Banco Bradesco (BBD) Upgraded to “Buy” by Zacks Investment Research

Banco Bradesco (NYSE:BBD) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued on Wednesday. The brokerage currently has a $12.00 price target on the bank’s stock. Zacks Investment Research‘s target price would indicate a potential upside of 12.99% from the company’s current price.

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, mortgaged loans, 24 hour banking, health and life insurance, leasing, pension fund management and services for stock market investors. “

BBD has been the topic of several other research reports. Scotiabank cut shares of Banco Bradesco from an “outperform” rating to a “sector perform” rating in a research report on Tuesday, September 5th. Goldman Sachs Group raised shares of Banco Bradesco from a “neutral” rating to a “buy” rating and set a $12.40 target price on the stock in a report on Monday, September 11th. Finally, ValuEngine cut shares of Banco Bradesco from a “strong-buy” rating to a “buy” rating in a report on Tuesday, October 31st. One analyst has rated the stock with a hold rating, four have issued a buy rating and one has given a strong buy rating to the company. The company currently has a consensus rating of “Buy” and a consensus target price of $12.20.

Shares of Banco Bradesco (BBD) traded up $0.38 during mid-day trading on Wednesday, hitting $10.62. 7,750,200 shares of the stock traded hands, compared to its average volume of 6,624,150. Banco Bradesco has a twelve month low of $7.83 and a twelve month high of $11.86. The company has a market capitalization of $63,130.00, a PE ratio of 11.67, a price-to-earnings-growth ratio of 0.91 and a beta of 1.72.

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Aberdeen Asset Management PLC UK raised its holdings in shares of Banco Bradesco by 20.1% during the second quarter. Aberdeen Asset Management PLC UK now owns 180,676,024 shares of the bank’s stock valued at $1,535,746,000 after buying an additional 30,239,397 shares during the last quarter. BlackRock Inc. raised its holdings in shares of Banco Bradesco by 3.1% during the second quarter. BlackRock Inc. now owns 40,489,056 shares of the bank’s stock valued at $344,157,000 after buying an additional 1,234,324 shares during the last quarter. Vanguard Group Inc. raised its holdings in shares of Banco Bradesco by 17.8% during the second quarter. Vanguard Group Inc. now owns 38,651,585 shares of the bank’s stock valued at $328,538,000 after buying an additional 5,844,907 shares during the last quarter. Franklin Resources Inc. raised its holdings in shares of Banco Bradesco by 35.8% during the second quarter. Franklin Resources Inc. now owns 25,959,687 shares of the bank’s stock valued at $220,639,000 after buying an additional 6,842,060 shares during the last quarter. Finally, Harding Loevner LP raised its holdings in shares of Banco Bradesco by 1.2% during the third quarter. Harding Loevner LP now owns 23,884,704 shares of the bank’s stock valued at $264,404,000 after buying an additional 294,100 shares during the last quarter. 2.70% of the stock is currently owned by institutional investors.

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About Banco Bradesco

Banco Bradesco SA is a commercial bank. The Bank offers a range of banking and financial products and services in Brazil and abroad to individuals, large, mid-sized and small companies, and local and international corporations and institutions. Its segments include Financial; Insurance and Capitalization bonds; Pension plans, and Other Activities.

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