Nykredit A S Buys New Position in Itau Unibanco Holding S.A. $ITUB

Key Points

• Nykredit A/S purchased 734,453 shares of Itaú Unibanco during the second quarter, establishing a new position valued at approximately $6 million.
• Several other institutional investors increased their holdings, including Amundi, HighTower Advisors, First Eagle Investment Management and Navi International, signaling continued institutional interest in the Brazilian bank.
• ITUB shares opened at $8.45, up 3.0%, while analysts maintained a “Moderate Buy” consensus with a $10.00 price target. The bank slightly missed quarterly earnings and revenue expectations.

Nykredit A S purchased a new stake in shares of Itau Unibanco Holding S.A. (NYSE:ITUB - Free Report) during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 734,453 shares of the bank's stock, valued at approximately $6,000,000.

A number of other hedge funds also recently bought and sold shares of ITUB. Amundi lifted its holdings in shares of Itau Unibanco by 32.1% during the second quarter. Amundi now owns 5,286,501 shares of the bank's stock valued at $43,191,000 after purchasing an additional 1,283,503 shares in the last quarter. HighTower Advisors LLC raised its position in Itau Unibanco by 24.2% in the 2nd quarter. HighTower Advisors LLC now owns 32,518 shares of the bank's stock worth $266,000 after buying an additional 6,337 shares during the last quarter. First Eagle Investment Management LLC raised its position in Itau Unibanco by 6.8% in the 2nd quarter. First Eagle Investment Management LLC now owns 3,536,156 shares of the bank's stock worth $28,890,000 after buying an additional 223,846 shares during the last quarter. XP Advisory US Inc. bought a new position in Itau Unibanco during the 2nd quarter valued at about $300,000. Finally, Navi International Administradora e Gestora de Recursos Financeiros Ltda. lifted its stake in Itau Unibanco by 215.5% during the 2nd quarter. Navi International Administradora e Gestora de Recursos Financeiros Ltda. now owns 76,663 shares of the bank's stock valued at $626,000 after acquiring an additional 52,365 shares during the period.

Itau Unibanco Stock Up 3.0%

Itau Unibanco stock opened at $8.45 on Tuesday. 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 business's 50-day simple moving average is $8.02 and its two-hundred day simple moving average is $8.16. 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 market cap of $93.59 billion, a PE ratio of 11.05, a PEG ratio of 1.02 and a beta of 0.56.

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

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on ITUB shares. JPMorgan Chase & Co. raised their price target on Itau Unibanco from $9.00 to $10.00 and gave the stock an "overweight" rating in a research note on Tuesday, July 7th. Weiss Ratings cut Itau Unibanco from a "buy (b)" rating to a "buy (b-)" rating in a 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, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $10.00.

Insider Activity

In related news, insider Vanzo Orestes sold 74,643 shares of the firm's stock in a transaction dated 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 sale, the insider directly 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 position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 0.61% of the company's stock.

Itau Unibanco 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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