Hsbc Holdings PLC Grows Position in Itau Unibanco Holding S.A. $ITUB

Key Points

• HSBC Holdings PLC increased its stake in Itaú Unibanco by 32.4% in the first quarter, adding 1.61 million shares to bring its total to 6.58 million shares worth about $55.1 million.
• Analyst sentiment remains moderately positive, with JPMorgan raising its price target to $10 and giving the stock an overweight rating; overall consensus is a “Moderate Buy” with a $10 target.
• Itaú Unibanco announced a special dividend of $0.068 per share, payable on September 8, while the company also reported mixed quarterly results, including EPS and revenue below expectations.

Hsbc Holdings PLC raised its stake in shares of Itau Unibanco Holding S.A. (NYSE:ITUB - Free Report) by 32.4% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 6,579,735 shares of the bank's stock after acquiring an additional 1,611,094 shares during the period. Hsbc Holdings PLC owned about 0.06% of Itau Unibanco worth $55,088,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in the company. Kestra Advisory Services LLC purchased a new stake in shares of Itau Unibanco in the fourth quarter valued at about $31,000. EverSource Wealth Advisors LLC grew 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 worth $47,000 after purchasing an additional 5,355 shares in the last quarter. Farther Finance Advisors LLC increased its stake in 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 buying an additional 1,901 shares during the last quarter. V Square Quantitative Management LLC purchased a new stake in Itau Unibanco in the 1st quarter valued at about $59,000. Finally, Caitong International Asset Management Co. Ltd lifted its position in shares of 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 buying an additional 7,436 shares in the last quarter.

Insider Buying and Selling

In other news, insider Vanzo Carlos Orestes sold 60,000 shares of the business's stock in a transaction on Tuesday, July 7th. The shares were sold at an average price of $8.24, for a total transaction of $494,400.00. Following the completion of the transaction, the insider directly 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.61% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on ITUB shares. Weiss Ratings restated a "buy (b)" rating on shares of Itau Unibanco in a research report on Wednesday, June 17th. JPMorgan Chase & Co. upped their price objective on Itau Unibanco from $9.00 to $10.00 and gave the company an "overweight" rating in a research note on Tuesday, July 7th. Two analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $10.00.

Itau Unibanco Price Performance

Shares of NYSE ITUB opened at $8.32 on Tuesday. The company has a debt-to-equity ratio of 2.53, a quick ratio of 1.79 and a current ratio of 1.79. Itau Unibanco Holding S.A. has a fifty-two week low of $5.93 and a fifty-two week high of $9.60. The stock has a market cap of $92.21 billion, a PE ratio of 11.42, a price-to-earnings-growth ratio of 0.88 and a beta of 0.58. The stock has a fifty day moving average of $7.99 and a 200-day moving average of $8.30.

Itau Unibanco (NYSE:ITUB - Get Free Report) last issued its earnings results on Tuesday, May 5th. The bank reported $0.20 EPS for the quarter, missing the consensus estimate 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 during the quarter, compared to the consensus estimate of $9.41 billion. Equities research analysts anticipate that Itau Unibanco Holding S.A. will post 0.89 earnings per share for the current year.

Itau Unibanco Announces Dividend

The company also recently announced 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 4.11%.

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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