Banco Bradesco SA (NYSE:BBDO) Sees Significant Decrease in Short Interest

Banco Bradesco SA (NYSE:BBDO) was the target of a large decline in short interest during the month of September. As of September 15th, there was short interest totaling 77,922 shares, a decline of 55.1% from the August 31st total of 173,362 shares. Approximately 0.0% of the shares of the stock are sold short. Based on an average trading volume of 66,308 shares, the short-interest ratio is presently 1.2 days.

Hedge Funds Weigh In On Banco Bradesco

Several institutional investors have recently made changes to their positions in the stock. QRG Capital Management Inc. grew its stake in Banco Bradesco by 49.2% in the second quarter. QRG Capital Management Inc. now owns 21,423 shares of the bank’s stock valued at $64,000 after acquiring an additional 7,068 shares during the period. Ameritas Advisory Services LLC bought a new stake in Banco Bradesco during the 2nd quarter worth approximately $33,000. Royal Bank of Canada raised its stake in shares of Banco Bradesco by 307.2% in the first quarter. Royal Bank of Canada now owns 20,121 shares of the bank’s stock worth $67,000 after purchasing an additional 15,180 shares during the last quarter. Renaissance Technologies LLC lifted its holdings in shares of Banco Bradesco by 198.9% in the first quarter. Renaissance Technologies LLC now owns 34,999 shares of the bank’s stock valued at $115,000 after purchasing an additional 23,289 shares in the last quarter. Finally, Cetera Investment Advisers lifted its holdings in shares of Banco Bradesco by 160.5% in the first quarter. Cetera Investment Advisers now owns 29,490 shares of the bank’s stock valued at $97,000 after purchasing an additional 18,168 shares in the last quarter.

Banco Bradesco Trading Up 0.8%

Shares of Banco Bradesco stock traded up $0.03 on Tuesday, reaching $3.06. 51,747 shares of the company’s stock were exchanged, compared to its average volume of 66,675. The firm’s 50-day moving average is $3.15 and its two-hundred day moving average is $3.18. The company has a market capitalization of $32.48 billion, a P/E ratio of 7.30 and a beta of 0.54. The company has a debt-to-equity ratio of 2.93, a quick ratio of 1.48 and a current ratio of 1.48. Banco Bradesco has a 52 week low of $2.65 and a 52 week high of $3.80.

Banco Bradesco Cuts Dividend

The business also recently declared a monthly dividend, which will be paid on Tuesday, November 10th. Shareholders of record on Monday, October 5th will be issued a $0.0034 dividend. The ex-dividend date is Monday, October 5th. This is a negative change from Banco Bradesco’s previous monthly dividend of $0.0518. This represents a $0.04 dividend on an annualized basis and a yield of 1.3%. Banco Bradesco’s dividend payout ratio is 7.14%.

Analysts Set New Price Targets

Separately, Weiss Ratings lowered shares of Banco Bradesco from a “buy (b-)” rating to a “hold (c+)” rating in a report on Monday, August 3rd. One research analyst has rated the stock with a Hold rating, Based on data from MarketBeat.com, the company currently has an average rating of “Hold”.

About Banco Bradesco

Banco Bradesco SA is a Brazilian financial services company that provides banking and related products to individuals, businesses and institutional clients. Its services include checking and savings accounts, consumer and commercial lending, credit and debit cards, payment services, foreign exchange, investment products and wealth management.

Through its operating businesses, Bradesco also provides insurance, pension and capitalization products, as well as investment banking and asset management services.