Ohio Pension Adds 4M BBD Shares as Earnings Misses Mount
Ohio's state pension fund just acquired more than four million Banco Bradesco shares as the Brazilian bank posts EPS misses in three of its last four quarters—and as an executive sells shares at a low
Ohio Pension Adds 4M BBD Shares as Earnings Misses Mount
NEW YORK, September 1 —
Banco Bradesco S.A. (BBD) attracted a four-million-share bet from Ohio's state pension fund even as the Brazilian bank missed earnings estimates in three of its last four quarters, and an executive sold shares in August at a price below what the CLO paid in July. The buyers and the earnings trend are pointing in opposite directions.
- Ohio Public Employees Retirement System acquired 4,054,139 BBD shares per a recent regulatory filing.
- Most recent quarter: EPS of $0.13 missed the $0.13 consensus by 6.0%; three of the last four quarters produced misses.
- Net insider activity over 90 days: $2.00 million in purchases against $0.11 million in sales.
The Buying Pattern Looks Cleaner Than It Is
Banco Bradesco, Brazil's second-largest private bank, runs a banking segment covering retail deposits, credit cards, installment loans, and investment banking, and an insurance arm in life, health, pension, and capitalization products for 68,814 employees. CLO Julio Cesar Bueno committed just under $2 million to open-market BBD purchases on July 1, 2026, at $18.10 per share. Ohio PERS followed with its 4 million-plus share acquisition. At a forward P/E of 6.0x and an ADR price of $3.35 against a consensus target of $4.55, the discount is clear. The earnings record behind those multiples is not.
The Sell Below the Buy Is the Uncomfortable Data Point
Executive Officer Jose Augusto Ramalho Miranda sold 6,300 BBD shares on August 25, 2026, at R$16.61 per share — a price that falls below Bueno's July 1 entry of $18.10 on an ADR-adjusted basis. The 90-day net insider window still shows $2.00 million in purchases against $0.11 million in sales, so the aggregate signal remains positive. But the sequence matters: the CLO bought two months ago; a peer executive sold last week. Three of four consecutive quarters produced EPS misses, including a 6.0% shortfall in the most recent period. The one exception, a 7.4% beat two quarters ago, has not repeated.
| Ticker | Mkt cap | Fwd P/E | 52-wk |
|---|---|---|---|
| BBD | $35.4B | 6.0x | +8.6% |
| ITUB | $85.4B | 7.7x | +11.8% |
| GGB | $9.3B | 8.3x | +50.7% |
| ABEV | $44.9B | 13.6x | +31.1% |
| BSBR | $42.9B | 6.7x | +10.2% |
| SID | $1.5B | 4.5x | -25.7% |
What Needs to Arrive for the Re-Rating to Work
The 35% gap between the current ADR price and analyst consensus implies the market is discounting a recovery that has not yet appeared in reported results. Institutional investors hold 24.5% of shares outstanding, and short interest is a negligible 0.2% of float; bears have not pressed a case. The number that would break it: a fourth consecutive miss. Run the free Banco Bradesco S.A. deep-dive →
Current fundamentals, valuation and filing history for Banco Bradesco S.A. (BBD) are tracked on its Basis Report page.
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Ohio's state pension fund just acquired more than four million Banco Bradesco shares as the Brazilian bank posts EPS misses in three of its last four quarters—and as an executive sells shares at a lower price than the CLO paid two months ago.