ValuEngine Lowers Banco Bradesco (NYSE:BBD) to Hold

Banco Bradesco (NYSE:BBD) was downgraded by ValuEngine from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Wednesday, ValuEngine reports.

Several other equities analysts also recently issued reports on the stock. Goldman Sachs Group began coverage on shares of Banco Bradesco in a report on Monday, June 10th. They set a “sell” rating and a $9.58 price target for the company. Zacks Investment Research downgraded shares of Banco Bradesco from a “buy” rating to a “hold” rating in a report on Monday, July 8th. Three investment analysts have rated the stock with a sell rating and three have issued a hold rating to the company’s stock. Banco Bradesco currently has a consensus rating of “Hold” and a consensus price target of $10.29.

Shares of BBD stock opened at $8.88 on Wednesday. Banco Bradesco has a 12-month low of $5.41 and a 12-month high of $10.55. The company has a market cap of $89.45 billion, a P/E ratio of 12.51, a P/E/G ratio of 0.53 and a beta of 0.92. The company’s 50-day moving average price is $9.80. The company has a quick ratio of 1.10, a current ratio of 1.15 and a debt-to-equity ratio of 0.79.

A number of hedge funds have recently made changes to their positions in BBD. Fisher Asset Management LLC lifted its holdings in Banco Bradesco by 18.9% during the 2nd quarter. Fisher Asset Management LLC now owns 41,449,039 shares of the bank’s stock valued at $407,030,000 after purchasing an additional 6,577,776 shares during the last quarter. INCA Investments LLC lifted its holdings in Banco Bradesco by 2,114.8% during the 2nd quarter. INCA Investments LLC now owns 4,352,000 shares of the bank’s stock valued at $42,737,000 after purchasing an additional 4,155,500 shares during the last quarter. SPX Equities Gestao de Recursos Ltda increased its position in Banco Bradesco by 992.2% in the 2nd quarter. SPX Equities Gestao de Recursos Ltda now owns 3,020,689 shares of the bank’s stock valued at $29,663,000 after acquiring an additional 2,744,110 shares in the last quarter. Bessemer Group Inc. acquired a new stake in Banco Bradesco in the 2nd quarter valued at about $25,482,000. Finally, SG Americas Securities LLC increased its position in Banco Bradesco by 107.4% in the 1st quarter. SG Americas Securities LLC now owns 161,801 shares of the bank’s stock valued at $1,765,000 after acquiring an additional 2,356,833 shares in the last quarter. 2.11% of the stock is owned by hedge funds and other institutional investors.

About Banco Bradesco

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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