Empowered Funds LLC Makes New Investment in Itau Unibanco Holding S.A. $ITUB

Key Points

• Empowered Funds LLC acquired 161,377 shares of Itaú Unibanco during the second quarter, worth approximately $1.32 million.
• Analyst sentiment remains positive overall, with a “Moderate Buy” consensus and an average price target of $10.00, despite Weiss Ratings’ downgrade and the company’s slight quarterly earnings miss.
• ITUB shares opened at $8.15, within a 12-month range of $6.54 to $9.60. The bank reported quarterly earnings of $0.21 per share and revenue of $9.27 billion.

Empowered Funds LLC purchased a new stake in Itau Unibanco Holding S.A. (NYSE:ITUB - Free Report) during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm purchased 161,377 shares of the bank's stock, valued at approximately $1,318,000.

A number of other large investors have also recently modified their holdings of ITUB. Kestra Advisory Services LLC bought a new position in shares of Itau Unibanco in the fourth quarter worth approximately $31,000. Farther Finance Advisors LLC lifted its position in Itau Unibanco by 40.1% during the fourth quarter. Farther Finance Advisors LLC now owns 6,642 shares of the bank's stock valued at $48,000 after purchasing an additional 1,901 shares during the last quarter. EverSource Wealth Advisors LLC grew its stake in Itau Unibanco by 332.4% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 6,966 shares of the bank's stock worth $47,000 after buying an additional 5,355 shares in the last quarter. V Square Quantitative Management LLC purchased a new position in Itau Unibanco in the 1st quarter worth approximately $59,000. Finally, Caitong International Asset Management Co. Ltd increased its holdings in shares of Itau Unibanco by 486.0% in the 3rd quarter. Caitong International Asset Management Co. Ltd now owns 8,966 shares of the bank's stock worth $66,000 after buying an additional 7,436 shares during the last quarter.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on ITUB shares. Weiss Ratings downgraded shares of Itau Unibanco from a "buy (b)" rating to a "buy (b-)" rating in a report on Thursday, August 6th. JPMorgan Chase & Co. raised their price target on Itau Unibanco from $9.00 to $10.00 and gave the company an "overweight" rating in a research report 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. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $10.00.

Insider Activity

In related news, insider Vanzo Orestes sold 60,000 shares of the company'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 transaction, the insider owned 1,008,014 shares in the company, valued at $8,306,035.36. The trade was a 5.62% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.61% of the stock is currently owned by corporate insiders.

Itau Unibanco Trading Down 0.9%

NYSE:ITUB opened at $8.15 on Friday. The company has a 50-day moving average price of $8.02 and a 200-day moving average price of $8.24. The stock has a market cap of $90.27 billion, a price-to-earnings ratio of 10.66, a P/E/G ratio of 0.89 and a beta of 0.56. The company has a current ratio of 1.08, a quick ratio of 1.08 and a debt-to-equity ratio of 2.44. Itau Unibanco Holding S.A. has a 12 month low of $6.54 and a 12 month high of $9.60.

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

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.

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