Banco Bradesco (NYSE:BBD) Price Target Cut to $2.30 by Analysts at The Goldman Sachs Group

Banco Bradesco (NYSE:BBD) had its target price trimmed by The Goldman Sachs Group from $3.20 to $2.30 in a report published on Friday,Benzinga reports. The brokerage currently has a buy rating on the bank’s stock.

Separately, JPMorgan Chase & Co. lowered Banco Bradesco from an “overweight” rating to a “neutral” rating in a research report on Monday, November 25th.

Banco Bradesco Price Performance

BBD opened at $1.88 on Friday. The company has a market capitalization of $20.01 billion, a P/E ratio of 7.23, a PEG ratio of 0.32 and a beta of 0.94. The company has a 50-day moving average of $2.12 and a 200-day moving average of $2.41. The company has a debt-to-equity ratio of 0.36, a quick ratio of 0.72 and a current ratio of 0.72. Banco Bradesco has a 1-year low of $1.84 and a 1-year high of $3.36.

Banco Bradesco (NYSE:BBD) last announced its quarterly earnings data on Thursday, October 31st. The bank reported $0.10 earnings per share for the quarter, beating the consensus estimate of $0.09 by $0.01. Banco Bradesco had a return on equity of 10.17% and a net margin of 7.43%. The firm had revenue of $9.18 billion during the quarter, compared to analyst estimates of $5.62 billion. Equities analysts expect that Banco Bradesco will post 0.33 EPS for the current fiscal year.

Banco Bradesco Cuts Dividend

The firm also recently disclosed a monthly dividend, which will be paid on Wednesday, March 12th. Investors of record on Wednesday, February 5th will be paid a dividend of $0.0031 per share. The ex-dividend date is Wednesday, February 5th. This represents a $0.04 annualized dividend and a yield of 1.98%. Banco Bradesco’s dividend payout ratio (DPR) is 7.69%.

Hedge Funds Weigh In On Banco Bradesco

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Ballentine Partners LLC lifted its holdings in shares of Banco Bradesco by 93.1% in the 2nd quarter. Ballentine Partners LLC now owns 87,520 shares of the bank’s stock worth $196,000 after purchasing an additional 42,199 shares during the last quarter. Daiwa Securities Group Inc. lifted its position in Banco Bradesco by 1.1% in the 2nd quarter. Daiwa Securities Group Inc. now owns 716,345 shares of the bank’s stock valued at $1,605,000 after purchasing an additional 8,000 shares during the last quarter. American Century Companies Inc. boosted its position in shares of Banco Bradesco by 6.0% during the second quarter. American Century Companies Inc. now owns 3,641,607 shares of the bank’s stock worth $8,157,000 after buying an additional 207,649 shares during the period. DekaBank Deutsche Girozentrale boosted its position in Banco Bradesco by 17.5% during the 2nd quarter. DekaBank Deutsche Girozentrale now owns 873,420 shares of the bank’s stock worth $1,966,000 after acquiring an additional 130,000 shares during the period. Finally, Oppenheimer Asset Management Inc. increased its holdings in shares of Banco Bradesco by 19.7% during the second quarter. Oppenheimer Asset Management Inc. now owns 150,362 shares of the bank’s stock valued at $337,000 after purchasing an additional 24,763 shares during the period.

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.