Banco Bradesco (NYSE:BBD) Shares Gap Up - Here's Why

Banco Bradesco S.A. (NYSE:BBD - Get Free Report) shares gapped up before the market opened on Thursday . The stock had previously closed at $2.22, but opened at $2.28. Banco Bradesco shares last traded at $2.30, with a volume of 5,346,018 shares changing hands.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on BBD shares. HSBC upgraded shares of Banco Bradesco from a "hold" rating to a "buy" rating and set a $2.80 price objective for the company in a research report on Monday, January 13th. The Goldman Sachs Group lowered shares of Banco Bradesco from a "buy" rating to a "sell" rating and reduced their price target for the company from $2.40 to $2.00 in a research report on Wednesday, February 12th.

Banco Bradesco Trading Down 4.5 %

The company has a debt-to-equity ratio of 2.48, a quick ratio of 0.72 and a current ratio of 1.01. The stock has a market cap of $21.44 billion, a P/E ratio of 6.68, a P/E/G ratio of 0.32 and a beta of 0.56. The stock has a 50-day moving average price of $2.13 and a 200-day moving average price of $2.22.

Banco Bradesco (NYSE:BBD - Get Free Report) last announced its earnings results on Friday, February 7th. The bank reported $0.09 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.09. Banco Bradesco had a net margin of 8.46% and a return on equity of 11.43%. On average, equities research analysts expect that Banco Bradesco S.A. will post 0.37 EPS for the current year.

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Banco Bradesco Increases Dividend

The company also recently announced a monthly dividend, which will be paid on Friday, November 7th. Investors of record on Wednesday, April 2nd will be paid a $0.0398 dividend. This represents a $0.48 dividend on an annualized basis and a yield of 23.67%. The ex-dividend date is Wednesday, April 2nd. This is a boost from Banco Bradesco's previous monthly dividend of $0.00. Banco Bradesco's dividend payout ratio is currently 43.33%.

Institutional Investors Weigh In On Banco Bradesco

Several hedge funds have recently added to or reduced their stakes in BBD. Townsquare Capital LLC purchased a new position in shares of Banco Bradesco during the 3rd quarter valued at about $37,000. Point72 Asset Management L.P. increased its holdings in shares of Banco Bradesco by 312.8% in the third quarter. Point72 Asset Management L.P. now owns 1,945,100 shares of the bank's stock worth $5,174,000 after buying an additional 1,473,900 shares during the period. State Street Corp lifted its stake in shares of Banco Bradesco by 71.0% in the 3rd quarter. State Street Corp now owns 15,778,647 shares of the bank's stock valued at $42,715,000 after acquiring an additional 6,551,698 shares during the last quarter. Wellington Management Group LLP boosted its holdings in Banco Bradesco by 15.1% during the 3rd quarter. Wellington Management Group LLP now owns 47,046,779 shares of the bank's stock valued at $125,144,000 after acquiring an additional 6,171,193 shares during the period. Finally, Insigneo Advisory Services LLC grew its position in Banco Bradesco by 23.9% during the 3rd quarter. Insigneo Advisory Services LLC now owns 22,120 shares of the bank's stock worth $59,000 after acquiring an additional 4,260 shares during the last quarter.

About Banco Bradesco

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.