Amundi Acquires 628,820 Shares of Itau Unibanco Holding S.A. $ITUB

Key Points

• Amundi increased its Itau Unibanco stake by 18.6% in the first quarter, acquiring 628,820 shares and bringing its total holdings to 4,002,998 shares valued at approximately $33.5 million.
• Itau Unibanco’s shares opened at $8.49, while the bank’s latest quarterly results missed expectations, reporting $0.20 in EPS versus the $0.22 consensus and revenue of $9.01 billion versus $9.41 billion expected.
• The company announced a special dividend of $0.068 per share, and analysts maintain a “Moderate Buy” consensus with an average price target of $10.00; JPMorgan recently raised its target to $10.00 and reiterated an overweight rating.

Amundi grew its holdings in Itau Unibanco Holding S.A. (NYSE:ITUB - Free Report) by 18.6% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 4,002,998 shares of the bank's stock after purchasing an additional 628,820 shares during the period. Amundi's holdings in Itau Unibanco were worth $33,545,000 at the end of the most recent quarter.

A number of other institutional investors have also made changes to their positions in the business. Kestra Advisory Services LLC bought a new stake in Itau Unibanco during the 4th quarter worth about $31,000. Farther Finance Advisors LLC grew its holdings in shares of Itau Unibanco by 40.1% in the 4th quarter. Farther Finance Advisors LLC now owns 6,642 shares of the bank's stock valued at $48,000 after acquiring an additional 1,901 shares in the last quarter. EverSource Wealth Advisors LLC increased its position in shares of Itau Unibanco by 332.4% in the second quarter. EverSource Wealth Advisors LLC now owns 6,966 shares of the bank's stock valued at $47,000 after acquiring an additional 5,355 shares during the last quarter. V Square Quantitative Management LLC acquired a new stake in shares of Itau Unibanco in the first quarter valued at about $59,000. Finally, Caitong International Asset Management Co. Ltd raised its holdings in Itau Unibanco by 486.0% during the third quarter. Caitong International Asset Management Co. Ltd now owns 8,966 shares of the bank's stock worth $66,000 after acquiring an additional 7,436 shares in the last quarter.

Itau Unibanco Stock Up 0.4%

ITUB opened at $8.49 on Tuesday. Itau Unibanco Holding S.A. has a 1-year low of $6.18 and a 1-year high of $9.60. The stock's fifty day simple moving average is $8.09 and its 200 day simple moving average is $8.37. The company has a current ratio of 1.79, a quick ratio of 1.79 and a debt-to-equity ratio of 2.53. The stock has a market cap of $94.09 billion, a PE ratio of 11.65, a price-to-earnings-growth ratio of 0.91 and a beta of 0.58.

Itau Unibanco (NYSE:ITUB - Get Free Report) last posted its earnings results on Tuesday, May 5th. The bank reported $0.20 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.22 by ($0.02). Itau Unibanco had a return on equity of 21.27% and a net margin of 27.27%.The company had revenue of $9.01 billion for the quarter, compared to analyst estimates of $9.41 billion. As a group, research analysts expect that Itau Unibanco Holding S.A. will post 0.89 earnings per share for the current year.

Itau Unibanco Dividend Announcement

The company also recently announced a special dividend, which will be paid on Tuesday, September 8th. Stockholders of record on Monday, June 22nd will be paid a dividend of $0.068 per share. The ex-dividend date is Monday, June 22nd. Itau Unibanco's dividend payout ratio (DPR) is 4.11%.

Insider Buying and Selling at Itau Unibanco

In related news, insider Vanzo Carlos Orestes sold 60,000 shares of Itau Unibanco stock in a transaction that occurred on Tuesday, July 7th. The stock was sold at an average price of $8.24, for a total transaction of $494,400.00. Following the completion of the sale, the insider directly owned 1,008,014 shares of the company's stock, valued at approximately $8,306,035.36. This trade represents a 5.62% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Company insiders own 0.61% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on ITUB. JPMorgan Chase & Co. upped their price target on shares of Itau Unibanco from $9.00 to $10.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 7th. Weiss Ratings reissued a "buy (b)" rating on shares of Itau Unibanco in a research report on Wednesday, June 17th. Two research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $10.00.

Itau Unibanco Profile

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.

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