Banco Bradesco (NYSE:BBD) Reaches New 1-Year High Following Dividend Announcement

Shares of Banco Bradesco SA (NYSE:BBD) hit a new 52-week high during trading on Thursday after the company announced a dividend. The company traded as high as $3.55 and last traded at $3.5150, with a volume of 5567448 shares changing hands. The stock had previously closed at $3.53.

The newly announced dividend which will be paid on Friday, January 9th. Investors of record on Wednesday, December 3rd will be paid a $0.0035 dividend. This represents a c) dividend on an annualized basis and a yield of 1.2%. The ex-dividend date of this dividend is Wednesday, December 3rd. This is an increase from Banco Bradesco’s previous monthly dividend of $0.00. Banco Bradesco’s dividend payout ratio is currently 5.71%.

Wall Street Analyst Weigh In

Separately, Weiss Ratings reiterated a “hold (c+)” rating on shares of Banco Bradesco in a report on Wednesday, October 8th. Three analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, Banco Bradesco currently has a consensus rating of “Hold” and a consensus price target of $2.40.

Banco Bradesco Stock Up 0.7%

The firm’s 50 day moving average is $3.27 and its 200-day moving average is $2.99. The firm has a market cap of $37.62 billion, a PE ratio of 10.10, a P/E/G ratio of 0.43 and a beta of 0.76. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.63.

Banco Bradesco (NYSE:BBD) last released its earnings results on Wednesday, October 29th. The bank reported $0.09 EPS for the quarter, missing the consensus estimate of $0.11 by ($0.02). Banco Bradesco had a return on equity of 13.16% and a net margin of 9.61%.The firm had revenue of $11.14 billion during the quarter, compared to analysts’ expectations of $34.75 billion. As a group, equities research analysts expect that Banco Bradesco SA will post 0.37 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Banco Bradesco

Several large investors have recently added to or reduced their stakes in BBD. JPMorgan Chase & Co. boosted its stake in Banco Bradesco by 536.8% in the 3rd quarter. JPMorgan Chase & Co. now owns 6,144,997 shares of the bank’s stock worth $20,770,000 after buying an additional 5,180,038 shares during the last quarter. Truffle Hound Capital LLC boosted its position in shares of Banco Bradesco by 13.3% in the third quarter. Truffle Hound Capital LLC now owns 1,700,000 shares of the bank’s stock worth $5,746,000 after acquiring an additional 200,000 shares during the last quarter. Profund Advisors LLC boosted its position in shares of Banco Bradesco by 3.7% in the third quarter. Profund Advisors LLC now owns 226,553 shares of the bank’s stock worth $766,000 after acquiring an additional 8,022 shares during the last quarter. Oppenheimer & Co. Inc. purchased a new stake in Banco Bradesco in the third quarter valued at approximately $130,000. Finally, Bessemer Group Inc. increased its position in Banco Bradesco by 1.8% during the third quarter. Bessemer Group Inc. now owns 6,180,109 shares of the bank’s stock worth $20,889,000 after purchasing an additional 107,568 shares during the last quarter.

Banco Bradesco Company 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.