VectorGlobal IAG Inc. Invests $8.88 Million in Itau Unibanco Holding S.A. $ITUB

Key Points

• VectorGlobal IAG acquired 1.06 million Itau Unibanco shares worth approximately $8.88 million in the first quarter, making ITUB its 20th-largest portfolio holding and accounting for 2.3% of its investments.
• Other institutions also increased their positions, including Bank of America, which raised its stake by 155.5%, and Carmignac Gestion, which boosted its holdings by 20.7%. An insider separately sold 60,000 shares for about $494,400.
• ITUB recently missed quarterly earnings and revenue estimates, but analysts maintain a “Moderate Buy” consensus with a $10 price target; JPMorgan raised its target from $9 to $10. The bank also declared a special $0.068-per-share dividend.

VectorGlobal IAG Inc. acquired a new stake in Itau Unibanco Holding S.A. (NYSE:ITUB - Free Report) during the first quarter, according to its most recent disclosure with the SEC. The institutional investor acquired 1,059,024 shares of the bank's stock, valued at approximately $8,875,000. Itau Unibanco comprises about 2.3% of VectorGlobal IAG Inc.'s investment portfolio, making the stock its 20th biggest position.

Several other hedge funds and other institutional investors have also bought and sold shares of the company. Carmignac Gestion boosted its position in Itau Unibanco by 20.7% during the first quarter. Carmignac Gestion now owns 8,630,222 shares of the bank's stock valued at $72,321,000 after acquiring an additional 1,477,637 shares during the last quarter. Bank of America Corp DE raised its position in shares of Itau Unibanco by 155.5% in the 1st quarter. Bank of America Corp DE now owns 10,522,224 shares of the bank's stock worth $88,176,000 after acquiring an additional 6,404,438 shares in the last quarter. Arkadios Wealth Advisors bought a new position in shares of Itau Unibanco in the 1st quarter worth about $364,000. Amundi lifted its stake in shares of Itau Unibanco by 18.6% in the 1st quarter. Amundi now owns 4,002,998 shares of the bank's stock valued at $33,545,000 after purchasing an additional 628,820 shares during the period. Finally, EverSource Wealth Advisors LLC lifted its stake in shares of Itau Unibanco by 16.1% in the 1st quarter. EverSource Wealth Advisors LLC now owns 9,441 shares of the bank's stock valued at $79,000 after purchasing an additional 1,306 shares during the period.

Insider Buying and Selling at Itau Unibanco

In related news, insider Vanzo Carlos Orestes sold 60,000 shares of the firm's stock in a transaction dated Tuesday, July 7th. The shares were sold at an average price of $8.24, for a total value of $494,400.00. Following the transaction, the insider owned 1,008,014 shares of the company's stock, valued at approximately $8,306,035.36. This trade represents a 5.62% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.61% of the stock is owned by corporate insiders.

Itau Unibanco Stock Performance

Shares of ITUB stock opened at $8.47 on Monday. The firm has a market capitalization of $93.87 billion, a PE ratio of 11.62, a price-to-earnings-growth ratio of 0.91 and a beta of 0.58. The firm has a fifty day simple moving average of $8.08 and a two-hundred day simple moving average of $8.36. The company has a current ratio of 1.79, a quick ratio of 1.79 and a debt-to-equity ratio of 2.53. Itau Unibanco Holding S.A. has a 12 month low of $6.00 and a 12 month high of $9.60.

Itau Unibanco (NYSE:ITUB - Get Free Report) last released its quarterly earnings data on Tuesday, May 5th. The bank reported $0.20 earnings per share for the quarter, missing the consensus estimate of $0.22 by ($0.02). The business had revenue of $9.01 billion for the quarter, compared to analyst estimates of $9.41 billion. Itau Unibanco had a return on equity of 21.27% and a net margin of 27.27%. Analysts forecast that Itau Unibanco Holding S.A. will post 0.89 EPS for the current fiscal year.

Itau Unibanco Announces Dividend

The firm also recently announced a special dividend, which will be paid on Tuesday, September 8th. Investors of record on Monday, June 22nd will be issued a $0.068 dividend. The ex-dividend date is Monday, June 22nd. Itau Unibanco's dividend payout ratio is currently 4.11%.

Analysts Set New Price Targets

Several research firms recently commented on ITUB. JPMorgan Chase & Co. raised their target price 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 reaffirmed a "buy (b)" rating on shares of Itau Unibanco in a research note on Wednesday, June 17th. 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, the company currently has an average rating of "Moderate Buy" and a consensus target price of $10.00.

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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