Banco Bradesco SA (NYSE:BBDO) Sees Large Decline in Short Interest

Banco Bradesco SA (NYSE:BBDO) was the target of a large decrease in short interest during the month of September. As of September 15th, there was short interest totaling 77,922 shares, a decrease 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 days-to-cover ratio is presently 1.2 days.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in BBDO. QRG Capital Management Inc. raised its position in Banco Bradesco by 49.2% during the second quarter. QRG Capital Management Inc. now owns 21,423 shares of the bank’s stock valued at $64,000 after purchasing an additional 7,068 shares in the last quarter. Ameritas Advisory Services LLC purchased a new position in shares of Banco Bradesco in the 2nd quarter worth about $33,000. Royal Bank of Canada increased its position in shares of Banco Bradesco by 307.2% during the 1st quarter. Royal Bank of Canada now owns 20,121 shares of the bank’s stock valued at $67,000 after purchasing an additional 15,180 shares during the last quarter. Renaissance Technologies LLC increased its position in shares of Banco Bradesco by 198.9% during the 1st 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 during the last quarter. Finally, Cetera Investment Advisers raised its holdings in shares of Banco Bradesco by 160.5% during the 1st quarter. Cetera Investment Advisers now owns 29,490 shares of the bank’s stock valued at $97,000 after buying an additional 18,168 shares in the last quarter.

Banco Bradesco Price Performance

Shares of NYSE:BBDO traded down $0.05 during trading on Monday, reaching $3.05. The company had a trading volume of 76,676 shares, compared to its average volume of 76,807. The company has a fifty day moving average of $3.15 and a two-hundred day moving average of $3.19. The stock has a market capitalization of $32.32 billion, a P/E ratio of 7.26 and a beta of 0.54. Banco Bradesco has a 12 month low of $2.65 and a 12 month high of $3.80. The company has a current ratio of 1.48, a quick ratio of 1.48 and a debt-to-equity ratio of 2.93.

Banco Bradesco Cuts Dividend

The business also recently announced a monthly dividend, which will be paid on Tuesday, November 10th. Investors of record on Monday, October 5th will be given a $0.0034 dividend. This represents a $0.04 annualized dividend and a yield of 1.3%. This is a drop from Banco Bradesco’s previous monthly dividend of $0.0518. The ex-dividend date is Monday, October 5th. Banco Bradesco’s dividend payout ratio (DPR) is presently 7.14%.

Wall Street Analyst Weigh In

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

About Banco Bradesco

Banco Bradesco SA is a Brazilian financial services company headquartered in Osasco, São Paulo. Founded in 1943 in Marília, São Paulo, the institution has grown into one of Brazil’s major banking groups, serving individuals, businesses, corporate clients and public-sector organizations through a broad network of physical and digital channels.

Bradesco offers a range of financial products and services, including checking and savings accounts, consumer and commercial lending, credit and debit cards, payment solutions, investments, brokerage services, asset management and private banking.