Citigroup Upgrades Banco Bradesco (BBD) to Buy

Banco Bradesco (NYSE:BBD) was upgraded by equities research analysts at Citigroup from a “neutral” rating to a “buy” rating in a note issued to investors on Thursday, The Fly reports.

A number of other equities analysts also recently commented on BBD. Zacks Investment Research raised shares of Banco Bradesco from a “hold” rating to a “buy” rating and set a $12.00 price objective for the company in a research note on Wednesday, January 3rd. ValuEngine downgraded shares of Banco Bradesco from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, October 31st. Two investment analysts have rated the stock with a hold rating, four have given a buy rating and one has assigned a strong buy rating to the stock. The stock presently has an average rating of “Buy” and a consensus price target of $12.20.

Shares of Banco Bradesco (NYSE:BBD) traded up $0.28 during trading hours on Thursday, reaching $11.38. 6,037,500 shares of the company were exchanged, compared to its average volume of 6,413,200. The company has a market capitalization of $74,298.75, a P/E ratio of 15.17, a price-to-earnings-growth ratio of 0.99 and a beta of 1.72. Banco Bradesco has a 52 week low of $7.83 and a 52 week high of $11.86.

Banco Bradesco (NYSE:BBD) last issued its quarterly earnings data on Tuesday, October 31st. The bank reported $0.25 EPS for the quarter, topping analysts’ consensus estimates of $0.21 by $0.04. Banco Bradesco had a net margin of 9.17% and a return on equity of 17.71%. equities research analysts forecast that Banco Bradesco will post 0.81 EPS for the current year.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Cutler Investment Counsel LLC purchased a new position in Banco Bradesco in the third quarter worth $131,000. Empirical Finance LLC purchased a new position in Banco Bradesco in the third quarter worth $144,000. Fox Run Management L.L.C. purchased a new position in Banco Bradesco in the third quarter worth $183,000. Stifel Financial Corp grew its holdings in Banco Bradesco by 102.6% in the second quarter. Stifel Financial Corp now owns 21,830 shares of the bank’s stock worth $186,000 after purchasing an additional 11,057 shares during the last quarter. Finally, QCM Cayman Ltd. purchased a new position in Banco Bradesco in the second quarter worth $228,000. 2.70% of the stock is currently owned by institutional investors and hedge funds.

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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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