BTG Pactual Flags Itaú, Petrobras Among September Dividend Picks With Yields Reaching 13%+

The Quick Take

• BTG Pactual has published its September recommended dividend portfolio featuring Itaú Unibanco (ITUB4), Petrobras (PETR4), and other high-yield Brazilian stocks with dividends reaching up to 13%.
• The bank also reinforced its recommended Brazilian real estate investment trusts (FIIs), highlighting receivables funds with yields up to 14.6% for September.
• BTG's dual focus on dividend equities and FIIs reflects a strategy to capture high nominal yields in Brazil's still-elevated interest rate environment.

BTG Pactual, Brazil's largest investment bank by market capitalization, has updated its recommended dividend equity and FII (Fundo de Investimento Imobiliário) portfolios for September 2026, maintaining high-yield names as core positions. Itaú Unibanco and Petrobras are featured among the equity recommendations, both offering dividend yields in the double-digit range that reflects Brazil's high nominal interest rate environment. BTG reinforced its overweight position in FII receivables funds, which provide exposure to Brazilian credit markets through real estate loan portfolios and have delivered yields competitive with fixed income alternatives.

The recommendation highlights the unique income investing landscape in Brazil, where Selic rate levels have historically pushed equity dividend yields into ranges that compare favorably with fixed income. Brazilian banks like Itaú distribute a significant portion of earnings as dividends, making them central to income portfolio construction in the local market. Petrobras's dividend policy — which has been generous in periods of high oil prices and government spending capacity — remains a key variable for income investors, though policy continuity risk under the current administration adds uncertainty to forward yield sustainability.

Brazilian income investors should monitor BTG's monthly portfolio updates as a leading indicator of where institutional sentiment is moving within the dividend equity and FII sectors. The macro variable is the Brazilian interest rate trajectory — any SELIC rate reduction would compress the absolute attractiveness of dividend yields and potentially trigger sector rotation away from income names. Key forward signals include Petrobras's dividend policy announcements and Itaú's quarterly payout ratios, which determine whether the recommended yields are sustainable through the fiscal year.

Synthesized from 2 sources.