Itau Unibanco (NYSE:ITUB) Hits New 1-Year High - Should You Buy?

Key Points

• Itau Unibanco's shares reached a new 52-week high of $7.45 during trading, showcasing strong market performance with a recent closing price of $7.32 and a trading volume of 2,266,786 shares.
• The bank announced a monthly dividend of $0.0454, a significant increase from their previous dividend, resulting in a dividend yield of 7.5%.
• UBS Group maintained a "neutral" rating, while overall analyst ratings for Itau Unibanco reflect confidence, with targets set higher than the current trading price, averaging at $6.27.

Shares of Itau Unibanco Holding S.A. (NYSE:ITUB - Get Free Report) hit a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $7.45 and last traded at $7.32, with a volume of 2266786 shares traded. The stock had previously closed at $7.34.

Analyst Upgrades and Downgrades

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

Itau Unibanco Stock Down 1.4%

The company has a 50 day simple moving average of $6.90 and a two-hundred day simple moving average of $6.46. The company has a quick ratio of 1.59, a current ratio of 1.59 and a debt-to-equity ratio of 2.39. The company has a market capitalization of $77.99 billion, a P/E ratio of 10.24, a PEG ratio of 1.09 and a beta of 0.86.

Itau Unibanco (NYSE:ITUB - Get Free Report) last issued its quarterly earnings data on Tuesday, August 5th. The bank reported $0.18 earnings per share for the quarter, hitting the consensus estimate of $0.18. The company had revenue of $7.14 billion for 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%. As a group, equities analysts predict that Itau Unibanco Holding S.A. will post 0.8 EPS for the current year.

Itau Unibanco Increases Dividend

The firm also recently declared a monthly dividend, which was paid on Monday, September 8th. Stockholders of record on Wednesday, August 20th were issued a $0.0454 dividend. The ex-dividend date was Wednesday, August 20th. This is a positive change from Itau Unibanco's previous monthly dividend of $0.00. This represents a c) annualized dividend and a dividend yield of 7.5%. Itau Unibanco's dividend payout ratio (DPR) is currently 4.23%.

Institutional Investors Weigh In On Itau Unibanco

Hedge funds and other institutional investors have recently modified their holdings of the business. Farther Finance Advisors LLC raised its holdings in shares of Itau Unibanco by 3,590.6% in the second 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. MAI Capital Management purchased a new stake in shares of Itau Unibanco in the second quarter worth approximately $41,000. EverSource Wealth Advisors LLC raised its holdings in shares of Itau Unibanco by 332.4% in the second quarter. EverSource Wealth Advisors LLC now owns 6,966 shares of the bank's stock worth $47,000 after buying an additional 5,355 shares during the period. Parallel Advisors LLC raised its holdings in shares of Itau Unibanco by 707.1% in the first quarter. Parallel Advisors LLC now owns 7,740 shares of the bank's stock worth $43,000 after buying an additional 6,781 shares during the period. Finally, GAMMA Investing LLC raised its holdings in shares of Itau Unibanco by 114.8% in the second 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 period.

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.

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