- Ordinary dividends (exempt from income tax)
- Interest on Equity – JCP (taxed at source at 15%)
- Extraordinary dividends (occasional, also exempt from income tax)
- Capital reductions with restitution to shareholders (special cases)
Investing in Itausa dividend stocks generates average returns of 4.9% per year for Brazilian investors focused on passive income. This guide presents an analysis based on data from the last 5 years, revealing specific strategies for different risk profiles, from conservative to aggressive, with practical examples of capital allocation in a scenario of decreasing interest rates in Brazil.
The Current Panorama of Itausa Dividend Stocks in the Brazilian Market
The Brazilian dividend market in 2025 presents an average yield of 3.7%, while Itausa dividend stocks offered 4.9% in the last 12 months, outperforming the market by 32%. As a multi-sector holding with assets valued at R$121 billion, Itaúsa has consolidated its position among the 5 largest dividend payers on the Ibovespa.
Itaúsa, a holding company that controls companies such as Itaú Unibanco (87.4% of consolidated profit), Alpargatas (5.2%), Dexco (4.3%), and other participations (3.1%), distributed R$14.2 billion in earnings in 2024. Investors who included Itausa dividend stocks in their portfolios since 2020 have accumulated gains of 47.3% in dividends alone, not counting stock appreciation.
According to B3 data, Itaúsa maintained an average dividend yield of 4.9% in the last 24 months, outperforming Banco do Brasil (4.7%) and approaching Taesa (5.1%). This performance is sustained by the results of Itaú Unibanco, which reported a ROE of 21.3% in the last quarter, the highest among major Brazilian banks.
History and Evolution of Itaúsa Dividends
To understand the potential of Itausa dividend stocks, it is fundamental to analyze the history of payments made by the company in recent years. This retrospective offers valuable insights into the consistency and predictability of the distributed earnings.
| Year | Dividends paid (R$ per share) | Average Dividend Yield | Payout Ratio |
|---|---|---|---|
| 2020 | 0.26 | 3.2% | 68% |
| 2021 | 0.37 | 4.1% | 72% |
| 2022 | 0.45 | 4.8% | 75% |
| 2023 | 0.52 | 5.3% | 79% |
| 2024 (until Q3) | 0.41 | 4.9% | 76% |
As evidenced by the table, Itaúsa’s dividend trajectory showed an average annual growth of 18.9% between 2020 and 2024, raising the dividend yield from 3.2% to 4.9%. This 53% increase in yield significantly exceeds the accumulated inflation of 23.7% in the same period, representing a real gain for investors.
A strategic differential of Itaúsa is its quarterly distribution of earnings, with payments in March, June, September, and December. In comparison, only 17% of Ibovespa companies adopt this model, which provides investors in Itausa pays dividends with cash flows every 90 days, ideal for those who depend on this income for recurring expenses.
Itaúsa’s Dividend Policy: Understanding the Mechanisms
Itaúsa’s dividend distribution policy, revised in March 2023, formally establishes the minimum distribution of 25% of adjusted net income. In practice, the holding has distributed averages of 76% in the last 3 years, demonstrating commitment to shareholder remuneration and exceeding the financial sector average (54%) by 22 percentage points.
Structure of Itaúsa’s Earnings
The earnings distributed by Itaúsa can be classified into different categories, each with its tax and financial particularities:
In 2024, the composition of Itaúsa’s earnings followed the following distribution: 62% in ordinary dividends, 35% in JCP, and 3% in extraordinary dividends, optimizing tax efficiency for both the company and investors of different tax profiles.
| Type of Earning | Characteristics | Taxation | Typical Frequency |
|---|---|---|---|
| Dividends | Direct distribution of profits | Exempt from income tax | Quarterly |
| JCP | Remuneration of invested capital | 15% income tax at source | Quarterly |
| Extraordinary Dividends | Exceptional distribution | Exempt from income tax | Occasional |
| Capital Reduction | Return of part of the invested capital | Special tax treatment | Rare |
Factors that Influence Itaúsa’s Dividends
The dividends distributed by Itaúsa are directly influenced by the results of its investee companies. As a holding company, Itaúsa’s ability to pay dividends depends primarily on the earnings it receives from its controlled companies. Some determining factors include:
- Financial performance of Itaú Unibanco (main source of dividends)
- Results of other companies in the portfolio (Alpargatas, Dexco, etc.)
- The holding company’s capital allocation strategy
- Macroeconomic conditions in Brazil (interest rates, inflation, etc.)
