M&T Bank Corp Purchases Shares of 8,124 Banco Bradesco S.A. (NYSE:BBD)

Posted by Defense World Staff on Jun 7th, 2023

M&T Bank Corp purchased a new stake in Banco Bradesco S.A. (NYSE:BBD – Get Rating) in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm purchased 8,124 shares of the bank’s stock, valued at approximately $49,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Sprucegrove Investment Management Ltd. boosted its position in Banco Bradesco by 13.6% in the 4th quarter. Sprucegrove Investment Management Ltd. now owns 83,527,415 shares of the bank’s stock valued at $240,559,000 after buying an additional 10,028,424 shares during the period. Franklin Resources Inc. lifted its position in shares of Banco Bradesco by 12.2% during the 4th quarter. Franklin Resources Inc. now owns 52,662,786 shares of the bank’s stock worth $151,669,000 after purchasing an additional 5,726,206 shares during the last quarter. National Bank of Canada FI lifted its position in shares of Banco Bradesco by 23,941.1% during the 4th quarter. National Bank of Canada FI now owns 49,140,000 shares of the bank’s stock worth $141,523,000 after purchasing an additional 48,935,600 shares during the last quarter. Itau Unibanco Holding S.A. lifted its position in shares of Banco Bradesco by 25.7% during the 3rd quarter. Itau Unibanco Holding S.A. now owns 28,390,374 shares of the bank’s stock worth $104,477,000 after purchasing an additional 5,796,467 shares during the last quarter. Finally, Vanguard Group Inc. lifted its position in shares of Banco Bradesco by 3.3% during the 3rd quarter. Vanguard Group Inc. now owns 19,707,827 shares of the bank’s stock worth $72,525,000 after purchasing an additional 632,241 shares during the last quarter. Hedge funds and other institutional investors own 2.36% of the company’s stock.

Banco Bradesco Trading Up 1.7 %

NYSE BBD opened at $3.39 on Wednesday. The company has a debt-to-equity ratio of 0.44, a quick ratio of 0.72 and a current ratio of 0.72. The firm has a market cap of $36.08 billion, a PE ratio of 10.92, a P/E/G ratio of 0.63 and a beta of 0.73. Banco Bradesco S.A. has a one year low of $2.34 and a one year high of $4.16. The firm’s fifty day moving average is $2.92 and its two-hundred day moving average is $2.79.

Banco Bradesco (NYSE:BBD – Get Rating) last issued its quarterly earnings results on Thursday, May 4th. The bank reported $0.07 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.07. Banco Bradesco had a net margin of 9.54% and a return on equity of 11.66%. The business had revenue of $9.82 billion for the quarter, compared to analyst estimates of $5.43 billion. During the same period in the previous year, the business posted $0.12 earnings per share. Analysts expect that Banco Bradesco S.A. will post 0.37 earnings per share for the current year.

Banco Bradesco Cuts Dividend

The company also recently declared a monthly dividend, which will be paid on Thursday, July 13th. Stockholders of record on Monday, June 5th will be paid a dividend of $0.0035 per share. The ex-dividend date is Friday, June 2nd. This represents a $0.04 dividend on an annualized basis and a dividend yield of 1.24%. Banco Bradesco’s dividend payout ratio (DPR) is 9.68%.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on BBD. The Goldman Sachs Group cut shares of Banco Bradesco from a “buy” rating to a “neutral” rating and decreased their price objective for the stock from $3.70 to $2.70 in a research report on Thursday, February 16th. Barclays cut their price target on shares of Banco Bradesco from $3.50 to $3.00 and set an “equal weight” rating on the stock in a research note on Tuesday, March 7th. Five analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $11.93.

Banco Bradesco Profile

(Get Rating)

Banco Bradesco SA engages in the provision of financial and insurance services. It operates through Banking, and Insurance segments. The Banking segment includes banking activities. The Insurance segment covers auto, health, life, accident and property insurance, and pension plans aw well as capitalization bonds.