Banco Bradesco (NYSE:BBD) Stock Rating Cut to Hold at Citigroup

Banco Bradesco (NYSE:BBD) was downgraded by investment analysts at Citigroup from a “buy” rating to a “hold” rating in a note issued to investors on Tuesday, Marketbeat reports.

Several other equities analysts also recently weighed in on BBD. HSBC downgraded Banco Bradesco from a “buy” rating to a “hold” rating and set a $3.90 price objective for the company. in a research note on Thursday, October 8th. Bradesco Corretora raised Banco Bradesco from a “neutral” rating to an “overweight” rating in a research note on Tuesday, October 6th. The Goldman Sachs Group reaffirmed a “neutral” rating and issued a $4.20 price objective on shares of Banco Bradesco in a research note on Friday, October 9th. Weiss Ratings raised Banco Bradesco from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Thursday, October 8th. Finally, Wall Street Zen raised Banco Bradesco to a “hold” rating in a research note on Saturday, October 17th. Three investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $4.05.

Banco Bradesco Stock Down 0.2%

NYSE:BBD opened at $2.93 on Tuesday. Banco Bradesco has a fifty-two week low of $2.74 and a fifty-two week high of $4.58. The firm’s fifty day simple moving average is $3.60 and its 200-day simple moving average is $3.66.

Banco Bradesco (NYSE:BBD) last posted its quarterly earnings results on Thursday, October 22nd. The bank reported $0.12 earnings per share for the quarter, missing analysts’ consensus estimates of $0.13 by ($0.01). The firm had revenue of $6.32 billion for the quarter, compared to analyst estimates of $7.52 billion. As a group, analysts forecast that Banco Bradesco will post 0.50 EPS for the current year.

Hedge Funds Weigh In On Banco Bradesco

Several hedge funds have recently added to or reduced their stakes in the business. Global Wealth Strategies & Associates purchased a new position in Banco Bradesco during the second quarter worth $38,000. Wayfinding Financial LLC purchased a new position in Banco Bradesco during the second quarter worth $40,000. Diversify Wealth Management LLC purchased a new position in Banco Bradesco during the first quarter worth $43,000. Modern Wealth Management LLC purchased a new position in Banco Bradesco during the first quarter worth $55,000. Finally, EverSource Wealth Advisors LLC increased its position in Banco Bradesco by 62.1% during the first quarter. EverSource Wealth Advisors LLC now owns 15,858 shares of the bank’s stock worth $58,000 after buying an additional 6,074 shares in the last quarter.

Banco Bradesco Company Profile

Banco Bradesco SA is a Brazilian financial services company headquartered in Osasco, São Paulo. Founded in 1943, the bank serves individuals, businesses and institutional clients through a broad network of branches, digital channels and automated banking services.

Bradesco offers traditional banking products and services, including checking and savings accounts, personal and commercial loans, credit and debit cards, payment solutions, foreign exchange and investment products. Through its related businesses, the company also provides insurance, pension and capitalization products, asset management, brokerage and other financial services.

The company primarily serves customers in Brazil and maintains international activities to support corporate and institutional clients, including services related to international banking and trade.