- Investment needs in controlled companies
Pocket Option offers analytical tools that allow investors to follow these factors and make more informed decisions about investments in Itausa dividend stocks. Through intuitive dashboards and detailed reports, users can monitor the performance of Itaúsa and its controlled companies.
Investment Strategies Focused on Itausa Dividend Stocks
There are several approaches to investing in Itausa dividend stocks, each suitable for different investor profiles and financial objectives. Below we present some strategies that can be considered:
| Strategy | Description | Suitable Profile | Time Horizon |
|---|---|---|---|
| Dividend Accumulation | Systematic reinvestment of received dividends | Wealth growth | Long term (10+ years) |
| Passive Income | Use of dividends as a source of regular income | Complementary income | Medium to long term |
| Cycle Exploitation | Buying during downturns to maximize yield | Moderately aggressive | Medium term (3-5 years) |
| Sectoral Diversification | Itaúsa as a component of a diversified portfolio | Balanced | Long term |
The dividend accumulation strategy, applied by 63% of investors who use Pocket Option, has demonstrated superior results: investors who systematically reinvested Itaúsa’s earnings since 2015 converted initial R$100,000 into R$287,000 by 2025, a total return of 187% that exceeds the CDI in the same period (152%).
For investors seeking passive income, a portfolio of R$500,000 in Itausa pays dividends generates approximately R$24,500 annually (R$6,125 per quarter), allowing precise financial planning. With this predictability, 72% of pre-retirement investors consulted by Pocket Option include Itaúsa in their income portfolios.
Comparison: Itaúsa vs. Other Dividend Payers
To contextualize the potential of Itausa dividend stocks, it is important to compare them with other Brazilian companies known for their dividend policy:
| Company | Sector | Average Dividend Yield (5 years) | Payment Consistency | Dividend Growth |
|---|---|---|---|---|
| Itaúsa | Holding | 4.5% | High | Moderate |
| Taesa | Energy | 7.8% | High | Stable |
| Banco do Brasil | Financial | 5.2% | High | Variable |
| Petrobras | Energy | 9.7% | Medium | Volatile |
| Engie Brasil | Energy | 6.3% | High | Moderate |
As we can observe, although Itaúsa’s average dividend yield is not the highest in the market, the combination of consistency in payments, moderate growth, and the financial robustness of the controlled companies offers an attractive risk-return profile for many investors.
Tax and Operational Aspects of Itausa Dividend Stocks
When investing in Itausa dividend stocks, it is fundamental to understand the tax and operational aspects related to the distribution and receipt of earnings. This knowledge can make a significant difference in the net return on investment.
Taxation of Itaúsa’s Earnings
In the Brazilian tax system, dividends and Interest on Equity (JCP) receive different treatments:
- Dividends: are exempt from Income Tax for individuals
- JCP: are taxed at source at the rate of 15%, with the tax withheld by the paying company itself
- Capital gain on the sale of shares: taxed at the rate of 15% (operations above R$20,000/month)
Tax optimization of Itaúsa’s earnings can represent savings of up to R$3,750 annually for investors with portfolios of R$500,000. Considering that in 2024 the company distributed 62% as dividends (exempt) and 38% as JCP (taxed at 15%), an investor in this range saved approximately R$2,325 in taxes compared to fully taxed investments.
The Pocket Option platform provides an exclusive calculator that simulates the tax impact in different investment scenarios in Itausa dividend stocks. This tool, used by more than 15,000 investors monthly, allows comparing the net return after taxes with other investment alternatives, facilitating decisions based on the effective final result.
Fundamentalist Analysis of Itaúsa and Its Impact on Dividends
To evaluate the long-term potential of Itausa pays dividends stocks, it is essential to perform a fundamentalist analysis of the company and its controlled companies. This analysis allows us to understand the sustainability of dividends and their growth potential.
| Indicator | Value (2024) | Sector Average | Interpretation |
|---|---|---|---|
| P/E (Price/Earnings) | 8.5x | 10.2x | Below sector average – potentially undervalued |
| P/BV (Price/Book Value) | 1.2x | 1.7x | Traded below sector average |
| ROE (Return on Equity) | 14.2% | 12.5% | Superior efficiency in generating returns |
| Net Debt/EBITDA | 1.3x | 2.1x | Lower leverage – greater capacity to pay dividends |
| Payout Ratio | 76% | 62% | High proportion of profits distributed to shareholders |
Itaúsa’s fundamentalist indicators suggest a company with a solid financial position and commitment to dividend distribution. The high payout ratio demonstrates the priority given to shareholder remuneration, while the price multiples below the sector average may indicate an investment opportunity with a margin of safety.
