Banco Bradesco (NYSE:BBD) Shares Down 3.6% – Here’s What Happened

Banco Bradesco S.A. (NYSE:BBD)’s share price was down 3.6% during mid-day trading on Wednesday . The company traded as low as $2.64 and last traded at $2.64. Approximately 10,870,570 shares traded hands during mid-day trading, a decline of 48% from the average daily volume of 21,013,732 shares. The stock had previously closed at $2.74.

Analysts Set New Price Targets

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

Banco Bradesco Stock Down 3.3 %

The company has a market capitalization of $28.24 billion, a price-to-earnings ratio of 11.48, a P/E/G ratio of 0.29 and a beta of 0.97. The company has a debt-to-equity ratio of 0.62, a current ratio of 0.76 and a quick ratio of 0.76. The firm’s fifty day moving average price is $2.71 and its 200-day moving average price is $2.59.

Banco Bradesco (NYSE:BBD) last issued its earnings results on Monday, August 5th. The bank reported $0.09 earnings per share (EPS) for the quarter, topping 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 during the quarter, compared to analysts’ expectations of $5.47 billion. Sell-side analysts expect that Banco Bradesco S.A. will post 0.35 earnings per share for the current fiscal year.

Banco Bradesco Cuts Dividend

The firm also recently disclosed a monthly dividend, which will be paid on Friday, November 8th. Investors of record on Thursday, October 3rd will be issued a $0.0026 dividend. The ex-dividend date of this dividend is Thursday, October 3rd. This represents a $0.03 dividend on an annualized basis and a yield of 1.17%. Banco Bradesco’s dividend payout ratio (DPR) is presently 13.04%.

Institutional Trading of Banco Bradesco

Several institutional investors have recently modified their holdings of BBD. Silvercrest Asset Management Group LLC boosted its holdings in Banco Bradesco by 27.4% in the first quarter. Silvercrest Asset Management Group LLC now owns 21,141 shares of the bank’s stock valued at $60,000 after acquiring an additional 4,550 shares during the last quarter. Inspire Advisors LLC boosted its stake in shares of Banco Bradesco by 9.5% in the 2nd quarter. Inspire Advisors LLC now owns 54,720 shares of the bank’s stock valued at $123,000 after purchasing an additional 4,737 shares during the last quarter. Legacy Wealth Asset Management LLC increased its position in shares of Banco Bradesco by 3.4% during the first quarter. Legacy Wealth Asset Management LLC now owns 163,471 shares of the bank’s stock worth $468,000 after buying an additional 5,383 shares during the period. Ballentine Partners LLC raised its stake in 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 buying an additional 6,020 shares during the last quarter. Finally, Daiwa Securities Group Inc. boosted its position in Banco Bradesco by 1.1% during the second quarter. Daiwa Securities Group Inc. now owns 716,345 shares of the bank’s stock valued at $1,605,000 after acquiring an additional 8,000 shares during the last quarter.

Banco Bradesco Company 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.