Squadra Trims Inter (INBR32) Stake Below 10% Amid YTD Slump
Squadra Investimentos has reduced its equity stake in digital banking group Inter&Co to 9.80%, down from a 10.07% threshold crossed earlier this year.
Prominent institutional investor Squadra Investimentos has reduced its equity stake in digital banking group Inter&Co (INBR32) to 9.80%. The transaction brings Squadra's holding below the 10.07% threshold it had previously crossed in May of this year. According to regulatory filings, Squadra's remaining position consists of 22,361,126 Brazilian Depositary Receipts (BDRs) and 9,563,110 Class A common shares. The investment firm stated that the reduction is not intended to alter Inter&Co’s control or administrative structure.
The divestment comes amid a challenging period for the digital lender. Inter shares have plunged approximately 34% year-to-date, pressured by softer earnings and strategic target revisions. Sell-side analysts have also grown more cautious. Itaú BBA recently cut its net income estimates for Inter by 6% for this year and 10% for next year, pointing to a near-term plateau in return on equity (ROE) growth. While some analysts maintain that the company holds long-term valuation appeal, the institutional selling reflects a market environment where near-term profit deceleration remains a key point of discussion.
The broader Brazilian market faced downward pressure today, with the benchmark Ibovespa index (IBOV) falling 1.24% to close at 173,825.27. Major blue-chip equities also ended the session in negative territory. State-run oil giant Petrobras (PETR4) dropped 1.72% to 39.89 BRL, mining giant Vale (VALE3) slid 2.05% to 72.98 BRL, and financial heavyweight Itaú Unibanco (ITUB4) fell 1.37% to 42.55 BRL.