Bank of America Corp DE Trims Stock Holdings in Banco Santander Brasil SA $BSBR

Key Points

• Bank of America cut its Banco Santander Brasil position by 46.2% in the first quarter, selling 224,041 shares and retaining 260,734 shares valued at approximately $1.55 million.
• Analyst sentiment weakened, with UBS and JPMorgan downgrading the stock to “neutral” and Zacks Research issuing a “strong sell” rating. The consensus rating is “Reduce” with a $6.00 price target.
• BSBR recently paid a quarterly dividend of $0.1045 per share, equivalent to about $0.42 annually and a 6.9% yield; the stock opened at $6.02 and has traded between $4.94 and $7.32 over the past year.

Bank of America Corp DE lowered its holdings in Banco Santander Brasil SA (NYSE:BSBR - Free Report) by 46.2% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 260,734 shares of the bank's stock after selling 224,041 shares during the period. Bank of America Corp DE's holdings in Banco Santander Brasil were worth $1,546,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of the business. Arrowstreet Capital Limited Partnership boosted its holdings in shares of Banco Santander Brasil by 17.0% in the third quarter. Arrowstreet Capital Limited Partnership now owns 2,957,288 shares of the bank's stock worth $16,531,000 after acquiring an additional 430,531 shares during the period. Empowered Funds LLC bought a new stake in shares of Banco Santander Brasil during the 4th quarter valued at $9,772,000. Alpine Global Management LLC purchased a new stake in Banco Santander Brasil during the 4th quarter worth about $4,735,000. Alliancebernstein L.P. lifted its holdings in Banco Santander Brasil by 99.6% during the 3rd quarter. Alliancebernstein L.P. now owns 327,261 shares of the bank's stock worth $1,829,000 after purchasing an additional 163,314 shares in the last quarter. Finally, Millennium Management LLC boosted its stake in Banco Santander Brasil by 2,671.0% in the 3rd quarter. Millennium Management LLC now owns 326,451 shares of the bank's stock worth $1,825,000 after purchasing an additional 314,670 shares during the period. 14.53% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on BSBR shares. Weiss Ratings raised shares of Banco Santander Brasil from a "hold (c)" rating to a "hold (c+)" rating in a report on Friday, July 31st. UBS Group cut shares of Banco Santander Brasil from a "buy" rating to a "neutral" rating in a research note on Monday, August 24th. JPMorgan Chase & Co. lowered shares of Banco Santander Brasil from an "overweight" rating to a "neutral" rating and decreased their target price for the stock from $6.50 to $6.00 in a report on Thursday, July 30th. Wall Street Zen cut shares of Banco Santander Brasil from a "buy" rating to a "hold" rating in a research note on Sunday, July 12th. Finally, Zacks Research downgraded shares of Banco Santander Brasil from a "hold" rating to a "strong sell" rating in a report on Friday, July 3rd. Three investment analysts have rated the stock with a Hold rating and two have issued a Sell rating to the company. According to MarketBeat, the company presently has a consensus rating of "Reduce" and a consensus target price of $6.00.

Insider Buying and Selling

In related news, insider Gustavo De Sousa Santos sold 29,200 shares of the stock in a transaction on Tuesday, August 4th. The stock was sold at an average price of $5.70, for a total value of $166,440.00. Following the transaction, the insider owned 53,023 shares of the company's stock, valued at $302,231.10. This represents a 35.51% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Celso Mateus De Queiroz sold 29,299 shares of the stock in a transaction on Thursday, August 6th. The shares were sold at an average price of $5.78, for a total value of $169,348.22. Following the completion of the transaction, the insider directly owned 23,838 shares in the company, valued at approximately $137,783.64. This represents a 55.14% decrease in their position. The SEC filing for this sale provides additional information. In the last three months, insiders bought 500,330 shares of company stock valued at $2,652,343 and sold 161,268 shares valued at $921,265. 0.06% of the stock is currently owned by insiders.

Banco Santander Brasil Price Performance

BSBR stock opened at $6.02 on Friday. The company's 50 day moving average is $5.51 and its 200 day moving average is $5.73. The company has a debt-to-equity ratio of 3.34, a quick ratio of 1.29 and a current ratio of 1.56. Banco Santander Brasil SA has a 1-year low of $4.94 and a 1-year high of $7.32.

Banco Santander Brasil Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, August 17th. Stockholders of record on Thursday, July 30th were issued a dividend of $0.1045 per share. This represents a $0.42 dividend on an annualized basis and a dividend yield of 6.9%. The ex-dividend date of this dividend was Thursday, July 30th.

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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