# Banco Bradesco S.A. (BBD)

> Source: Nexqual · https://nexqual.com/BBD · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Banco Bradesco S.A. (BBD), nexqual.com/BBD" · informational, not investment advice.

**Price:** USD 3.95 (-2.47% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 4.05 · day 3.95–4.06 · 52w 2.98–4.58 · market cap $44.1B · NYQ

## Key facts
- Insider open-market sales, last ~7 months: 9 Form 4 filings, $6.0M; 9 not under a Rule 10b5-1 plan ($6.0M); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Insider open-market purchases, last ~7 months: 27 Form 4 filings, $101M; 0 by opportunistic insiders, 0 by routine insiders.
- Analysts: Buy (mean 2.17 on a 1–5 scale) (6 analysts), mean target USD 4.41 (range 3.69–5.5).
- Total return with dividends: 1Y +25.5% vs S&P 500 +14.9%; 5Y +54.0% vs S&P 500 +80.3%.
- Next earnings: 2026-10-22, EPS estimate USD 0.12, revenue estimate $38.6B.

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 9 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-09-10 | Scarpelli Cassiano Ricardo | Executive Officer | 70,000 | $1.3M | 99.5% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-09-10 | Paris Roberto De Jesus | Executive Officer | 25,000 | $463K | 8.4% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-09-08 | Fernandes Oswaldo Tadeu | Executive Officer | 16,312 | $300K | 5.7% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-09-08 | Paris Roberto De Jesus | Executive Officer | 25,000 | $456K | 7.8% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-08-25 | Ramalho Miranda Jose Augusto | Executive Officer | 6,377 | $106K | 3.9% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-08-13 | Ramalho Miranda Jose Augusto | Executive Officer | 9,360 | $1K | 100% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-06-01 | De Minas Mauricio Machado | Board Member | 29,800 | $523K | 7% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-05-28 | Camara Rogerio Pedro | Director | 146,338 | $2.6M | 37.7% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-05-27 | Ramalho Miranda Jose Augusto | Director | 10,292 | $185K | 98.4% | No | Too little history (no open-market trades in 2023–2025) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Insider purchases (SEC Form 4, open-market, last ~7 months)
27 purchases, $101M. Private placements, offerings, dividend reinvestment and employee stock purchase plan buys are excluded.
| Trade date | Insider | Role | Shares | Value | Avg price | Insider type |
|---|---|---|---|---|---|---|
| 2026-09-28…2026-09-29 | Di Marcello Francesco | Executive Officer | 57,160 | $1.0M | 17.65 | Too little history (no open-market trades in 2023–2025) |
| 2026-09-18 | Caffarelli Paulo Rogerio | Director | 31,266 | $562K | 17.98 | Too little history (no open-market trades in 2023–2025) |
| 2026-09-18 | Favarao Vinicius Urias | Executive Officer | 60,492 | $1.1M | 17.98 | Too little history (no open-market trades in 2023–2025) |
| 2026-09-18 | De Oliveira Tulio Xavier | Executive Officer | 55,444 | $997K | 17.98 | Too little history (no open-market trades in 2023–2025) |
| 2026-09-18 | Machado Silvana Rosa | Executive Officer | 62,048 | $1.1M | 17.98 | Too little history (no open-market trades in 2023–2025) |
| 2026-09-18 | Paris Roberto De Jesus | Executive Officer | 96,702 | $1.7M | 17.98 | Too little history (no open-market trades in 2023–2025) |
| 2026-09-18 | Mantarro Renata Geiser | Executive Officer | 54,760 | $985K | 17.98 | Too little history (no open-market trades in 2023–2025) |
| 2026-09-18 | Fernandes Oswaldo Tadeu | Executive Officer | 79,782 | $1.4M | 17.98 | Too little history (no open-market trades in 2023–2025) |
| 2026-09-18 | Tescarolo Marcos Valerio | Executive Officer | 57,012 | $1.0M | 17.98 | Too little history (no open-market trades in 2023–2025) |
| 2026-09-18 | Bueno Julio Cesar | Executive Officer | 56,355 | $1.0M | 17.98 | Too little history (no open-market trades in 2023–2025) |
| 2026-09-18 | Freiberger Fernando | Executive Officer | 49,550 | $891K | 17.98 | Too little history (no open-market trades in 2023–2025) |
| 2026-09-18 | Ramalho Miranda Jose Augusto | Executive Officer | 63,719 | $1.1M | 17.98 | Too little history (no open-market trades in 2023–2025) |
| 2026-09-18 | Nunes Regina Helena Jorge | Director | 31,266 | $562K | 17.98 | Too little history (no open-market trades in 2023–2025) |
| 2026-09-18 | Marcilio Juliano Ribeiro | Executive Officer | 60,779 | $1.1M | 17.98 | Too little history (no open-market trades in 2023–2025) |
| 2026-09-18 | Alvarez Rubens Aguiar | Director | 46,874 | $843K | 17.98 | Too little history (no open-market trades in 2023–2025) |

