Itau Unibanco (NYSE:ITUB) Price Target Raised to $10.00 at JPMorgan Chase & Co.

Itau Unibanco (NYSE:ITUB) had its price target upped by stock analysts at JPMorgan Chase & Co. from $9.00 to $10.00 in a research report issued on Tuesday,Benzinga reports. The firm currently has an “overweight” rating on the bank’s stock. JPMorgan Chase & Co.‘s price objective suggests a potential upside of 20.48% from the stock’s previous close.

Several other analysts have also commented on ITUB. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Itau Unibanco in a research report on Wednesday, June 17th. Zacks Research lowered Itau Unibanco from a “strong-buy” rating to a “hold” rating in a research report on Friday, March 13th. Two investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $10.00.

Itau Unibanco Trading Up 2.2%

Shares of ITUB opened at $8.30 on Tuesday. The company has a current ratio of 1.79, a quick ratio of 1.79 and a debt-to-equity ratio of 2.53. Itau Unibanco has a 12-month low of $5.93 and a 12-month high of $9.60. The firm has a 50-day moving average price of $8.04 and a 200 day moving average price of $8.19. The firm has a market capitalization of $91.93 billion, a P/E ratio of 11.38, a P/E/G ratio of 0.87 and a beta of 0.58.

Itau Unibanco (NYSE:ITUB) last issued its earnings results on Tuesday, May 5th. The bank reported $0.20 EPS for the quarter, missing analysts’ consensus estimates of $0.22 by ($0.02). The firm had revenue of $9.01 billion for the quarter, compared to analysts’ expectations of $9.41 billion. Itau Unibanco had a return on equity of 21.27% and a net margin of 27.27%. Sell-side analysts forecast that Itau Unibanco will post 0.89 EPS for the current year.

Insider Buying and Selling

In other Itau Unibanco news, insider Rodrigues Andre Luis Teixeira sold 182,800 shares of the company’s stock in a transaction on Wednesday, April 8th. The stock was sold at an average price of $8.82, for a total transaction of $1,612,296.00. Following the transaction, the insider directly owned 1,637,511 shares in the company, valued at $14,442,847.02. This represents a 10.04% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Fajerman Sergio Guillinet sold 39,477 shares of the firm’s stock in a transaction on Friday, April 17th. The stock was sold at an average price of $9.53, for a total value of $376,215.81. Following the transaction, the insider owned 1,205,642 shares of the company’s stock, valued at approximately $11,489,768.26. This represents a 3.17% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last three months, insiders sold 292,277 shares of company stock worth $2,646,512. 0.61% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Itau Unibanco

Institutional investors have recently bought and sold shares of the company. Royal Bank of Canada boosted its stake in shares of Itau Unibanco by 11.7% in the first quarter. Royal Bank of Canada now owns 445,578 shares of the bank’s stock valued at $2,450,000 after purchasing an additional 46,608 shares during the period. Goldman Sachs Group Inc. increased its stake in Itau Unibanco by 28.5% during the 1st quarter. Goldman Sachs Group Inc. now owns 4,996,699 shares of the bank’s stock worth $27,482,000 after buying an additional 1,107,607 shares during the period. EverSource Wealth Advisors LLC boosted its position in Itau Unibanco by 332.4% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 6,966 shares of the bank’s stock valued at $47,000 after buying an additional 5,355 shares during the period. Guggenheim Capital LLC boosted its holdings in Itau Unibanco by 11.7% in the second quarter. Guggenheim Capital LLC now owns 118,405 shares of the bank’s stock valued at $804,000 after purchasing an additional 12,442 shares during the period. Finally, First Trust Advisors LP grew its stake in Itau Unibanco by 425.3% during the 2nd quarter. First Trust Advisors LP now owns 356,467 shares of the bank’s stock worth $2,420,000 after purchasing an additional 288,602 shares in the last quarter.

About Itau Unibanco

Itaú Unibanco SA (NYSE: ITUB) is a Brazilian banking and financial services conglomerate headquartered in São Paulo. The company was formed by the merger of Banco Itaú and Unibanco in 2008 and is one of the largest private-sector banks in Brazil and among the leading banks in Latin America. Itaú Unibanco is publicly listed in Brazil and maintains an international listing on the New York Stock Exchange.

The bank offers a full range of financial products and services across retail, commercial and wholesale banking.