Itau Unibanco Holding S.A. $ITUB Holdings Lowered by State Street Corp

Key Points

• State Street reduced its Itau Unibanco position by 3.7% in the second quarter, selling 484,629 shares and retaining 12.7 million shares valued at approximately $105.9 million.
• Insider Vanzo Orestes sold 74,643 shares for about $625,500, while several smaller institutional investors either initiated or increased positions in the bank.
• ITUB was trading at $8.07, down 1.4%; the bank slightly missed quarterly EPS and revenue estimates, but analysts maintained a “Moderate Buy” consensus with a $10 price target.

State Street Corp trimmed its holdings in Itau Unibanco Holding S.A. (NYSE:ITUB - Free Report) by 3.7% in the second quarter, according to the company in its most recent filing with the SEC. The fund owned 12,734,103 shares of the bank's stock after selling 484,629 shares during the quarter. State Street Corp owned 0.11% of Itau Unibanco worth $105,888,000 at the end of the most recent quarter.

A number of other institutional investors also recently made changes to their positions in ITUB. V Square Quantitative Management LLC purchased a new position in Itau Unibanco in the 1st quarter worth $59,000. EverSource Wealth Advisors LLC boosted its position in Itau Unibanco by 19.7% during the fourth quarter. EverSource Wealth Advisors LLC now owns 8,135 shares of the bank's stock valued at $58,000 after buying an additional 1,341 shares during the period. Sivia Capital Partners LLC purchased a new stake in Itau Unibanco during the fourth quarter valued at about $73,000. Resonant Capital Advisors LLC bought a new position in shares of Itau Unibanco during the first quarter valued at about $89,000. Finally, Huntington National Bank grew its stake in shares of Itau Unibanco by 11.1% during the fourth quarter. Huntington National Bank now owns 10,895 shares of the bank's stock valued at $78,000 after buying an additional 1,092 shares during the last quarter.

Insider Activity

In other Itau Unibanco news, insider Vanzo Orestes sold 74,643 shares of the firm's stock in a transaction on Tuesday, September 8th. The stock was sold at an average price of $8.38, for a total transaction of $625,508.34. Following the completion of the transaction, the insider owned 933,371 shares of the company's stock, valued at approximately $7,821,648.98. This trade represents a 7.40% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Corporate insiders own 0.61% of the company's stock.

Itau Unibanco Trading Down 1.4%

NYSE ITUB opened at $8.07 on Friday. Itau Unibanco Holding S.A. has a fifty-two week low of $6.54 and a fifty-two week high of $9.60. The company has a debt-to-equity ratio of 2.44, a quick ratio of 1.08 and a current ratio of 1.08. The stock has a 50 day simple moving average of $8.00 and a two-hundred day simple moving average of $8.16. The stock has a market cap of $89.34 billion, a P/E ratio of 10.55, a price-to-earnings-growth ratio of 1.05 and a beta of 0.56.

Itau Unibanco (NYSE:ITUB - Get Free Report) last posted its earnings results on Tuesday, August 4th. The bank reported $0.21 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.22 by ($0.01). The business had revenue of $9.27 billion for 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, analysts forecast that Itau Unibanco Holding S.A. will post 0.87 earnings per share for the current year.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on ITUB shares. JPMorgan Chase & Co. boosted their target price on Itau Unibanco from $9.00 to $10.00 and gave the company an "overweight" rating in a research note on Tuesday, July 7th. Weiss Ratings lowered Itau Unibanco from a "buy (b)" rating to a "buy (b-)" rating in a research report on Thursday, August 6th. Two research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat.com, Itau Unibanco has a consensus rating of "Moderate Buy" and a consensus price target of $10.00.

Itau Unibanco Company Profile

Itaú Unibanco Holding SA is one of Brazil's largest financial institutions and provides banking and financial services to individuals, companies and institutional clients. Its offerings include checking and savings accounts, consumer and commercial loans, mortgages, credit and debit cards, insurance, payment solutions, foreign exchange and investment products.

The company also operates businesses in investment banking, corporate and treasury services, asset management, private banking and wealth management.

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