Millennium Management LLC Purchases 2,364,963 Shares of Banco Bradesco S.A. (NYSE:BBD)

Millennium Management LLC boosted its holdings in shares of Banco Bradesco S.A. (NYSE:BBD) by 44.9% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 7,629,716 shares of the bank’s stock after acquiring an additional 2,364,963 shares during the period. Millennium Management LLC owned approximately 0.07% of Banco Bradesco worth $17,091,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Silvercrest Asset Management Group LLC raised its position in shares of Banco Bradesco by 27.4% during the first quarter. Silvercrest Asset Management Group LLC now owns 21,141 shares of the bank’s stock worth $60,000 after purchasing an additional 4,550 shares during the period. Inspire Advisors LLC lifted its stake in Banco Bradesco by 9.5% in the second quarter. Inspire Advisors LLC now owns 54,720 shares of the bank’s stock valued at $123,000 after buying an additional 4,737 shares in the last quarter. Legacy Wealth Asset Management LLC boosted its holdings in shares of Banco Bradesco by 3.4% in the first quarter. Legacy Wealth Asset Management LLC now owns 163,471 shares of the bank’s stock valued at $468,000 after buying an additional 5,383 shares during the period. Crossmark Global Holdings Inc. increased its position in shares of Banco Bradesco by 1.9% during the fourth quarter. Crossmark Global Holdings Inc. now owns 321,042 shares of the bank’s stock worth $1,123,000 after acquiring an additional 5,861 shares in the last quarter. Finally, Ballentine Partners LLC raised its holdings in shares of Banco Bradesco by 15.3% during the first quarter. Ballentine Partners LLC now owns 45,321 shares of the bank’s stock worth $130,000 after acquiring an additional 6,020 shares during the period.

Banco Bradesco Stock Up 0.4 %

Shares of BBD stock opened at $2.73 on Friday. The firm’s fifty day moving average price is $2.69 and its two-hundred day moving average price is $2.59. The company has a current ratio of 0.76, a quick ratio of 0.76 and a debt-to-equity ratio of 0.62. Banco Bradesco S.A. has a 1 year low of $2.16 and a 1 year high of $3.65. The firm has a market capitalization of $29.10 billion, a P/E ratio of 11.87, a PEG ratio of 0.29 and a beta of 0.97.

Banco Bradesco (NYSE:BBD) last released its earnings results on Monday, August 5th. The bank reported $0.09 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.08 by $0.01. Banco Bradesco had a return on equity of 9.88% and a net margin of 6.68%. The business had revenue of $9.64 billion for the quarter, compared to the consensus estimate of $5.47 billion. On average, equities analysts predict that Banco Bradesco S.A. will post 0.35 EPS for the current fiscal year.

Banco Bradesco Cuts Dividend

The business also recently disclosed a monthly dividend, which will be paid on Friday, November 8th. Stockholders of record on Thursday, October 3rd will be paid a dividend of $0.0026 per share. This represents a $0.03 dividend on an annualized basis and a dividend yield of 1.14%. The ex-dividend date of this dividend is Thursday, October 3rd. Banco Bradesco’s dividend payout ratio is currently 13.04%.

Wall Street Analysts Forecast Growth

Separately, The Goldman Sachs Group raised shares of Banco Bradesco from a “neutral” rating to a “buy” rating and upped their target price for the stock from $2.50 to $3.20 in a research note on Monday, August 19th.

Banco Bradesco Profile

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.