## Analysts
Consensus Buy (mean 2.17 on a 1–5 scale), 6 analysts; mean target USD 4.41 (low 3.69, high 5.5).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-08 | HSBC | Downgrade | Buy → Hold | $3.9 |
| 2026-10-06 | JP Morgan | Upgrade | Neutral → Overweight |  |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +25.5% | +54.0% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +25.6% | +9.0% |
| Volatility (annualized) | 39.1% | 37.9% |
| Max drawdown | -27.5% (Apr 2026→Aug 2026) | -51.0% (Mar 2022→Dec 2024) |

## Peers (Banks - Regional)
FITB (Fifth Third Bancorp) USD 53.23 +0.80% · TFC (Truist Financial Corporation) USD 48.42 +1.45% · DB (Deutsche Bank AG) USD 31.48 -2.39% · NWG (NatWest Group plc) USD 16.99 -2.30% · NU (Nu Holdings Ltd.) USD 14.73 -2.13% · LYG (Lloyds Banking Group Plc) USD 5.38 -2.00%

## More
Full page: https://nexqual.com/BBD · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in BBD's own 20-F filed 2026-03-25 (https://www.sec.gov/Archives/edgar/data/1160330/000129281426001753/bbdform20f_2025.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Customer | Alphabet (Google) (GOOGL) | "of the services offered, Digio continues to be well-rated by customers in app stores, on Google My Business and on Reclame Aqui." |
| Partner | Bradesco Seguros | "S.A. (a member of the Grupo Bradesco Seguros - our Group's insurance division), signed an Investment Agreement with the Rede D´Or" |
| Partner | Luiz | "S.A. (a member of our insurance group), entered into an Investment Agreement with Rede D'Or São Luiz S.A. group ("Rede" |
| Partner | B3 | "we executed an agreement with B3 to list our shares on the "Level 1" segment, effective immediately after the disclosure of" |

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-12-31) | $0.12 | $0.14 | -9.6% | $38.63B | 3 |
| Next quarter (ends 2027-03-31) | $0.13 | $0.14 | -5.9% | $39.94B | 2 |
| Current fiscal year (ends 2026-12-31) | $0.49 | $0.50 | -1.4% | $150.60B | 4 |
| Next fiscal year (ends 2027-12-31) | $0.52 | $0.56 | -7.2% | $162.24B | 4 |

## Options: expected move (Cboe, 15-min delayed)

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 75.5% | ±18.1% |
| 2026-12-18 | 56 | 60.0% | ±19.4% |
| 2027-01-15 | 84 | 55.9% | ±21.4% |
| 2027-02-19 | 119 | 49.9% | ±23.3% |
| 2027-03-19 | 147 | 47.7% | ±24.6% |
| 2027-06-17 | 237 | 42.0% | ±27.8% |