10 Best Bank Penny Stocks to Buy Now

2. Banco Bradesco S.A. (NYSE:BBD)

Number of Hedge Fund Holders: 19

Since 1943, Banco Bradesco S.A. (NYSE:BBD) has grown into a Brazilian financial giant, offering banking and insurance services to individuals and businesses. Banco Bradesco S.A. (NYSE:BBD) ranks highly among the best bank penny stocks to invest in.

Banco Bradesco S.A.’s (NYSE:BBD) Q1 2024 results, highlighted steady profitability with net income of BRL 4.2 billion, reflecting an increase of 46% year-over-year (YoY). Loan growth showed positive signs, increasing 1.2% YoY and 1.4% quarter-over-quarter, indicating a reversal of the previous declining trend.

This growth was particularly notable in segments like real estate mortgages (up 5.8% YoY) and personal loans (up 1.8% YoY). Credit card loans remained flat due to higher risk considerations. The company also maintained well-controlled operating expenses. Overall, these results align with Banco Bradesco S.A.’s (NYSE:BBD) plan for gradual growth throughout 2024.

Banco Bradesco S.A. (NYSE:BBD) has received a consensus rating of “Buy”, with an average price target of $4.5. At the end of the first quarter of 2024, 19 funds reported owning a stake in Banco Santander, S.A. (NYSE:SAN).