Itau Unibanco (NYSE:ITUB) was downgraded by research analysts at Scotiabank from a “sector perform” rating to an “underperform” rating in a report issued on Wednesday, The Fly reports.
Several other analysts also recently issued reports on ITUB. ValuEngine downgraded Itau Unibanco from a “strong-buy” rating to a “buy” rating in a report on Wednesday, March 7th. Credit Suisse Group upgraded Itau Unibanco from a “neutral” rating to a “buy” rating in a report on Monday, March 5th. Zacks Investment Research downgraded Itau Unibanco from a “hold” rating to a “sell” rating in a report on Wednesday, February 7th. Finally, Deutsche Bank upgraded Itau Unibanco from a “hold” rating to a “buy” rating and set a $16.00 price target for the company in a report on Monday, December 11th. Two research analysts have rated the stock with a sell rating, three have given a hold rating and three have issued a buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus price target of $14.25.
Shares of Itau Unibanco (NYSE ITUB) traded down $0.29 during midday trading on Wednesday, reaching $15.75. The company had a trading volume of 2,057,690 shares, compared to its average volume of 10,695,352. Itau Unibanco has a 52-week low of $10.02 and a 52-week high of $16.98. The firm has a market cap of $105,570.87, a P/E ratio of 13.83, a P/E/G ratio of 1.15 and a beta of 1.74. The company has a current ratio of 1.64, a quick ratio of 1.66 and a debt-to-equity ratio of 1.54.
Itau Unibanco declared that its board has authorized a share repurchase plan on Monday, December 18th that permits the company to repurchase 28,620,000 shares. This repurchase authorization permits the bank to purchase shares of its stock through open market purchases. Shares repurchase plans are often an indication that the company’s board of directors believes its stock is undervalued.
A number of large investors have recently bought and sold shares of ITUB. Nationwide Fund Advisors boosted its position in Itau Unibanco by 156.4% in the 3rd quarter. Nationwide Fund Advisors now owns 243,730 shares of the bank’s stock valued at $3,339,000 after buying an additional 148,660 shares during the last quarter. First Trust Advisors LP lifted its position in shares of Itau Unibanco by 10.1% during the third quarter. First Trust Advisors LP now owns 173,530 shares of the bank’s stock worth $2,377,000 after purchasing an additional 15,959 shares during the last quarter. Boston Partners bought a new position in shares of Itau Unibanco during the third quarter worth about $1,103,000. FDx Advisors Inc. lifted its position in shares of Itau Unibanco by 24.4% during the third quarter. FDx Advisors Inc. now owns 74,909 shares of the bank’s stock worth $1,026,000 after purchasing an additional 14,713 shares during the last quarter. Finally, Sei Investments Co. lifted its position in shares of Itau Unibanco by 8.3% during the third quarter. Sei Investments Co. now owns 1,187,403 shares of the bank’s stock worth $16,268,000 after purchasing an additional 91,015 shares during the last quarter. 4.99% of the stock is owned by institutional investors.
About Itau Unibanco
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.
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