Northern Trust Corp Acquires 2,736,193 Shares of Itau Unibanco Holding S.A. $ITUB

Key Points

• Northern Trust Corp increased its stake in Itau Unibanco Holding S.A. by 64.8% during the first quarter, now owning approximately $38.29 million worth of shares.
• Itau Unibanco has received a consensus rating of "Buy" from analysts, with an average price target of $6.27.
• The bank recently declared a monthly dividend of $0.0031 per share, representing an annualized yield of 0.5% and a payout ratio of 33.80%.

Northern Trust Corp raised its position in shares of Itau Unibanco Holding S.A. (NYSE:ITUB - Free Report) by 64.8% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 6,961,516 shares of the bank's stock after purchasing an additional 2,736,193 shares during the quarter. Northern Trust Corp owned 0.06% of Itau Unibanco worth $38,288,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in ITUB. Raymond James Financial Inc. acquired a new stake in Itau Unibanco during the 4th quarter valued at $1,918,000. NewEdge Advisors LLC raised its stake in Itau Unibanco by 25.5% during the 4th quarter. NewEdge Advisors LLC now owns 67,452 shares of the bank's stock valued at $335,000 after purchasing an additional 13,686 shares during the period. First Trust Advisors LP acquired a new stake in Itau Unibanco during the 4th quarter valued at $367,000. Dimensional Fund Advisors LP raised its stake in Itau Unibanco by 27.9% during the 4th quarter. Dimensional Fund Advisors LP now owns 452,035 shares of the bank's stock valued at $2,242,000 after purchasing an additional 98,591 shares during the period. Finally, Tower Research Capital LLC TRC raised its stake in Itau Unibanco by 10.1% during the 4th quarter. Tower Research Capital LLC TRC now owns 56,518 shares of the bank's stock valued at $280,000 after purchasing an additional 5,165 shares during the period.

Analyst Ratings Changes

Separately, UBS Group reissued a "neutral" rating on shares of Itau Unibanco in a research note on Thursday, July 10th. One equities research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and one has given a Hold rating to the stock. According to MarketBeat.com, Itau Unibanco has an average rating of "Buy" and a consensus target price of $6.27.

Itau Unibanco Stock Up 0.2%

Shares of NYSE ITUB traded up $0.02 during mid-day trading on Wednesday, reaching $7.03. The company had a trading volume of 3,682,699 shares, compared to its average volume of 28,524,098. Itau Unibanco Holding S.A. has a twelve month low of $4.42 and a twelve month high of $7.18. The company has a debt-to-equity ratio of 2.39, a quick ratio of 1.59 and a current ratio of 1.59. The stock has a market capitalization of $75.74 billion, a PE ratio of 9.96, a price-to-earnings-growth ratio of 1.08 and a beta of 0.86. The stock's 50 day moving average is $6.66 and its 200-day moving average is $6.19.

Itau Unibanco (NYSE:ITUB - Get Free Report) last posted its quarterly earnings results on Tuesday, August 5th. The bank reported $0.18 earnings per share for the quarter, hitting analysts' consensus estimates of $0.18. The business had revenue of $7.14 billion for the quarter, compared to the consensus estimate of $44.75 billion. Itau Unibanco had a net margin of 14.05% and a return on equity of 19.48%. As a group, equities 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 disclosed a monthly dividend, which will be paid on Monday, September 8th. Investors of record on Wednesday, August 20th will be issued a $0.0454 dividend. This is a boost from Itau Unibanco's previous monthly dividend of $0.00. This represents a c) dividend on an annualized basis and a yield of 7.8%. The ex-dividend date is Wednesday, August 20th. Itau Unibanco's dividend payout ratio is currently 33.80%.

Itau Unibanco Company Profile

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.