# Banco Santander (Brasil) S.A. (BSBR)

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

**Price:** USD 5.5 (-1.60% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 5.59 · day 5.47–5.58 · 52w 4.95–7.32 · market cap $20.6B · NYQ

## Key facts
- Insider open-market sales, last ~7 months: 30 Form 4 filings, $6.2M; 30 not under a Rule 10b5-1 plan ($6.2M); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Insider open-market purchases, last ~7 months: 5 Form 4 filings, $2.9M; 0 by opportunistic insiders, 0 by routine insiders.
- Total return with dividends: 1Y +8.7% vs S&P 500 +14.9%; 5Y +22.5% vs S&P 500 +80.3%.
- Next earnings: 2026-10-28, EPS estimate USD 0.18, revenue estimate $21.1B.

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 30 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 |
|---|---|---|---|---|---|---|---|
| 2026-09-24 | Cabral Leonardo Mendes | Officer w/o Specific Desig | 20,000 | $114K | 15.1% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-09-24 | Ishii Michele Soares | Officer w/o Specific Desig | 800 | $5K | 5.7% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-09-22 | Viani Ede Ilson | VP Exec Officer | 50,000 | $290K | 14.3% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-09-03 | Ferro Denis Junior | Officer w/o Specific Desig | 3,203 | $19K | 10.7% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-08-27 | Janikian Cezar Augusto | VP Exec Officer | 6,600 | $38K | 12.3% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-08-27 | Fasoli Franco Luigi | Officer w/o Specific Desig | 5,143 | $30K | 7.7% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-08-25 | Gschliffner Rudolf | Officer w/o Specific Desig | 11,507 | $66K | 25.7% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-08-25 | Fasoli Franco Luigi | Officer w/o Specific Desig | 13,707 | $79K | 17% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-08-13 | Garrido Eduardo Alvarez | Officer w/o Specific Desig | 410 | $2K | 1.7% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-08-13 | Fasoli Franco Luigi | Officer w/o Specific Desig | 24,600 | $140K | 23.4% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-08-11 | Vergara Nicolas | Officer w/o Specific Desig | 17,800 | $102K | 37.9% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-08-11 | Lima Paulo Fernando Alves | Officer w/o Specific Desig | 43,876 | $252K | 55.5% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-08-06 | Queiroz Celso Mateus De | Officer w/o Specific Desig | 29,299 | $169K | 55.1% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-08-04 | Rezende Robson De Souza | Officer w/o Specific Desig | 39,874 | $227K | 56.3% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-08-04 | Santos Gustavo De Sousa | Officer w/o Specific Desig | 29,200 | $166K | 35.5% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-08-04 | Margulies Mariana Cahen | Officer w/o Specific Desig | 42,545 | $243K | 51.4% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-06-16 | Leao Mario Roberto Opice | CEO | 276,851 | $1.5M | 29.6% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-06-11 | Leao Mario Roberto Opice | CEO | 148,400 | $772K | 18.4% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-06-09 | Ohtsuki Vitor | Officer w/o Specific Desig | 1,833 | $10K | 2% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-06-08 | Leao Mario Roberto Opice | CEO | 75,000 | $391K | 10.2% | 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)
5 purchases, $2.9M. Private placements, offerings, dividend reinvestment and employee stock purchase plan buys are excluded.
| Trade date | Insider | Role | Shares | Value | Avg price | Insider type |
|---|---|---|---|---|---|---|
| 2026-08-28 | Da Silva Marcos Jose Maia | Officer w/o Specific Desig | 79 | $0K | 5.76 | Too little history (no open-market trades in 2023–2025) |
| 2026-06-16 | Leao Mario Roberto Opice | CEO | 276,851 | $1.5M | 5.38 | Too little history (no open-market trades in 2023–2025) |
| 2026-06-11 | Leao Mario Roberto Opice | CEO | 148,400 | $772K | 5.2 | Too little history (no open-market trades in 2023–2025) |
| 2026-06-08 | Leao Mario Roberto Opice | CEO | 75,000 | $391K | 5.21 | Too little history (no open-market trades in 2023–2025) |
| 2026-06-02 | Leao Mario Roberto Opice | CEO | 36,500 | $200K | 5.49 | Too little history (no open-market trades in 2023–2025) |

## Analysts
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-09-15 | HSBC | Downgrade | Buy → Hold | $7.2 → $6.2 |
| 2026-08-24 | UBS | Downgrade | Buy → Neutral |  |
| 2026-07-30 | JP Morgan | Downgrade | Overweight → Neutral | $6.5 → $6 |
| 2026-07-07 | JP Morgan | Target lowered | Overweight | $7 → $6.5 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +8.7% | +22.5% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +8.8% | +4.1% |
| Volatility (annualized) | 35.1% | 31.0% |
| Max drawdown | -28.8% (Jan 2026→Jul 2026) | -43.3% (Mar 2022→Dec 2024) |

## Peers (Banks - Regional)
BBD (Banco Bradesco Sa) USD 3.95 -2.47% · FITB (Fifth Third Bancorp) USD 53.23 +0.80% · DB (Deutsche Bank AG) USD 31.48 -2.39% · TFC (Truist Financial Corporation) USD 48.42 +1.45% · NWG (NatWest Group plc) USD 16.99 -2.30% · NU (Nu Holdings Ltd.) USD 14.73 -2.13%

## More
Full page: https://nexqual.com/BSBR · 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 BSBR's own 20-F filed 2026-02-27 (https://www.sec.gov/Archives/edgar/data/1471055/000129281426000592/bsbrform20f_2025.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Customer | Brazilian | "Brazilian law — can materially influence our customers' disposable income, savings flows and creditworthiness." |
| Partner | Banco Santander, S.A. (SAN) | "Partnership between Banco Santander (Brasil) S.A. and Pluxee International" |
| Partner | Brasil | "the conditions precedent established in the agreement were fulfilled, our partnership with the Pluxee Group (which was spun-off from Sodexo)" |

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.17 | $0.22 | -21.1% | $21.06B | 2 |
| Next quarter (ends 2026-12-31) | $0.20 | $0.23 | -16.2% | $21.91B | 2 |
| Current fiscal year (ends 2026-12-31) | $0.70 | $0.83 | -15.5% | $85.06B | 3 |
| Next fiscal year (ends 2027-12-31) | $0.83 | $0.95 | -12.5% | $92.19B | 3 |