Mirae Asset Global Investments Co. Ltd. Sells 854,123 Shares of Itau Unibanco Holding S.A. $ITUB

Key Points

• Mirae Asset Global Investments has reduced its stake in Itaú Unibanco by 75.3%, selling 854,123 shares and now holding 280,124 shares valued at $1.9 million.
• The bank has announced a monthly dividend of $0.0454, marking a significant increase from its previous dividend of $0.00, reflecting an annualized dividend yield of 7.8%.
• Analysts maintain a consensus rating of "Moderate Buy" for Itaú Unibanco, with an average target price set at $6.27 despite its recent quarterly earnings meeting estimates.

Mirae Asset Global Investments Co. Ltd. reduced its position in shares of Itau Unibanco Holding S.A. (NYSE:ITUB - Free Report) by 75.3% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 280,124 shares of the bank's stock after selling 854,123 shares during the period. Mirae Asset Global Investments Co. Ltd.'s holdings in Itau Unibanco were worth $1,902,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of the business. Farther Finance Advisors LLC lifted its holdings in Itau Unibanco by 3,590.6% in the 2nd quarter. Farther Finance Advisors LLC now owns 4,318 shares of the bank's stock worth $29,000 after buying an additional 4,201 shares during the period. Alta Capital Management LLC bought a new stake in shares of Itau Unibanco in the 1st quarter worth approximately $62,000. Ieq Capital LLC bought a new stake in shares of Itau Unibanco in the 1st quarter worth approximately $64,000. GAMMA Investing LLC grew its position in shares of Itau Unibanco by 114.8% in the 2nd quarter. GAMMA Investing LLC now owns 9,667 shares of the bank's stock worth $66,000 after buying an additional 5,167 shares during the last quarter. Finally, Tuttle Capital Management LLC bought a new stake in shares of Itau Unibanco in the 1st quarter worth approximately $67,000.

Wall Street Analysts Forecast Growth

ITUB has been the topic of a number of recent analyst reports. UBS Group reiterated a "neutral" rating on shares of Itau Unibanco in a research report on Thursday, July 10th. Weiss Ratings reiterated a "hold (c+)" rating on shares of Itau Unibanco in a research report on Wednesday. One analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and two have given a Hold rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $6.27.

Itau Unibanco Stock Up 0.1%

Shares of NYSE:ITUB opened at $6.95 on Thursday. The stock has a fifty day simple moving average of $6.99 and a two-hundred day simple moving average of $6.51. The stock has a market capitalization of $74.93 billion, a price-to-earnings ratio of 9.85, a PEG ratio of 1.03 and a beta of 0.84. Itau Unibanco Holding S.A. has a 12-month low of $4.42 and a 12-month high of $7.45. The company has a current ratio of 1.59, a quick ratio of 1.59 and a debt-to-equity ratio of 2.39.

Itau Unibanco (NYSE:ITUB - Get Free Report) last announced its quarterly earnings data on Tuesday, August 5th. The bank reported $0.18 earnings per share (EPS) for the quarter, meeting analysts' consensus estimates of $0.18. The business had revenue of $7.14 billion during the quarter, compared to analysts' expectations of $44.75 billion. Itau Unibanco had a return on equity of 19.48% and a net margin of 14.05%. On average, research analysts anticipate that Itau Unibanco Holding S.A. will post 0.8 earnings per share for the current fiscal year.

Itau Unibanco Increases Dividend

The firm also recently announced a monthly dividend, which was paid on Monday, September 8th. Shareholders of record on Wednesday, August 20th were issued a $0.0454 dividend. This represents a c) dividend on an annualized basis and a dividend yield of 7.8%. The ex-dividend date of this dividend was Wednesday, August 20th. This is a positive change from Itau Unibanco's previous monthly dividend of $0.00. Itau Unibanco's dividend payout ratio is 4.23%.

About Itau Unibanco

Itaú Unibanco Holding SA offers a range of financial products and services to individuals and corporate customers in Brazil and internationally. The company operates through three segments: Retail Banking, Wholesale Banking, and Activities with the Market + Corporation. It offers current account; loans; credit and debit cards; investment and commercial banking services; real estate lending services; financing and investment services; economic, financial and brokerage advisory; and leasing and foreign exchange services.

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