Bank of America Corp DE Has $88.18 Million Holdings in Itau Unibanco Holding S.A. $ITUB

Key Points

• Bank of America significantly increased its Itau Unibanco position by 155.5% in the first quarter, owning 10.52 million shares valued at approximately $88.18 million, or 0.09% of the bank.
• Itau Unibanco’s latest quarterly results slightly missed expectations, with EPS of $0.21 versus $0.22 forecast and revenue of $9.27 billion versus $9.29 billion expected. The company announced a special $0.068-per-share dividend.
• Analyst sentiment remains favorable, with a consensus “Moderate Buy” rating and a $10.00 price target; JPMorgan recently raised its target from $9.00 to $10.00 and maintained an “overweight” rating.

Bank of America Corp DE raised its position in shares of Itau Unibanco Holding S.A. (NYSE:ITUB - Free Report) by 155.5% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 10,522,224 shares of the bank's stock after buying an additional 6,404,438 shares during the quarter. Bank of America Corp DE owned 0.09% of Itau Unibanco worth $88,176,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Mirabaud Asset Management Ltd purchased a new stake in shares of Itau Unibanco in the 4th quarter valued at approximately $1,234,000. William Blair Investment Management LLC boosted its stake in Itau Unibanco by 24.0% in the 4th quarter. William Blair Investment Management LLC now owns 36,551,763 shares of the bank's stock worth $261,679,000 after purchasing an additional 7,081,568 shares during the period. Daiwa Securities Group Inc. boosted its stake in Itau Unibanco by 386.4% in the 4th quarter. Daiwa Securities Group Inc. now owns 1,065,538 shares of the bank's stock worth $7,629,000 after purchasing an additional 846,456 shares during the period. Franklin Resources Inc. grew its position in Itau Unibanco by 6.3% during the 4th quarter. Franklin Resources Inc. now owns 32,465,077 shares of the bank's stock worth $232,450,000 after purchasing an additional 1,925,708 shares in the last quarter. Finally, WIM INVESTMENT MANAGEMENT Ltd grew its position in Itau Unibanco by 81.2% during the 4th quarter. WIM INVESTMENT MANAGEMENT Ltd now owns 1,737,000 shares of the bank's stock worth $12,437,000 after purchasing an additional 778,500 shares in the last quarter.

Insider Transactions at Itau Unibanco

In other Itau Unibanco news, insider Vanzo Carlos Orestes sold 60,000 shares of the stock in a transaction that occurred on Tuesday, July 7th. The shares were sold at an average price of $8.24, for a total value of $494,400.00. Following the completion of the sale, the insider owned 1,008,014 shares in the company, valued at $8,306,035.36. This represents a 5.62% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.61% of the stock is currently owned by insiders.

Itau Unibanco Price Performance

Shares of ITUB opened at $7.95 on Friday. The company has a market capitalization of $88.00 billion, a price-to-earnings ratio of 10.39, a P/E/G ratio of 0.86 and a beta of 0.58. Itau Unibanco Holding S.A. has a fifty-two week low of $6.39 and a fifty-two week high of $9.60. The company has a debt-to-equity ratio of 2.53, a current ratio of 1.79 and a quick ratio of 1.79. The business's 50-day moving average is $8.11 and its 200-day moving average is $8.39.

Itau Unibanco (NYSE:ITUB - Get Free Report) last posted its quarterly earnings results on Tuesday, August 4th. The bank reported $0.21 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.22 by ($0.01). The company had revenue of $9.27 billion during the quarter, compared to analysts' expectations of $9.29 billion. Itau Unibanco had a return on equity of 22.01% and a net margin of 26.41%. Equities research analysts expect that Itau Unibanco Holding S.A. will post 0.88 EPS for the current fiscal year.

Itau Unibanco Dividend Announcement

The business also recently disclosed a special dividend, which will be paid on Tuesday, September 8th. Shareholders of record on Monday, June 22nd will be paid a $0.068 dividend. The ex-dividend date is Monday, June 22nd. Itau Unibanco's dividend payout ratio is currently 3.95%.

Analysts Set New Price Targets

ITUB has been the subject of a number of research analyst reports. Weiss Ratings lowered Itau Unibanco from a "buy (b)" rating to a "buy (b-)" rating in a report on Thursday. JPMorgan Chase & Co. raised their target price on Itau Unibanco from $9.00 to $10.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 7th. Two research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat.com, Itau Unibanco has a consensus rating of "Moderate Buy" and a consensus target price of $10.00.

Itau Unibanco Company 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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