Banco Bradesco (NYSE:BBD) Downgraded to “Sell” at Zacks Investment Research

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Zacks Investment Research cut shares of Banco Bradesco (NYSE:BBD) from a hold rating to a sell rating in a research note published on Thursday, Zacks.com reports.

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. “

Several other brokerages have also issued reports on BBD. Morgan Stanley raised Banco Bradesco from an equal weight rating to an overweight rating in a research note on Wednesday, August 7th. ValuEngine lowered Banco Bradesco from a buy rating to a hold rating in a research note on Wednesday, July 31st. Finally, Goldman Sachs Group started coverage on Banco Bradesco in a research note on Monday, June 10th. They issued a sell rating and a $9.58 price target on the stock. Five research analysts have rated the stock with a sell rating and one has assigned a buy rating to the company. Banco Bradesco currently has a consensus rating of Sell and an average target price of $10.29.

Shares of Banco Bradesco stock traded up $0.33 during midday trading on Thursday, reaching $8.39. The company had a trading volume of 652,562 shares, compared to its average volume of 13,236,166. The stock has a fifty day moving average price of $8.66 and a 200 day moving average price 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. The firm has a market cap of $75.95 billion, a PE ratio of 11.82, a P/E/G ratio of 0.44 and a beta of 0.90. Banco Bradesco has a fifty-two week low of $5.41 and a fifty-two week high of $10.55.

Banco Bradesco (NYSE:BBD) last issued its quarterly earnings results on Friday, July 26th. The bank reported $0.20 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.19 by $0.01. Banco Bradesco had a return on equity of 19.01% and a net margin of 16.16%. The firm had revenue of $8.62 billion for the quarter, compared to analyst estimates of $6.38 billion. As a group, sell-side analysts forecast that Banco Bradesco will post 0.81 EPS for the current year.

The firm also recently declared a monthly dividend, which will be paid on Tuesday, October 8th. Shareholders of record on Wednesday, September 4th will be paid a $0.004 dividend. This represents a $0.05 annualized dividend and a yield of 0.57%. The ex-dividend date is Tuesday, September 3rd. Banco Bradesco’s dividend payout ratio (DPR) is presently 5.63%.

A number of institutional investors and hedge funds have recently modified their holdings of the business. Provida Pension Fund Administrator bought a new stake in Banco Bradesco during the second quarter worth $4,684,000. Nomura Holdings Inc. grew its holdings in Banco Bradesco by 17.5% during the second quarter. Nomura Holdings Inc. now owns 16,167 shares of the bank’s stock worth $157,000 after buying an additional 2,405 shares in the last quarter. BlackRock Inc. grew its holdings in Banco Bradesco by 11.5% during the second quarter. BlackRock Inc. now owns 33,765,301 shares of the bank’s stock worth $331,576,000 after buying an additional 3,490,926 shares in the last quarter. Amundi Pioneer Asset Management Inc. grew its holdings in Banco Bradesco by 9.3% during the second quarter. Amundi Pioneer Asset Management Inc. now owns 2,055,254 shares of the bank’s stock worth $20,183,000 after buying an additional 174,669 shares in the last quarter. Finally, United Services Automobile Association grew its holdings in Banco Bradesco by 10.7% during the second quarter. United Services Automobile Association now owns 873,648 shares of the bank’s stock worth $8,579,000 after buying an additional 84,774 shares in the last quarter. 2.43% of the stock is currently owned by hedge funds and other institutional investors.

Banco Bradesco Company Profile

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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