SPX Gestao de Recursos Ltda Purchases 2,470,135 Shares of Banco Bradesco S.A. (NYSE:BBD)

SPX Gestao de Recursos Ltda increased its position in shares of Banco Bradesco S.A. (NYSE:BBD) by 217.0% during the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 3,608,320 shares of the bank’s stock after acquiring an additional 2,470,135 shares during the quarter. Banco Bradesco comprises about 1.3% of SPX Gestao de Recursos Ltda’s investment portfolio, making the stock its 19th largest position. SPX Gestao de Recursos Ltda’s holdings in Banco Bradesco were worth $9,598,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in BBD. Blue Trust Inc. increased its position in shares of Banco Bradesco by 99.9% during the third quarter. Blue Trust Inc. now owns 11,254 shares of the bank’s stock worth $30,000 after acquiring an additional 5,623 shares in the last quarter. Townsquare Capital LLC acquired a new stake in Banco Bradesco during the 3rd quarter valued at $37,000. Insigneo Advisory Services LLC bought a new position in Banco Bradesco in the 2nd quarter valued at about $43,000. Eagle Bay Advisors LLC lifted its holdings in shares of Banco Bradesco by 110.5% during the third quarter. Eagle Bay Advisors LLC now owns 20,000 shares of the bank’s stock worth $54,000 after buying an additional 10,500 shares in the last quarter. Finally, SG Americas Securities LLC bought a new stake in Banco Bradesco in the 2nd quarter valued at about $49,000.

Banco Bradesco Price Performance

Banco Bradesco stock remained flat at $2.06 during trading on Friday. The company had a trading volume of 5,713,789 shares, compared to its average volume of 23,030,123. The company has a current ratio of 0.72, a quick ratio of 0.72 and a debt-to-equity ratio of 0.36. The company’s 50-day moving average price is $2.42 and its 200 day moving average price is $2.48. Banco Bradesco S.A. has a fifty-two week low of $2.01 and a fifty-two week high of $3.65.

Banco Bradesco (NYSE:BBD) last announced its earnings results on Thursday, October 31st. The bank reported $0.10 earnings per share for the quarter, topping analysts’ consensus estimates of $0.09 by $0.01. The business had revenue of $9.18 billion for the quarter, compared to analyst estimates of $5.62 billion. Banco Bradesco had a return on equity of 10.17% and a net margin of 7.43%. Sell-side analysts forecast that Banco Bradesco S.A. will post 0.33 EPS for the current year.

Banco Bradesco Increases Dividend

The company also recently announced a monthly dividend, which will be paid on Thursday, January 9th. Shareholders of record on Wednesday, December 4th will be paid a $0.0033 dividend. The ex-dividend date of this dividend is Wednesday, December 4th. This represents a $0.04 annualized dividend and a yield of 1.92%. This is a positive change from Banco Bradesco’s previous monthly dividend of $0.00. Banco Bradesco’s dividend payout ratio is currently 11.54%.

Wall Street Analyst Weigh In

A number of research firms have issued reports on BBD. The Goldman Sachs Group upgraded Banco Bradesco from a “neutral” rating to a “buy” rating and lifted their target price for the company from $2.50 to $3.20 in a research report on Monday, August 19th. JPMorgan Chase & Co. lowered Banco Bradesco from an “overweight” rating to a “neutral” rating in a research report on Monday, November 25th.

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.