Banco Bradesco (NYSE:BBD) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued to investors on Wednesday. The firm currently has a $12.00 target price on the bank’s stock. Zacks Investment Research‘s target price suggests a potential upside of 12.99% from the stock’s current price.
According to Zacks, “Banco Bradesco’s main activities are the provision of banking and insurance services such as private and industrial credit loans, credit cards, mortgaged loans, 24 hour banking, health and life insurance, leasing, pension fund management and services for stock market investors. “
Other equities analysts have also recently issued reports about the company. Scotiabank cut Banco Bradesco from an “outperform” rating to a “sector perform” rating in a research note on Tuesday, September 5th. ValuEngine cut Banco Bradesco from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, October 31st. Finally, Goldman Sachs Group raised Banco Bradesco from a “neutral” rating to a “buy” rating and set a $12.40 price target on the stock in a research report on Monday, September 11th. One equities research analyst has rated the stock with a hold rating, four have issued a buy rating and one has issued a strong buy rating to the stock. The stock has a consensus rating of “Buy” and a consensus target price of $12.20.
Several hedge funds have recently bought and sold shares of BBD. Shelton Capital Management increased its position in Banco Bradesco by 69.0% in the third quarter. Shelton Capital Management now owns 173,699 shares of the bank’s stock worth $1,923,000 after buying an additional 70,909 shares during the period. Cubist Systematic Strategies LLC acquired a new position in shares of Banco Bradesco during the third quarter valued at $1,062,000. First Allied Advisory Services Inc. acquired a new position in shares of Banco Bradesco during the third quarter valued at $583,000. Oppenheimer Asset Management Inc. increased its holdings in shares of Banco Bradesco by 19.0% during the third quarter. Oppenheimer Asset Management Inc. now owns 73,369 shares of the bank’s stock valued at $812,000 after purchasing an additional 11,711 shares during the period. Finally, Stifel Financial Corp increased its holdings in shares of Banco Bradesco by 69.1% during the third quarter. Stifel Financial Corp now owns 36,921 shares of the bank’s stock valued at $409,000 after purchasing an additional 15,091 shares during the period. 2.70% of the stock is currently owned by institutional investors and hedge funds.
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About Banco Bradesco
Banco Bradesco SA is a commercial bank. The Bank offers a range of banking and financial products and services in Brazil and abroad to individuals, large, mid-sized and small companies, and local and international corporations and institutions. Its segments include Financial; Insurance and Capitalization bonds; Pension plans, and Other Activities.
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