Itau Unibanco Banco Holding SA (NYSE:ITUB) was downgraded by stock analysts at ValuEngine from a “strong-buy” rating to a “buy” rating in a note issued to investors on Friday.

Other equities research analysts have also issued reports about the company. Citigroup Inc. lowered Itau Unibanco Banco Holding SA from a “buy” rating to a “neutral” rating in a research report on Friday, August 25th. JPMorgan Chase & Co. lowered Itau Unibanco Banco Holding SA from an “overweight” rating to a “neutral” rating and set a $12.50 price objective for the company. in a research report on Wednesday, July 12th. Finally, BidaskClub lowered Itau Unibanco Banco Holding SA from a “strong-buy” rating to a “buy” rating in a research report on Monday. Three equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. Itau Unibanco Banco Holding SA presently has a consensus rating of “Hold” and a consensus target price of $12.50.

Itau Unibanco Banco Holding SA (NYSE:ITUB) traded up 1.28% during midday trading on Friday, hitting $13.45. 9,548,374 shares of the company traded hands. Itau Unibanco Banco Holding SA has a 12-month low of $9.10 and a 12-month high of $14.59. The stock has a market cap of $87.41 billion, a P/E ratio of 11.75 and a beta of 1.63. The stock has a 50 day moving average of $13.82 and a 200 day moving average of $12.32.

Itau Unibanco Banco Holding SA announced that its board has authorized a share buyback program on Thursday, August 31st that permits the company to buyback 60,000,000 shares. This buyback authorization permits the bank to repurchase shares of its stock through open market purchases. Shares buyback programs are generally a sign that the company’s board of directors believes its shares are undervalued.

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Hedge funds have recently modified their holdings of the stock. Virtu Financial LLC bought a new position in shares of Itau Unibanco Banco Holding SA in the 2nd quarter valued at approximately $115,000. Quantitative Systematic Strategies LLC bought a new position in shares of Itau Unibanco Banco Holding SA in the 3rd quarter valued at approximately $142,000. Comerica Securities Inc. bought a new position in shares of Itau Unibanco Banco Holding SA in the 2nd quarter valued at approximately $117,000. Advisor Partners LLC bought a new position in shares of Itau Unibanco Banco Holding SA in the 2nd quarter valued at approximately $120,000. Finally, Park Avenue Securities LLC bought a new position in shares of Itau Unibanco Banco Holding SA in the 2nd quarter valued at approximately $137,000. 4.50% of the stock is currently owned by institutional investors and hedge funds.

Itau Unibanco Banco Holding SA Company Profile

Itau Unibanco Holding SA is a holding company. The Company provides a range of financial products and services to individual and corporate clients in Brazil and abroad. The Company operates through three segments: Retail Banking, Wholesale Banking, and Activities with the Market + Corporation. The Retail Banking segment offers banking products and services to a diversified client base of account holders and non-account holders, individuals and companies.

To view ValuEngine’s full report, visit ValuEngine’s official website.

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