BBD vs HIW: Which Is the Better Buy in 2026?

Same yardstick, side by side (as of October 2026). Valuation lined up like this is most meaningful for two names in the same corner of the market, which these are. Figures are approximate; verify before investing.

Reading it: BBD is the cheaper of the two on forward earnings, but cheaper is not the same as better. Pair the valuation with growth (how far the forward P/E sits below the trailing P/E) and risk (beta) before you decide.

The metrics above tell you which is the marginally better business. The bigger risk for most people is not picking the slightly worse stock, it is over-concentrating. BBD and HIW share themes, so owning both, or adding either to what you already hold, can quietly push a large share of your portfolio into one bet.

This is the part a generic comparison page cannot answer, because it depends on what you own. Connect your brokerage and Walnut shows your real, combined BBD and HIW exposure, flags overlap with your existing positions, and tells you if adding one would tip you past a concentration you are comfortable with, read-only by default, with your login staying at your broker. Walnut is not an investment adviser.

Banco Bradesco S.A. is one of Brazil's largest financial institutions, founded in 1943 and headquartered in Osasco in the greater Sao Paulo area. It operates a full-service model spanning retail and wholesale banking, credit cards, asset management, and, through Bradesco Seguros, one of the largest insurance and pension operations in Latin America. The bank serves more than 100 million customers through an extensive physical branch network alongside its digital channels, and it earns money primarily from net interest income on its roughly 1.09 trillion reais expanded loan book, plus fee income and insurance underwriting and investment results. Its U.S.-listed security is an American Depositary Receipt that trades on the New York Stock Exchange under the ticker BBD and represents preferred shares of the parent company.

Full BBD guide

Highwoods Properties (NYSE: HIW) is a fully integrated office REIT headquartered in Raleigh that owns, develops, leases and manages office properties concentrated in the best business districts (BBDs) of fast-growing Sun Belt markets including Atlanta, Charlotte, Dallas, Nashville, Orlando, Raleigh, Richmond and Tampa. The company focuses on newer, amenity-rich buildings meant to win the flight-to-quality trend as tenants consolidate into better space, and it recycles capital by selling older assets and funding development in supply-constrained submarkets. It also runs a modest development pipeline, recently placing over $200 million of projects into service and investing in properties in Dallas and Raleigh, and in September 2026 it closed about $73.5 million of non-core property sales.

Full HIW guide

Both fit overlapping themes, but they are not interchangeable. The useful comparison is which set of drivers and risks you want exposure to.

• BBD drivers: Profitability turnaround under new leadership; Large insurance and pension franchise.
• HIW drivers: Sun Belt flight-to-quality; Rent growth and leasing momentum.

A faster-growing, richer-valued name usually swings harder, so it suits a longer horizon and a higher tolerance for volatility; a steadier, more cash-generative business suits a more conservative or income-minded investor. The honest test is which set of risks you could hold through a drawdown: The most significant risk is currency: because BBD is a real-denominated business reported in U.S. For HIW, office remains the most challenged commercial real estate sector, with hybrid work and corporate downsizing pressuring long-term demand and occupancy.

Growth-minded investors who believe the theme has years to run tend to accept the richer multiple for more upside; value-minded investors lean toward the cheaper forward earnings and steadier profile. Pick BBD if you believe its drivers more; HIW if you believe its. Many investors hold both, but since they share themes, that is a concentrated bet, not diversification. Decide deliberately and check overlap. For the full detail, see the BBD and HIW guides.

BBD. BBD trades at about 12.9 times trailing and 7.6 times forward earnings, well below the average for large U.S. and European banks, a discount for Brazilian macro, currency, and competitive risk rather than a distressed balance sheet. Dividend yield figures vary widely across data providers because Brazilian banks pay frequent small dividends and interest-on-capital, so the roughly 5.8 percent trailing figure should be treated with caution. All reais-denominated figures are subject to translation into dollars at prevailing exchange rates, and the October 22 third-quarter report will reset several of these numbers.

HIW. At about $29.50, HIW trades near 8 to 8.5 times the midpoint of its 2026 FFO guidance, a low multiple that reflects the market's caution on office REITs, and its appeal is largely the high, FFO-covered dividend. Its trailing GAAP P/E near 20 is flattered by property-sale gains, which is why the forward GAAP P/E (about 42) looks so different. Q3 2026 results on October 27 come with consensus revenue near $217 million, and the nine covering analysts have a mean target of about $32, close to the current price.

Headline figures (approximate, October 2026): BBD shows revenue (ttm) ~R$93 billion (latest quarter up ~7% YoY), net income (ttm) ~R$24.3 billion (profit margin ~26%), net income (q2 2026) ~R$7.05 billion; EPS ~$0.13 per ADR, in line, p/e (trailing / forward) ~12.9x / ~7.6x; HIW shows revenue (ttm) ~$839M (+7.5% YoY in Q2 2026), q2 2026 revenue ~$216.4M (vs ~$212M expected), q2 2026 ffo / share ~$0.90 (vs ~$0.86 expected, $0.89 a year earlier), 2026 ffo guidance ~$3.46 to $3.70 per share (raised from $3.40 to $3.68).

BBD and HIW are related but distinct: same themes, different businesses and risks. Neither wins in the abstract; the right pick is whichever thesis you actually believe, sized so you are not over-concentrated in one theme. Walnut can show your combined BBD and HIW exposure against your real portfolio. It is not an investment adviser.