Carrhae Capital LLP Has $78.78 Million Stock Position in Itau Unibanco Holding S.A. $ITUB

Key Points

• Carrhae Capital cut its Itaú Unibanco position by 52.8% in the second quarter, selling 10.8 million shares. It still held 9.64 million shares worth approximately $78.8 million, representing 2.1% of its portfolio.
• Itaú Unibanco shares recently traded at $8.29, within a 52-week range of $6.54 to $9.60. The bank reported quarterly EPS of $0.21, slightly below the $0.22 consensus, and revenue of $9.27 billion.
• Analyst sentiment remains favorable, with a consensus “Moderate Buy” rating and an average price target of $10.00; JPMorgan raised its target to $10.00 and maintained an “overweight” rating.

Carrhae Capital LLP lessened its holdings in shares of Itau Unibanco Holding S.A. (NYSE:ITUB - Free Report) by 52.8% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 9,643,006 shares of the bank's stock after selling 10,800,127 shares during the period. Itau Unibanco accounts for 2.1% of Carrhae Capital LLP's holdings, making the stock its 11th biggest holding. Carrhae Capital LLP owned about 0.09% of Itau Unibanco worth $78,783,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Kestra Advisory Services LLC acquired a new position in Itau Unibanco during the 4th quarter worth about $31,000. EverSource Wealth Advisors LLC increased its stake 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 buying an additional 5,355 shares during the period. V Square Quantitative Management LLC acquired a new stake in shares of Itau Unibanco in the first quarter valued at about $59,000. Caitong International Asset Management Co. Ltd raised its holdings in Itau Unibanco by 486.0% during the 3rd quarter. Caitong International Asset Management Co. Ltd now owns 8,966 shares of the bank's stock worth $66,000 after purchasing an additional 7,436 shares during the last quarter. Finally, Syon Capital LLC bought a new position in Itau Unibanco during the fourth quarter worth $72,000.

Itau Unibanco Stock Performance

Itau Unibanco stock traded up $0.14 during midday trading on Tuesday, hitting $8.29. The stock had a trading volume of 24,858,234 shares, compared to its average volume of 23,971,240. Itau Unibanco Holding S.A. has a 52-week low of $6.54 and a 52-week high of $9.60. The company has a current ratio of 1.08, a quick ratio of 1.08 and a debt-to-equity ratio of 2.44. The company has a market capitalization of $91.88 billion, a PE ratio of 10.85, a P/E/G ratio of 0.88 and a beta of 0.56. The firm's fifty day moving average is $8.02 and its two-hundred day moving average is $8.22.

Itau Unibanco (NYSE:ITUB - Get Free Report) last announced its quarterly earnings data on Tuesday, August 4th. The bank reported $0.21 EPS for the quarter, missing the consensus estimate of $0.22 by ($0.01). The business had revenue of $9.27 billion during the quarter, compared to analysts' expectations of $9.29 billion. Itau Unibanco had a net margin of 26.41% and a return on equity of 21.40%. On average, research analysts forecast that Itau Unibanco Holding S.A. will post 0.88 EPS for the current year.

Insider Activity

In other news, insider Vanzo Orestes sold 60,000 shares of the firm's stock in a transaction dated 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 approximately $8,306,035.36. This trade represents a 5.62% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 0.61% of the company's stock.

Analysts Set New Price Targets

ITUB has been the topic of a number of research analyst reports. Weiss Ratings cut shares of Itau Unibanco from a "buy (b)" rating to a "buy (b-)" rating in a research report on Thursday, August 6th. JPMorgan Chase & Co. lifted their target price on shares of Itau Unibanco from $9.00 to $10.00 and gave the stock an "overweight" rating in a research note on Tuesday, July 7th. Two investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average 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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