had revenue of $8.62 billion during the quarter, compared to analyst estimates of $6.38 billion. As a group, analysts expect that Banco Bradesco will post 0.79 earnings per share for the current fiscal year.

Several large investors have recently modified their holdings of BBD. Fisher Asset Management LLC raised its stake in shares of Banco Bradesco by 18.9% during the second quarter. Fisher Asset Management LLC now owns 41,449,039 shares of the bank’s stock valued at $407,030,000 after acquiring an additional 6,577,776 shares during the last quarter. Baillie Gifford & Co. raised its stake in Banco Bradesco by 26.9% in the second quarter. Baillie Gifford & Co. now owns 27,044,061 shares of the bank’s stock worth $265,572,000 after buying an additional 5,732,189 shares in the last quarter. Invesco Ltd. raised its stake in Banco Bradesco by 17.9% in the second quarter. Invesco Ltd. now owns 32,812,785 shares of the bank’s stock worth $322,221,000 after buying an additional 4,977,713 shares in the last quarter. Vanguard Group Inc. raised its stake in Banco Bradesco by 12.9% in the second quarter. Vanguard Group Inc. now owns 42,632,672 shares of the bank’s stock worth $418,653,000 after buying an additional 4,875,984 shares in the last quarter. Finally, Morgan Stanley grew its holdings in Banco Bradesco by 97.9% in the second quarter. Morgan Stanley now owns 8,606,080 shares of the bank’s stock worth $84,511,000 after purchasing an additional 4,257,265 shares during the period. 2.43% of the stock is owned by hedge funds and other institutional investors.

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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