Arrowstreet Capital Limited Partnership Sells 583,014 Shares of Banco Santander Brasil SA $BSBR

Key Points

• Arrowstreet Capital cut its Banco Santander Brasil stake by 21.6%, selling 583,014 shares and retaining 2.11 million shares valued at approximately $12.5 million. Institutional investors collectively own 14.53% of the company.
• Analyst sentiment weakened: Zacks Research, JPMorgan, Wall Street Zen and Weiss Ratings all downgraded the stock. The consensus rating is “Reduce,” with an average price target of $6.00.
• Banco Santander Brasil declared a quarterly dividend of $0.1045 per share, equivalent to approximately $0.42 annually and a 7.4% yield. Insider activity was mixed, with the CEO purchasing 276,851 shares while another insider sold 7,500 shares.

Arrowstreet Capital Limited Partnership trimmed its position in Banco Santander Brasil SA (NYSE:BSBR - Free Report) by 21.6% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,110,748 shares of the bank's stock after selling 583,014 shares during the quarter. Arrowstreet Capital Limited Partnership owned 0.06% of Banco Santander Brasil worth $12,517,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently bought and sold shares of the business. Dimensional Fund Advisors LP boosted its position in shares of Banco Santander Brasil by 43.5% during the 1st quarter. Dimensional Fund Advisors LP now owns 221,909 shares of the bank's stock valued at $1,316,000 after acquiring an additional 67,224 shares in the last quarter. SPX Gestao de Recursos Ltda raised its position in Banco Santander Brasil by 58.9% in the first quarter. SPX Gestao de Recursos Ltda now owns 86,883 shares of the bank's stock worth $515,000 after purchasing an additional 32,189 shares in the last quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management lifted its stake in Banco Santander Brasil by 44.2% during the first quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management now owns 18,020 shares of the bank's stock worth $107,000 after purchasing an additional 5,527 shares during the period. Caitong International Asset Management Co. Ltd acquired a new stake in Banco Santander Brasil during the fourth quarter valued at approximately $36,000. Finally, Alpine Global Management LLC acquired a new stake in Banco Santander Brasil during the fourth quarter valued at approximately $4,735,000. Institutional investors and hedge funds own 14.53% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms recently commented on BSBR. Zacks Research downgraded Banco Santander Brasil from a "hold" rating to a "strong sell" rating in a research report on Friday, July 3rd. JPMorgan Chase & Co. cut Banco Santander Brasil from an "overweight" rating to a "neutral" rating and cut their price objective for the company from $6.50 to $6.00 in a report on Thursday. Wall Street Zen cut shares of Banco Santander Brasil from a "buy" rating to a "hold" rating in a research report on Sunday, July 12th. Finally, Weiss Ratings downgraded shares of Banco Santander Brasil from a "hold (c+)" rating to a "hold (c)" rating in a report on Monday, June 29th. Two investment analysts have rated the stock with a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat, Banco Santander Brasil currently has a consensus rating of "Reduce" and an average target price of $6.00.

Insider Buying and Selling

In other news, insider Eduardo Alvarez Garrido sold 7,500 shares of the company's stock in a transaction that occurred on Wednesday, May 20th. The shares were sold at an average price of $5.43, for a total value of $40,725.00. Following the completion of the transaction, the insider owned 24,701 shares in the company, valued at $134,126.43. This represents a 23.29% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Mario Roberto Opice Leao acquired 276,851 shares of the company's stock in a transaction that occurred on Tuesday, June 16th. The shares were bought at an average price of $5.38 per share, for a total transaction of $1,489,458.38. Following the completion of the acquisition, the chief executive officer owned 536,751 shares of the company's stock, valued at $2,887,720.38. This trade represents a 106.52% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. In the last ninety days, insiders acquired 500,251 shares of company stock worth $2,651,888. Insiders own 0.06% of the company's stock.

Banco Santander Brasil Stock Performance

Shares of NYSE:BSBR opened at $5.67 on Friday. Banco Santander Brasil SA has a 52 week low of $4.66 and a 52 week high of $7.32. The company has a quick ratio of 1.29, a current ratio of 1.29 and a debt-to-equity ratio of 3.25. The company has a 50 day moving average price of $5.31 and a two-hundred day moving average price of $5.89.

Banco Santander Brasil Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, August 17th. Shareholders of record on Thursday, July 30th will be paid a $0.1045 dividend. The ex-dividend date of this dividend is Thursday, July 30th. This represents a $0.42 dividend on an annualized basis and a yield of 7.4%.

Banco Santander Brasil Company Profile

Banco Santander Brasil SA is the Brazilian unit of Spain-based Grupo Santander and one of the country's major commercial banks. Headquartered in São Paulo, the bank serves a broad client base across Brazil through an integrated network of branches, ATMs and digital channels. Its shares are represented abroad via American Depositary Shares listed on the New York Stock Exchange under the ticker BSBR.

The bank offers a full range of financial products and services for retail, small and medium-sized enterprises, and corporate clients.

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