JPMorgan Chase & Co. Cuts Itaú Unibanco (NYSE:ITUB) Price Target to $7.00

Itaú Unibanco (NYSE:ITUB) 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.

Itaú Unibanco Stock Performance

ITUB traded down $0.14 during trading on Thursday, reaching $6.11. 19,751,690 shares of the company’s stock were exchanged, compared to its average volume of 18,206,395. Itaú Unibanco has a fifty-two week low of $5.62 and a fifty-two week high of $7.27. The company has a market capitalization of $59.88 billion, a P/E ratio of 7.83, a PEG ratio of 0.78 and a beta of 0.98. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 2.34. The business has a 50 day moving average price of $6.42 and a 200 day moving average price of $6.27.

Itaú Unibanco (NYSE:ITUB) 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.