Banco Bradesco Upgraded to Overweight by JPMorgan

Banco Bradesco (NYSE: BBD) has received a significant upgrade from JPMorgan Chase & Co., which changed its rating from “neutral” to “overweight” in a report issued on Tuesday. This upgrade follows a similar move by Bradesco Corretora, which also upgraded the stock to “overweight” on the same day. However, Weiss Ratings took a more cautious stance, downgrading Banco Bradesco from a “buy (b-)” to a “hold (c+)” rating earlier in July.

Currently, Banco Bradesco has a mixed analyst consensus, with three analysts rating it as a “Buy” and one assigning a “Hold” rating. The overall average rating stands at “Moderate Buy,” according to data from MarketBeat.com. On Tuesday, the stock traded up $0.20, reaching $4.53, with a trading volume of 74.6 million shares, significantly higher than its average volume of 35.4 million shares.

The company has seen notable institutional investor activity recently. Arrowstreet Capital increased its holdings by 25.9% during the fourth quarter, while Franklin Resources Inc. boosted its position by 2,469.2%. Other major investors, including Bank of America, Amundi, and Sei Investments, also raised their stakes in Banco Bradesco.

Banco Bradesco reported earnings of $0.12 per share for the quarter ending June 30th, with revenue of $6.77 billion. Analysts anticipate earnings of $0.5 per share for the current year. The stock has a market capitalization of $47.95 billion, a P/E ratio of 10.75, and a beta of 0.46, indicating lower volatility compared to the broader market.