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Zacks Investment Research upgrades Banco Bradesco (NYSE:BBD) to buy

By on April 26, 2022 0

Banco Bradesco (NYSE:BBD- Get a rating) has been upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note released Tuesday to investors, Zacks.com reports. The brokerage currently has a target price of $4.25 on the bank’s shares. Zacks Investment ResearchThe company’s price target would suggest a potential upside of 17.08% from the company’s previous close.

According to Zacks, “Banco Bradesco’s main activities are the provision of banking and insurance services such as private and industrial credit loans, credit cards, mortgages, 24-hour banking, insurance health and life, leasing, pension fund management and services for stock market investors.”

Separately, Barclays began covering Banco Bradesco in a research note on Monday, January 24. They set an “overweight” rating and a price target of $4.55 on the stock.

NYSE: BBD fell $0.30 on Tuesday, hitting $3.63. The company’s shares had a trading volume of 41,292,825 shares, compared to its average volume of 42,979,973. The company has a current ratio of 0.64, a quick ratio of 1.46 and a indebtedness of 1.34. The stock has a fifty-day moving average of $3.89 and a two-hundred-day moving average of $3.56. The company has a market capitalization of $38.81 billion, a P/E ratio of 9.74, a price-to-earnings growth ratio of 0.47 and a beta of 0.87. Banco Bradesco has a one-year low of $2.95 and a one-year high of $5.18.

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Banco Bradesco (NYSE:BBD- Get a rating) last announced its results on Tuesday, February 8. The bank reported earnings per share of $0.11 for the quarter, meeting the Zacks consensus estimate of $0.11. The company posted revenue of $6.21 billion for the quarter, versus analyst estimates of $5.08 billion. Banco Bradesco achieved a return on equity of 17.91% and a net margin of 21.20%. As a group, sell-side analysts expect Banco Bradesco to post year-to-date EPS of 0.51.

Institutional investors and hedge funds have recently changed their positions in the company. Itau Unibanco Holding SA increased its position in Banco Bradesco shares by 216.8% in the 4th quarter. Itau Unibanco Holding SA now owns 26,069,330 shares in the bank worth $87,353,000 after acquiring an additional 17,840,816 shares last quarter. TT International Asset Management LTD bought a new position in shares of Banco Bradesco in Q3 for a value of approximately $58,515,000. Allspring Global Investments Holdings LLC bought a new stock position in Banco Bradesco in Q4 for a value of approximately $43,521,000. Bank of America Corp DE increased its position in Banco Bradesco by 89.7% in the fourth quarter. Bank of America Corp DE now owns 15,093,924 shares of the bank valued at $51,621,000 after buying an additional 7,136,895 shares last quarter. Finally, Senvest Management LLC increased its position in Banco Bradesco by 12,200.0% in the third quarter. Senvest Management LLC now owns 6,150,000 shares of the bank valued at $23,555,000 after purchasing an additional 6,100,000 shares last quarter. 2.51% of the shares are currently held by hedge funds and other institutional investors.

Banco Bradesco Company Profile (Get a rating)

Banco Bradesco SA, together with its subsidiaries, provides various banking products and services to individuals, businesses and companies in Brazil and abroad. The Company operates through Banking and Insurance segments. It provides demand, term and savings deposits; mutual fund; a range of loans and advances, including overdrafts, credit cards and installment loans; and funds and treasury management, foreign exchange, corporate finance and investment banking, and hedge finance and working capital services.

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