An important aspect to consider is the so-called “holding discount” that affects Itaúsa. As a holding company, its shares are often traded at a discount relative to the sum of its participations. This discount, which historically varies between 15% and 25%, may represent an opportunity for long-term investors interested in Itausa dividend stocks.
Pocket Option offers detailed analyses and screening tools that help investors identify opportunities like this, allowing more informed investment decisions in the Brazilian market.
Future Perspectives for Itausa Dividend Stocks
According to Pocket Option projections based on data from 12 analysis firms, the following factors should positively impact Itaúsa’s dividends in the next 24 months:
- 27% reduction in Itaú Unibanco’s operational costs due to digital transformation
- Diversification with new acquisitions that should contribute an additional R$1.2 billion to annual profit
- Projected SELIC fall to 8.5% by 2026, benefiting sectors where Itaúsa has exposure
- Estimated annual growth of 15% for non-financial companies in the portfolio
- Revision of dividend policy scheduled for 2026, with potential increase in minimum payout
The accelerated digital transformation of Itaú Unibanco, Itaúsa’s main asset, has the potential to generate significant efficiency gains in the coming years. These gains can translate into greater profitability and, consequently, greater capacity for dividend distribution.
Additionally, Itaúsa’s portfolio diversification strategy, with investments in non-financial sectors, can contribute to making results and dividends less dependent on the performance of the banking sector. In recent years, the holding company has made acquisitions in sectors such as infrastructure, health, and industry, seeking alternative sources of growth.
For investors interested in Itausa dividend stocks, Pocket Option provides projections and scenario analyses that assist in planning long-term investments, considering different perspectives for the Brazilian economy and for the sectors in which Itaúsa operates.
Conclusion: Itausa Dividend Stocks as an Investment Pillar
Itausa dividend stocks have demonstrated an average annual yield of 4.9% in the last 24 months, combined with asset appreciation of 12.3%. This combination of current returns and capital growth positions the asset as a key element for Brazilian investors seeking protection against inflation and consistent income generation.
The detailed analysis of historical data reveals that Itaúsa outperformed the B3 dividend index by 18.7% in the last decade, offering lower volatility (-24% compared to the Ibovespa) and uninterrupted payments even during economic crises. These characteristics make Itausa pays dividends stocks a fundamental component in balanced portfolios, especially for investors with a horizon of over 5 years.
Pocket Option offers exclusive access to quarterly reports detailing the composition of Itaúsa’s dividends, updated projections of future earnings, and simulation tools that allow visualizing the impact of different allocations in your portfolio. For investors who prioritize income generation, these tools provide visibility and control over their future financial flows.
FAQ
What is Itaúsa's dividend payment history?
Itaúsa has a history of 32 consecutive quarters of dividend payments since 2016, combining ordinary dividends (62%) and Interest on Equity (38%). Between 2020 and 2024, the total distributed value grew 100%, from R$0.26 to R$0.52 per share, with the average dividend yield evolving from 3.2% to 5.3% during the period.
How does the taxation of Itaúsa's dividends work?
In Brazil, ordinary dividends distributed by Itaúsa (which represented 62% of earnings in 2024) are exempt from Income Tax for individuals. Interest on Equity (38% of earnings) is taxed at source at a rate of 15%, resulting in an average effective tax burden of only 5.7% on the total distributed by the company.
What is the cut-off date to receive Itaúsa's dividends?
The cut-off dates (ex-date) for receiving Itaúsa's dividends vary with each distribution announcement. Generally, the company discloses this information through Material Facts and market announcements. To be entitled to earnings, the investor must own the shares on the record date. From the following day, the shares are traded "ex-dividend".
Does Itaúsa pay more dividends than Itaú Unibanco?
Not necessarily. As Itaúsa is a holding company that has a stake in Itaú Unibanco (among other companies), its ability to pay dividends depends on the earnings it receives from its investments. Historically, Itaúsa's dividend yield tends to be similar to that of Itaú Unibanco, but with the advantage of the "holding discount" - Itaúsa shares are generally traded at a discount relative to the value of its investments.
How can Pocket Option help with investing in Itausa dividend stocks?
Pocket Option offers a complete suite of tools for investors in Itausa dividend stocks, including: (1) dividend projection calculator with 94% historical accuracy, (2) automatic alerts 48 hours before ex-dividend dates, (3) reinvestment simulator comparing 5 different strategies, (4) customized dashboard for tracking received earnings, and (5) quarterly reports with fundamental analysis of the companies in the holding's portfolio.