Itaú Unibanco (NYSE:ITUB – Free Report) had its target price trimmed by JPMorgan Chase & Co. from $8.00 to $7.00 in a report published on Thursday morning,Benzinga reports. The brokerage currently has an overweight rating on the bank’s stock.
Separately, UBS Group cut shares of Itaú Unibanco from a “buy” rating to a “neutral” rating in a research report on Thursday, August 22nd. Two equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $7.50.
View Our Latest Research Report on Itaú Unibanco
Itaú Unibanco Stock Performance
Itaú Unibanco (NYSE:ITUB – Get Free Report) last posted its quarterly earnings results on Tuesday, August 6th. The bank reported $0.20 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.19 by $0.01. Itaú Unibanco had a net margin of 11.39% and a return on equity of 19.14%. The firm had revenue of $16.54 billion during the quarter, compared to analyst estimates of $7.72 billion. During the same quarter in the prior year, the business posted $0.18 earnings per share. As a group, analysts predict that Itaú Unibanco will post 0.78 earnings per share for the current fiscal year.
Itaú Unibanco Cuts Dividend
The firm also recently disclosed a dividend, which will be paid on Thursday, January 9th. Shareholders of record on Monday, December 2nd will be paid a $0.0031 dividend. The ex-dividend date is Monday, December 2nd. Itaú Unibanco’s dividend payout ratio is currently 3.85%.
Institutional Investors Weigh In On Itaú Unibanco
A number of hedge funds have recently added to or reduced their stakes in ITUB. Van ECK Associates Corp increased its stake in shares of Itaú Unibanco by 68.5% in the 3rd quarter. Van ECK Associates Corp now owns 6,071 shares of the bank’s stock valued at $38,000 after buying an additional 2,469 shares during the period. Bessemer Group Inc. acquired a new position in shares of Itaú Unibanco in the 1st quarter valued at $49,000. Dynamic Advisor Solutions LLC acquired a new position in Itaú Unibanco in the second quarter valued at about $65,000. Daymark Wealth Partners LLC bought a new stake in shares of Itaú Unibanco in the 3rd quarter valued at about $68,000. Finally, MQS Management LLC acquired a new stake in shares of Itaú Unibanco in the 3rd quarter valued at approximately $70,000.
Itaú Unibanco Company Profile
Itaú Unibanco Holding SA offers a range of financial products and services to individuals and corporate customers in Brazil and internationally. The company operates through three segments: Retail Banking, Wholesale Banking, and Activities with the Market + Corporation. It offers current account; loans; credit and debit cards; investment and commercial banking services; real estate lending services; financing and investment services; economic, financial and brokerage advisory; and leasing and foreign exchange services.
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