Banco Bradesco (NYSE:BBD) Shares Up 11% Following Dividend Announcement

Banco Bradesco SA (NYSE:BBD) shot up 11% on Wednesday after the company announced a dividend. The stock traded as high as $4.05 and last traded at $4.48, 8,379,658 shares were traded during trading. A decline of 71% from the average session volume of 28,847,974 shares. The stock had previously closed at $4.03.

The newly announced dividend which will be paid on Monday, May 11th. Stockholders of record on Friday, April 3rd will be issued a dividend of $0.0038 per share. This represents a $0.05 annualized dividend and a dividend yield of 1.02%. This is a boost from Banco Bradesco’s previous monthly dividend of $0.00. The ex-dividend date of this dividend is Thursday, April 2nd. Banco Bradesco’s dividend payout ratio is presently 5.13%.

Several research firms have recently weighed in on BBD. Bank of America cut Banco Bradesco from a “buy” rating to a “neutral” rating in a report on Tuesday, January 21st. Zacks Investment Research raised Banco Bradesco from a “strong sell” rating to a “hold” rating in a report on Thursday, February 13th. Finally, ValuEngine raised Banco Bradesco from a “sell” rating to a “hold” rating in a report on Tuesday, March 10th. One analyst has rated the stock with a sell rating, three have issued a hold rating and two have assigned a buy rating to the stock. Banco Bradesco presently has an average rating of “Hold” and a consensus target price of $10.29.

The firm has a fifty day moving average price of $6.28 and a two-hundred day moving average price of $7.80. The stock has a market capitalization of $36.27 billion, a P/E ratio of 6.28, a PEG ratio of 0.93 and a beta of 0.85. The company has a debt-to-equity ratio of 0.77, a quick ratio of 1.11 and a current ratio of 1.11.

Banco Bradesco (NYSE:BBD) last released its quarterly earnings results on Wednesday, February 5th. The bank reported $0.20 earnings per share for the quarter, beating the consensus estimate of $0.18 by $0.02. The firm had revenue of $7.78 billion for the quarter, compared to analysts’ expectations of $6.61 billion. Banco Bradesco had a return on equity of 19.15% and a net margin of 16.97%. On average, research analysts anticipate that Banco Bradesco SA will post 0.72 earnings per share for the current fiscal year.

A number of institutional investors have recently made changes to their positions in BBD. Toronto Dominion Bank bought a new position in Banco Bradesco in the 4th quarter worth $72,000. Atria Investments LLC bought a new position in shares of Banco Bradesco in the fourth quarter worth about $103,000. Raymond James & Associates bought a new position in shares of Banco Bradesco in the fourth quarter worth about $109,000. Advisor Group Inc. lifted its position in shares of Banco Bradesco by 64.7% during the 4th quarter. Advisor Group Inc. now owns 12,544 shares of the bank’s stock valued at $112,000 after buying an additional 4,930 shares in the last quarter. Finally, 180 Wealth Advisors LLC purchased a new position in shares of Banco Bradesco during the 4th quarter valued at about $119,000. 2.41% of the stock is currently owned by institutional investors.

Banco Bradesco Company Profile (NYSE:BBD)

Banco Bradesco SA, together with its subsidiaries, provides banking and financial products and services to individuals, corporates, and businesses in Brazil and internationally. It operates through two segments, Banking and Insurance. The company accepts checking and savings accounts, demand deposits, time deposits, and interbank deposits.

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