Banco Bradesco S.A. (NYSE:BBD) Sees Large Drop in Short Interest

Banco Bradesco S.A. (NYSE:BBD) was the target of a large drop in short interest in February. As of February 28th, there was short interest totalling 154,230,000 shares, a drop of 24.7% from the February 13th total of 204,950,000 shares. Based on an average daily volume of 44,640,000 shares, the days-to-cover ratio is currently 3.5 days. Currently, 1.5% of the shares of the stock are sold short.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on BBD. JPMorgan Chase & Co. cut shares of Banco Bradesco from an “overweight” rating to a “neutral” rating in a research report on Monday, November 25th. The Goldman Sachs Group cut shares of Banco Bradesco from a “buy” rating to a “sell” rating and dropped their target price for the stock from $2.40 to $2.00 in a research report on Wednesday, February 12th. Finally, HSBC upgraded shares of Banco Bradesco from a “hold” rating to a “buy” rating and set a $2.80 target price for the company in a research report on Monday, January 13th.

Banco Bradesco Trading Down 0.2 %

BBD opened at $2.21 on Wednesday. The company has a current ratio of 1.01, a quick ratio of 0.72 and a debt-to-equity ratio of 2.48. The stock has a market capitalization of $23.47 billion, a PE ratio of 7.35, a PEG ratio of 0.32 and a beta of 0.94. Banco Bradesco has a 1-year low of $1.84 and a 1-year high of $2.98. The firm has a 50-day moving average price of $2.04 and a two-hundred day moving average price of $2.28.

Banco Bradesco (NYSE:BBD) last posted its quarterly earnings data on Friday, February 7th. The bank reported $0.09 earnings per share 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%. As a group, equities analysts anticipate that Banco Bradesco will post 0.37 earnings per share for the current fiscal year.

Banco Bradesco Increases Dividend

The business also recently disclosed a monthly dividend, which will be paid on Friday, April 11th. Shareholders of record on Friday, March 7th will be given a $0.0033 dividend. This represents a $0.04 annualized dividend and a yield of 1.78%. The ex-dividend date is Friday, March 7th. This is a boost from Banco Bradesco’s previous monthly dividend of $0.00. Banco Bradesco’s dividend payout ratio (DPR) is presently 6.67%.

Institutional Investors Weigh In On Banco Bradesco

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Massachusetts Financial Services Co. MA grew its position in shares of Banco Bradesco by 13.9% during the 4th quarter. Massachusetts Financial Services Co. MA now owns 100,202,214 shares of the bank’s stock worth $191,386,000 after buying an additional 12,236,689 shares during the period. ARGA Investment Management LP grew its holdings in Banco Bradesco by 215.1% during the 4th quarter. ARGA Investment Management LP now owns 82,839,944 shares of the bank’s stock worth $158,224,000 after acquiring an additional 56,552,808 shares during the period. Fisher Asset Management LLC raised its position in shares of Banco Bradesco by 19.2% during the 3rd quarter. Fisher Asset Management LLC now owns 75,833,254 shares of the bank’s stock valued at $201,716,000 after acquiring an additional 12,228,662 shares during the last quarter. Wellington Management Group LLP raised its position in shares of Banco Bradesco by 20.8% during the 4th quarter. Wellington Management Group LLP now owns 56,809,743 shares of the bank’s stock valued at $108,507,000 after acquiring an additional 9,762,964 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership raised its position in shares of Banco Bradesco by 26.2% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 50,826,745 shares of the bank’s stock valued at $97,079,000 after acquiring an additional 10,537,751 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.