SAO PAULO, July 6, 2026, 16:05 (BRT)
- BBDC4 fell 0.69% to R$17.85 just before 3:49 p.m. Ibovespa slipped 0.95% one minute after.
- The stock traded ex-rights for a R$0.286188324 net preferred-share payment, accounting for about 70% of its raw move from R$18.26.
- Bradesco common and preferred stock make up around 4.74% of the Ibovespa portfolio as of July 6.
- Street targets point to about 27%–28% upside, but that depends on NII growth and what happens with credit cost.
Banco Bradesco S.A. preferred shares BVMF:BBDC4 dropped late in São Paulo on Monday. The decline narrowed after adjusting for the day’s ex-rights impact.
The preferred stock was at R$17.85, down 0.69%, at 3:49 p.m. local time after starting at R$17.92. Ibovespa was at 172,422.28, off 0.95%, at 3:50 p.m.
Bradesco’s shares closed at R$18.26, down 2.25% according to Investing.com. But factoring in the bank’s R$0.286188324 net interest-on-equity for preferred shares, the adjusted base is R$17.97. The drop from that level comes to 0.69%, the same move Google shows. That’s the number investors should focus on, not the raw headline gap.
Bradesco’s board signed off on R$3.5 billion in interim interest on shareholders’ equity. That comes out to R$0.346894939 gross and R$0.286188324 net per preferred share. Investors on record July 3 qualify. Shares go ex-rights July 6, with payment set for Jan. 29, 2027. At R$18.26, the net payout is 1.57% of the price before ex-rights, while the gross amount is 1.90%.
| Measure | Value | Read-through |
|---|---|---|
| Raw move from R$18.26 to R$17.85 | -2.25% | Screen shows a drop ahead of ex-rights adjustment |
| Net preferred-share payment | R$0.286188324 | That works out to 1.57% of R$18.26 |
| Adjusted base after net payment | R$17.97 | Payout subtracted from R$18.26 |
| Clean intraday move to R$17.85 | -0.69% | Matches Google’s adjusted price |
| Share of R$0.41 raw gap explained by payment | 69.8% | So payout drive most of the move |
Bradesco is big enough that index funds feel the reset. In B3’s July 6 portfolio, BBDC4 made up 3.793% of the Ibovespa and the common shares BVMF:BBDC3 held 0.947%, together 4.740%. With Google’s adjusted numbers showing BBDC4 down 0.69% and BBDC3 down 0.70%, both combined knocked about 57 points off the Ibovespa, roughly 3% of the 1,648-point drop.
The Ibovespa is a total-return index and weighted by free-float market value, B3 says. That means the ex-rights adjustment matters for total-return investors, who need to look at both the cash payment and the share price.
The forecast spread is still supporting the buy case, despite a weak session.
| Forecast source | Low target | Average target | High target | Upside vs R$17.85 | Other forecast |
|---|---|---|---|---|---|
| Investing.com | R$19.00 | R$22.83 | R$26.00 | 27.9% | 9 analysts rate it buy, none have a sell |
| Alpha Spread | R$19.19 | R$22.70 | R$27.30 | 27.2% | Revenue CAGR forecast at 5%, net income CAGR 10% |
The targets shift focus to earnings. On the May 7 results call, Bradesco exec Marcelo Noronha said “NII will be the key driver” for 2026 earnings. Bank of America NYSE:BAC analyst Mario Pierry told the call Bradesco turned in a “very predictable result” and said capital had “improved the capital quite a bit.”
Noronha declined to put out a firm ROE goal for investors. When pressed on whether the company could sustain an 18% ROE, he replied, “I don’t promise ROE.” The gap between targets remains about earnings delivery, not chasing dividends.
Bradesco put up Q1 recurring net income of R$6.8 billion, a jump of 16.1% from a year ago. ROE landed at 15.8%, and revenue rose 14%. Management said they’re more cautious on some credit segments but are still looking to expand lending, adding more guarantees to the book.
Bradesco’s next earnings are coming up. TradingView lists July 29 as the date for the report, with analysts expecting EPS at R$0.65 and revenue at R$36.58 billion.
