Banco Bradesco (NYSE:BBD) Lowered to Sell at Zacks Investment Research

Banco Bradesco (NYSE:BBD) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued on Tuesday, 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. “

A number of other research firms have also weighed in on BBD. Morgan Stanley raised shares of Banco Bradesco from an “equal weight” rating to an “overweight” rating in a research note on Wednesday, August 7th. ValuEngine lowered shares of Banco Bradesco from a “sell” rating to a “strong sell” rating in a research note on Thursday, September 5th. Finally, Goldman Sachs Group assumed coverage on shares of Banco Bradesco in a research note on Monday, June 10th. They issued a “sell” rating and a $9.58 price objective for the company. Five equities research analysts have rated the stock with a sell rating and one has assigned a buy rating to the company’s stock. The stock has an average rating of “Sell” and a consensus target price of $10.29.

NYSE:BBD opened at $8.04 on Tuesday. Banco Bradesco has a 1-year low of $6.90 and a 1-year high of $10.55. The company has a 50-day moving average of $8.05 and a 200 day moving average of $8.99. The firm has a market cap of $63.86 billion, a PE ratio of 11.32, a price-to-earnings-growth ratio of 0.59 and a beta of 0.83. 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 (NYSE:BBD) last released its quarterly earnings data on Friday, July 26th. The bank reported $0.20 earnings per share for the quarter, topping the Zacks’ 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 company had revenue of $8.62 billion during the quarter, compared to analyst estimates of $6.38 billion. Sell-side analysts anticipate that Banco Bradesco will post 0.79 EPS for the current fiscal year.

A number of large investors have recently added to or reduced their stakes in BBD. Fisher Asset Management LLC raised its holdings in Banco Bradesco by 18.9% in the second quarter. Fisher Asset Management LLC now owns 41,449,039 shares of the bank’s stock worth $407,030,000 after purchasing an additional 6,577,776 shares in the last quarter. Baillie Gifford & Co. raised its holdings 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 purchasing an additional 5,732,189 shares in the last quarter. Invesco Ltd. raised its holdings 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 purchasing an additional 4,977,713 shares in the last quarter. Vanguard Group Inc. raised its holdings 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 purchasing an additional 4,875,984 shares in the last quarter. Finally, Morgan Stanley raised 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 in the last quarter. 2.95% of the stock is owned by 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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