Brazil’s June Dividend Season Opens With Petrobras and Banco do Brasil

Barometer Capital Management’s June 3, 2026 North American large-cap picks are Bombardier, BHP Group and Tamarack Valley Energy. The firm says markets are split between strong and weak stocks and holds ~8% cash. Bombardier cites a record Q1 2026 $20.3B backlog and raised 2026 FCF guidance to over $1B. BHP highlights copper growth and shareholder returns. Tamarack targets ~US$35/bbl 2026 breakeven and plans to use $804M asset-sale proceeds for dividends, buybacks and growth.

Brazil’s six largest banks agreed to guarantee a federal-district loan to recapitalize Banco de Brasília, owned by the Federal District government, in a deal homologated by Supreme Federal Tribunal Justice Luiz Fux. The Federal District will borrow about 6–6.5 billion reais via the FGC, with funds used only for BRB capital injection. Guarantees come from Itaú, Bradesco, Santander Brasil, BTG Pactual, Banco do Brasil and Caixa.

Mondrian Investment Partners increased its stake in Petroleo Brasileiro S.A.- Petrobras (NYSE:PBR) by 14.1% in Q4, buying 1,562,473 shares to hold 12,655,094 shares. The position was about 2.4% of its portfolio and valued at $149.96M. Petrobras reported Q1 EPS of $0.96 on revenue of $23.54B and declared a special dividend of $0.1426.

Petrobras has finalized the acquisition of a 49.99% stake in Lightsource bp's Brazilian subsidiaries, forming a joint venture to develop renewable energy and storage projects. This move aligns with Petrobras's 2026-2030 business plan to expand its solar generation and clean energy presence in Brazil. Analysts rate Petrobras (PBR) as a Buy with a $24.80 price target, and TipRanks' AI Analyst, Spark, also rates it as Outperform due to solid financial performance and attractive valuation.

Banco Bradesco S.A. (BBD) has shown significant operational improvements with a 10% YoY revenue increase and stabilized loan portfolio quality, reducing restructured assets to 3.3%. Despite these gains, the stock trades at 1.2x P/B with a 15% ROAE, making it less attractive compared to peers like ITUB and BSBR. The author maintains a "Sell" rating due to limited upside, macro risks, and stronger alternative investments in the Brazilian banking sector.

Banco Bradesco S.A. shareholders have overwhelmingly approved the partial spin-off of Bradseg Participações S.A. and the absorption of the spun-off portion by Banco Bradesco during a Special Shareholders’ Meeting. This decision, with near-unanimous votes, authorizes Bradesco's management to proceed with the transaction, aiming to streamline corporate organization and enhance operational efficiency. TipRanks' AI Analyst, Spark, rates BBD as Neutral, noting volatile cash flow and revenue decline despite profitability, but sees constructive technical momentum and a reasonable value/dividend setup.