Pictet Asset Management SA grew its position in Banco Bradesco S.A. (NYSE:BBD – Get Rating) by 11.4% in the 2nd quarter, Holdings Channel reports. The institutional investor owned 314,812 shares of the bank’s stock after purchasing an additional 32,164 shares during the period. Pictet Asset Management SA’s holdings in Banco Bradesco were worth $1,026,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds also recently made changes to their positions in the company. PDS Planning Inc acquired a new stake in Banco Bradesco in the second quarter worth about $38,000. Mercer Global Advisors Inc. ADV bought a new position in shares of Banco Bradesco in the 1st quarter valued at about $50,000. Prudential Financial Inc. acquired a new stake in shares of Banco Bradesco during the 1st quarter worth approximately $57,000. ZWJ Investment Counsel Inc. bought a new stake in shares of Banco Bradesco during the second quarter worth approximately $43,000. Finally, TIAA FSB acquired a new position in Banco Bradesco in the second quarter valued at approximately $46,000. Institutional investors own 2.38% of the company’s stock.
Wall Street Analysts Forecast Growth
BBD has been the subject of a number of analyst reports. Itau BBA Securities raised shares of Banco Bradesco from a “market perform” rating to an “outperform” rating and set a 21.00 target price for the company in a report on Wednesday, November 9th. JPMorgan Chase & Co. raised shares of Banco Bradesco from a “neutral” rating to an “overweight” rating in a research report on Thursday, November 17th. Itaú Unibanco raised shares of Banco Bradesco to an “outperform” rating and set a $21.00 price target for the company in a report on Wednesday, November 9th. The Goldman Sachs Group reduced their target price on Banco Bradesco from $5.40 to $4.80 and set a “buy” rating on the stock in a report on Thursday, November 10th. Finally, Grupo Santander cut Banco Bradesco from an “outperform” rating to a “neutral” rating in a report on Monday, August 29th. Four investment analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $12.58.
Banco Bradesco Stock Down 1.4 %
Banco Bradesco Cuts Dividend
The firm also recently disclosed a monthly dividend, which will be paid on Monday, January 9th. Stockholders of record on Monday, December 5th will be issued a $0.0027 dividend. The ex-dividend date of this dividend is Friday, December 2nd. This represents a $0.03 dividend on an annualized basis and a dividend yield of 1.14%. Banco Bradesco’s dividend payout ratio (DPR) is presently 7.42%.
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 segment, 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; debit and business cards; financial and security services; consortium products; auto, personal accident, dental, travel, and life insurance; investment products; pension products; real estate and vehicle auctions; cash management, and foreign trade and exchange services; capitalization bonds; and internet banking services.
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