Sprucegrove Investment Management Ltd. Buys 5,496,800 Shares of Banco Bradesco S.A. (NYSE:BBD)

Sprucegrove Investment Management Ltd. boosted its holdings in Banco Bradesco S.A. (NYSE:BBD) by 9.8% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 61,641,387 shares of the bank’s stock after buying an additional 5,496,800 shares during the period. Banco Bradesco makes up about 7.1% of Sprucegrove Investment Management Ltd.’s investment portfolio, making the stock its 4th biggest position. Sprucegrove Investment Management Ltd.’s holdings in Banco Bradesco were worth $289,715,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in BBD. Veriti Management LLC acquired a new position in Banco Bradesco in the fourth quarter valued at approximately $27,000. WealthStone Inc. acquired a new position in Banco Bradesco in the fourth quarter valued at approximately $65,000. GVO Asset Management Ltd acquired a new position in Banco Bradesco in the first quarter valued at approximately $72,000. Edgestream Partners L.P. acquired a new position in Banco Bradesco in the fourth quarter valued at approximately $75,000. Finally, Advisor Partners LLC lifted its holdings in Banco Bradesco by 40.9% in the fourth quarter. Advisor Partners LLC now owns 16,709 shares of the bank’s stock valued at $88,000 after buying an additional 4,853 shares during the period. Institutional investors and hedge funds own 2.17% of the company’s stock.

NYSE:BBD traded down $0.08 during trading hours on Friday, hitting $5.42. The stock had a trading volume of 455,809 shares, compared to its average volume of 27,637,855. Banco Bradesco S.A. has a one year low of $3.36 and a one year high of $5.70. The stock has a market cap of $52.68 billion, a P/E ratio of 15.88 and a beta of 0.93. The firm has a 50 day moving average price of $4.70.

Banco Bradesco (NYSE:BBD) last issued its earnings results on Monday, May 3rd. The bank reported $1.34 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.11 by $1.23. Banco Bradesco had a net margin of 18.54% and a return on equity of 15.57%. The firm had revenue of $5.52 billion during the quarter, compared to the consensus estimate of $4.94 billion. Sell-side analysts expect that Banco Bradesco S.A. will post 0.49 earnings per share for the current fiscal year.

The business also recently disclosed a — dividend, which will be paid on Monday, August 9th. Stockholders of record on Tuesday, July 6th will be given a dividend of $0.0038 per share. This is an increase from Banco Bradesco’s previous — dividend of $0.00. The ex-dividend date of this dividend is Friday, July 2nd. This represents a dividend yield of 3%. Banco Bradesco’s dividend payout ratio is currently 10.81%.

Separately, Zacks Investment Research raised shares of Banco Bradesco from a “sell” rating to a “hold” rating in a research note on Monday, May 3rd.

Banco Bradesco 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 The Banking, and The Insurance. The company offers leasing, investment banking, brokerage, and consortium management services, overdrafts, as well as credit cards, real estate products, pension plans, and capitalization bonds.

Further Reading: Capital Gains Distribution

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Institutional Ownership by Quarter for Banco Bradesco (NYSE:BBD)

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