Fri Sep 20 11:42:49 UTC 2024: ## Sprucegrove Investment Management Cuts Stake in Banco Bradesco

**New York, NY** – Sprucegrove Investment Management Ltd., a prominent institutional investor, reduced its holdings in Banco Bradesco S.A. (NYSE:BBD) by 1.6% in the second quarter, according to HoldingsChannel.com. The firm sold 1,201,800 shares, bringing its total ownership down to 72,739,401 shares. Despite the reduction, Banco Bradesco remains the fourth-largest position in Sprucegrove’s portfolio, representing 8.4% of its holdings.

This move comes amidst a flurry of activity from other institutional investors. Fisher Asset Management LLC significantly increased its stake in Banco Bradesco by 77.2% in the fourth quarter, while Wellington Management Group LLP raised its holdings by 14.1% during the same period. Oaktree Capital Management LP and Russell Investments Group Ltd. also boosted their positions in the bank.

Banco Bradesco’s stock performance has attracted attention from analysts. The Goldman Sachs Group upgraded the company’s rating from “neutral” to “buy,” and raised its price target from $2.50 to $3.20.

In its most recent earnings report, Banco Bradesco exceeded analysts’ expectations, reporting $0.09 EPS for the quarter. The company also announced a monthly dividend of $0.0035, payable on October 8th.

Banco Bradesco, headquartered in Brazil, offers a wide range of banking and insurance services to individuals, businesses, and corporations both domestically and internationally.

**Disclaimer:** This news article is based on information from HoldingsChannel.com and MarketBeat.com. It is not financial advice and investors should conduct their own research before making any investment decisions.

Read More