Banco Bradesco (NYSE:BBD) Stock Rating Lowered by JPMorgan Chase & Co.

Banco Bradesco (NYSE:BBD) was downgraded by equities research analysts at JPMorgan Chase & Co. from an “overweight” rating to a “neutral” rating in a research note issued to investors on Monday, MarketBeat.com reports.

Separately, The Goldman Sachs Group upgraded shares of Banco Bradesco from a “neutral” rating to a “buy” rating and boosted their target price for the company from $2.50 to $3.20 in a report on Monday, August 19th.

Banco Bradesco Stock Up 1.3 %

NYSE:BBD opened at $2.37 on Monday. The company has a current ratio of 0.72, a quick ratio of 0.72 and a debt-to-equity ratio of 0.36. The company’s 50-day moving average is $2.55 and its two-hundred day moving average is $2.52. Banco Bradesco has a 1-year low of $2.16 and a 1-year high of $3.65.

Banco Bradesco (NYSE:BBD) last posted its earnings results on Thursday, October 31st. The bank reported $0.10 earnings per share for the quarter, beating the consensus estimate of $0.09 by $0.01. The company had revenue of $9.18 billion for the quarter, compared to analyst estimates of $5.62 billion. Banco Bradesco had a net margin of 7.43% and a return on equity of 10.17%. As a group, equities analysts anticipate that Banco Bradesco will post 0.34 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Banco Bradesco

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Massachusetts Financial Services Co. MA raised its stake in shares of Banco Bradesco by 170.5% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 87,965,525 shares of the bank’s stock valued at $233,988,000 after acquiring an additional 55,444,555 shares during the period. Fisher Asset Management LLC raised its stake in shares of Banco Bradesco by 19.2% in the 3rd quarter. Fisher Asset Management LLC now owns 75,833,254 shares of the bank’s stock valued at $201,716,000 after acquiring an additional 12,228,662 shares during the period. Wellington Management Group LLP raised its stake in shares of Banco Bradesco by 15.1% in the 3rd quarter. Wellington Management Group LLP now owns 47,046,779 shares of the bank’s stock valued at $125,144,000 after acquiring an additional 6,171,193 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC purchased a new stake in Banco Bradesco during the 3rd quarter worth approximately $104,542,000. Finally, Itau Unibanco Holding S.A. increased its stake in Banco Bradesco by 56.8% during the 3rd quarter. Itau Unibanco Holding S.A. now owns 37,616,918 shares of the bank’s stock worth $100,061,000 after buying an additional 13,627,768 shares during the period.

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 segments, 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; overdraft and agribusiness loans; debit and business cards; financial and security services; consortium products; car, personal accident, dental, travel, and life insurance; investment products; pension products; foreign currency exchange services; capitalization bonds; and internet banking services.