The Goldman Sachs Group Lowers Banco Bradesco (NYSE:BBD) Price Target to $2.30

Banco Bradesco (NYSE:BBD) had its price target dropped by equities researchers at The Goldman Sachs Group from $3.20 to $2.30 in a note issued to investors on Friday,Benzinga reports. The brokerage presently has a “buy” rating on the bank’s stock. The Goldman Sachs Group’s price objective would indicate a potential upside of 22.67% from the stock’s current price.

Separately, JPMorgan Chase & Co. cut Banco Bradesco from an “overweight” rating to a “neutral” rating in a report on Monday, November 25th.

Banco Bradesco Stock Performance

BBD stock traded down $0.04 during mid-day trading on Friday, reaching $1.88. 31,516,999 shares of the stock traded hands, compared to its average volume of 47,580,762. Banco Bradesco has a 52 week low of $1.84 and a 52 week high of $3.36. The company has a quick ratio of 0.72, a current ratio of 0.72 and a debt-to-equity ratio of 0.36. The firm has a market capitalization of $19.95 billion, a PE ratio of 7.21, a P/E/G ratio of 0.32 and a beta of 0.94. The business has a 50-day moving average of $2.13 and a two-hundred day moving average of $2.42.

Banco Bradesco (NYSE:BBD) last issued its quarterly earnings results on Thursday, October 31st. The bank reported $0.10 EPS for the quarter, topping the consensus estimate of $0.09 by $0.01. The company had revenue of $9.18 billion for the quarter, compared to the consensus estimate of $5.62 billion. Banco Bradesco had a return on equity of 10.17% and a net margin of 7.43%. As a group, equities analysts predict that Banco Bradesco will post 0.33 EPS for the current fiscal year.

Institutional Trading of Banco Bradesco

Institutional investors have recently made changes to their positions in the business. JPMorgan Chase & Co. lifted its stake in Banco Bradesco by 152.6% during the third quarter. JPMorgan Chase & Co. now owns 274,790 shares of the bank’s stock worth $731,000 after purchasing an additional 166,008 shares during the period. SPX Gestao de Recursos Ltda grew its position in Banco Bradesco by 217.0% in the third quarter. SPX Gestao de Recursos Ltda now owns 3,608,320 shares of the bank’s stock valued at $9,598,000 after acquiring an additional 2,470,135 shares during the period. Franklin Resources Inc. grew its position in Banco Bradesco by 2.6% in the third quarter. Franklin Resources Inc. now owns 44,989,586 shares of the bank’s stock valued at $120,122,000 after acquiring an additional 1,139,470 shares during the period. XTX Topco Ltd acquired a new position in Banco Bradesco during the third quarter worth $1,590,000. Finally, iA Global Asset Management Inc. bought a new position in shares of Banco Bradesco during the third quarter valued at $404,000.

Banco Bradesco Company Profile

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.