Itau Unibanco (NYSE:ITUB) Hits New 12-Month High After Dividend Announcement

Key Points

• Itaú Unibanco shares reached a new 12-month high at $7.18 after announcing a dividend of $0.0026 per share, which will be paid on October 8th.
• The company has a market capitalization of $76.92 billion and reported earnings of $0.18 per share for the latest quarter, meeting analysts' expectations.
• A majority of analysts rate Itau Unibanco as a "Buy," with one analyst giving it a "Strong Buy" rating and the average price target set at $6.27.

Itau Unibanco Holding S.A. (NYSE:ITUB - Get Free Report)'s share price hit a new 52-week high during mid-day trading on Thursday after the company announced a dividend. The company traded as high as $7.18 and last traded at $7.14, with a volume of 10694197 shares. The stock had previously closed at $6.96.The newly announced dividend which will be paid on Wednesday, October 8th. Shareholders of record on Wednesday, September 3rd will be paid a dividend of $0.0026 per share. The ex-dividend date is Tuesday, September 2nd. This is an increase from Itau Unibanco's previous dividend of $0.00. This represents a yield of 45.0%. Itau Unibanco's payout ratio is currently 33.80%.

Analyst Upgrades and Downgrades

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

Itau Unibanco Stock Performance

The company has a debt-to-equity ratio of 2.39, a current ratio of 1.59 and a quick ratio of 1.59. The firm has a market capitalization of $76.92 billion, a PE ratio of 10.11, a P/E/G ratio of 1.03 and a beta of 0.74. The firm has a fifty day moving average price of $6.62 and a 200 day moving average price of $6.14.

Itau Unibanco (NYSE:ITUB - Get Free Report) last released its quarterly earnings results on Tuesday, August 5th. The bank reported $0.18 earnings per share 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 during the quarter, compared to analyst estimates of $44.75 billion. Research analysts anticipate that Itau Unibanco Holding S.A. will post 0.8 earnings per share for the current fiscal year.

Institutional Trading of Itau Unibanco

A number of hedge funds have recently modified their holdings of the business. Fielder Capital Group LLC raised its holdings in shares of Itau Unibanco by 10.0% during the first quarter. Fielder Capital Group LLC now owns 18,816 shares of the bank's stock worth $103,000 after acquiring an additional 1,710 shares in the last quarter. Flputnam Investment Management Co. increased its position in Itau Unibanco by 10.7% during the first quarter. Flputnam Investment Management Co. now owns 19,916 shares of the bank's stock worth $110,000 after buying an additional 1,930 shares during the last quarter. Union Bancaire Privee UBP SA increased its position in Itau Unibanco by 10.0% during the first quarter. Union Bancaire Privee UBP SA now owns 22,000 shares of the bank's stock worth $121,000 after buying an additional 2,000 shares during the last quarter. Hamilton Capital LLC increased its position in Itau Unibanco by 15.5% during the first quarter. Hamilton Capital LLC now owns 16,081 shares of the bank's stock worth $88,000 after buying an additional 2,163 shares during the last quarter. Finally, Parallel Advisors LLC increased its position in Itau Unibanco by 31.7% during the second quarter. Parallel Advisors LLC now owns 10,195 shares of the bank's stock worth $69,000 after buying an additional 2,455 shares during the last quarter.

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.

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