Itau Unibanco (NYSE:ITUB) Sets New 12-Month High - Here's What Happened

Key Points

• Itau Unibanco's share price hit a new 52-week high of $7.23, trading at $7.15 with over 3.79 million shares exchanged.
• The bank's quarterly earnings met analysts' expectations, reporting $0.18 earnings per share and a revenue of $7.14 billion, although this was below analyst estimates.
• Itau Unibanco recently increased its monthly dividend to $0.0454 per share, representing an annual yield of 7.6%, showing a positive change from the previous dividend of $0.00.

Itau Unibanco Holding S.A. (NYSE:ITUB - Get Free Report)'s stock price reached a new 52-week high during trading on Tuesday . The company traded as high as $7.23 and last traded at $7.15, with a volume of 3790977 shares traded. The stock had previously closed at $7.14.

Analyst Upgrades and Downgrades

Separately, UBS Group reiterated a "neutral" rating on shares of Itau Unibanco in a research note on Thursday, July 10th. One analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Buy" and a consensus target price of $6.27.

Itau Unibanco Stock Performance

The stock has a fifty day moving average price of $6.76 and a two-hundred day moving average price of $6.35. The company has a market cap of $79.13 billion, a P/E ratio of 10.40, a PEG ratio of 1.07 and a beta of 0.86. The company has a debt-to-equity ratio of 2.39, a current ratio of 1.59 and a quick ratio of 1.59.

Itau Unibanco (NYSE:ITUB - Get Free Report) last posted its quarterly earnings results on Tuesday, August 5th. The bank reported $0.18 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.18. Itau Unibanco had a return on equity of 19.48% and a net margin of 14.05%.The company had revenue of $7.14 billion for the quarter, compared to analysts' expectations of $44.75 billion. On average, equities analysts forecast that Itau Unibanco Holding S.A. will post 0.8 earnings per share for the current fiscal year.

Itau Unibanco Increases Dividend

The business also recently declared a monthly dividend, which was paid on Monday, September 8th. Stockholders of record on Wednesday, August 20th were issued a dividend of $0.0454 per share. The ex-dividend date was Wednesday, August 20th. This represents a c) annualized dividend and a dividend yield of 7.4%. This is an increase from Itau Unibanco's previous monthly dividend of $0.00. Itau Unibanco's dividend payout ratio is presently 4.23%.

Hedge Funds Weigh In On Itau Unibanco

Institutional investors and hedge funds have recently modified their holdings of the stock. Farther Finance Advisors LLC boosted its holdings in 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 purchasing an additional 4,201 shares in the last quarter. MAI Capital Management bought a new stake in Itau Unibanco in the second quarter worth $41,000. Parallel Advisors LLC boosted its holdings in 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 purchasing an additional 6,781 shares in the last quarter. EverSource Wealth Advisors LLC boosted its holdings in 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 purchasing an additional 5,355 shares in the last quarter. Finally, Alta Capital Management LLC bought a new stake in Itau Unibanco in the first quarter worth $62,000.

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.