Russell Investments Group Ltd. cut its holdings in shares of Itau Unibanco Holding SA (NYSE:ITUB) by 21.4% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 8,115,262 shares of the bank’s stock after selling 2,207,740 shares during the period. Russell Investments Group Ltd.’s holdings in Itau Unibanco were worth $83,948,000 at the end of the most recent quarter.
Other hedge funds have also modified their holdings of the company. Comerica Bank raised its holdings in Itau Unibanco by 2.0% during the 1st quarter. Comerica Bank now owns 230,932 shares of the bank’s stock worth $3,490,000 after purchasing an additional 4,602 shares during the last quarter. Whittier Trust Co. of Nevada Inc. raised its holdings in Itau Unibanco by 3,390.0% during the 1st quarter. Whittier Trust Co. of Nevada Inc. now owns 20,277 shares of the bank’s stock worth $316,000 after purchasing an additional 19,696 shares during the last quarter. Sumitomo Mitsui Trust Holdings Inc. bought a new stake in Itau Unibanco during the 1st quarter worth about $219,000. Commerce Bank bought a new stake in Itau Unibanco during the 1st quarter worth about $681,000. Finally, American Century Companies Inc. raised its holdings in Itau Unibanco by 53.7% during the 1st quarter. American Century Companies Inc. now owns 3,447,609 shares of the bank’s stock worth $53,783,000 after purchasing an additional 1,205,216 shares during the last quarter. 5.15% of the stock is currently owned by institutional investors and hedge funds.
Shares of ITUB stock opened at $11.00 on Friday. The company has a debt-to-equity ratio of 1.67, a current ratio of 1.35 and a quick ratio of 1.35. The stock has a market capitalization of $73.33 billion, a PE ratio of 9.65, a P/E/G ratio of 0.88 and a beta of 1.78. Itau Unibanco Holding SA has a one year low of $9.92 and a one year high of $16.98.
Itau Unibanco (NYSE:ITUB) last announced its quarterly earnings results on Tuesday, July 31st. The bank reported $0.27 EPS for the quarter, missing analysts’ consensus estimates of $0.29 by ($0.02). Itau Unibanco had a net margin of 17.21% and a return on equity of 16.67%. sell-side analysts expect that Itau Unibanco Holding SA will post 1.09 earnings per share for the current fiscal year.
The business also recently declared a special dividend, which will be paid on Thursday, October 11th. Stockholders of record on Wednesday, September 5th will be paid a $0.0039 dividend. The ex-dividend date is Tuesday, September 4th. This represents a dividend yield of 0.42%. Itau Unibanco’s dividend payout ratio (DPR) is presently 4.39%.
Several brokerages have weighed in on ITUB. ValuEngine cut Itau Unibanco from a “strong-buy” rating to a “buy” rating in a report on Wednesday, May 2nd. Citigroup raised Itau Unibanco from a “neutral” rating to a “buy” rating in a research note on Tuesday, June 5th. Finally, Zacks Investment Research cut Itau Unibanco from a “hold” rating to a “sell” rating in a research note on Wednesday, May 30th. Three research analysts have rated the stock with a sell rating, one has assigned a hold rating and three have assigned a buy rating to the stock. The stock has an average rating of “Hold” and a consensus target price of $16.50.
About Itau Unibanco
Itaú Unibanco Holding SA provides a range of financial products and services to individuals and corporate clients in Brazil and internationally. The company operates in three segments: Retail Banking, Wholesale Banking, and Activities with the Market + Corporation. It accepts demand, savings, and time deposits; and offers payroll, mortgage, personal, vehicle, and corporate loans, as well as very small, small, and middle market loans.
Further Reading: Fundamental Analysis and Individual Investors
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