Zurcher Kantonalbank Zurich Cantonalbank Trims Position in Itau Unibanco Holding S.A. (NYSE:ITUB)

Key Points

• Zurcher Kantonalbank reduced its stake in Itau Unibanco Holding S.A. by 39.2%, holding 115,043 shares valued at $633,000 following the sale of 74,286 shares in the first quarter.
• Other institutional investors, such as Baillie Gifford & Co. and Wealth Alliance LLC, increased their stakes in the bank, with Baillie Gifford raising its investment by 10.1%.
• Itau Unibanco recently declared a small dividend of $0.0024, representing a yield of 43.0%, with a payout ratio of only 4.23%.

Zurcher Kantonalbank Zurich Cantonalbank trimmed its position in Itau Unibanco Holding S.A. (NYSE:ITUB - Free Report) by 39.2% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 115,043 shares of the bank's stock after selling 74,286 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank's holdings in Itau Unibanco were worth $633,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the company. FMR LLC boosted its stake in Itau Unibanco by 117.4% during the 4th quarter. FMR LLC now owns 51,044,340 shares of the bank's stock valued at $253,180,000 after purchasing an additional 27,559,997 shares during the last quarter. Bank of America Corp DE boosted its stake in Itau Unibanco by 311.4% during the 4th quarter. Bank of America Corp DE now owns 25,584,177 shares of the bank's stock valued at $126,898,000 after purchasing an additional 19,365,644 shares during the last quarter. D. E. Shaw & Co. Inc. acquired a new position in Itau Unibanco during the 4th quarter valued at about $71,054,000. Renaissance Technologies LLC boosted its stake in Itau Unibanco by 75.0% during the 4th quarter. Renaissance Technologies LLC now owns 10,955,677 shares of the bank's stock valued at $54,340,000 after purchasing an additional 4,694,303 shares during the last quarter. Finally, Voloridge Investment Management LLC boosted its stake in Itau Unibanco by 127.2% during the 4th quarter. Voloridge Investment Management LLC now owns 6,290,328 shares of the bank's stock valued at $31,200,000 after purchasing an additional 3,521,518 shares during the last quarter.

Itau Unibanco Stock Performance

ITUB stock traded up $0.02 during midday trading on Friday, reaching $6.85. 28,042,752 shares of the company's stock traded hands, compared to its average volume of 29,978,540. The company has a 50-day moving average price of $6.55 and a two-hundred day moving average price of $5.99. The company has a debt-to-equity ratio of 2.39, a quick ratio of 1.74 and a current ratio of 1.59. Itau Unibanco Holding S.A. has a 52 week low of $4.42 and a 52 week high of $6.95. The firm has a market capitalization of $73.85 billion, a PE ratio of 9.71, a price-to-earnings-growth ratio of 1.06 and a beta of 0.74.

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

Itau Unibanco Cuts Dividend

The company also recently disclosed a dividend, which was paid on Friday, August 8th. Shareholders of record on Thursday, July 3rd were given a dividend of $0.0024 per share. This represents a yield of 43.0%. The ex-dividend date of this dividend was Wednesday, July 2nd. Itau Unibanco's payout ratio is presently 4.23%.

Analysts Set New Price Targets

Separately, UBS Group restated a "neutral" rating on shares of Itau Unibanco in a research note on Thursday, July 10th.

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.