Itau Unibanco (NYSE:ITUB) Hits 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 share price reached a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $7.23 and last traded at $7.15, with a volume of 3790977 shares. The stock had previously closed at $7.14.

Wall Street Analysts Forecast Growth

Separately, UBS Group restated 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 given a Hold rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Buy" and an average price target of $6.27.

Itau Unibanco Stock Down 0.2%

The company's fifty day moving average price is $6.70 and its 200-day moving average price is $6.31. The stock has a market cap of $76.81 billion, a P/E ratio of 10.10, a price-to-earnings-growth ratio of 1.03 and a beta of 0.86. The company has a debt-to-equity ratio of 2.39, a quick ratio of 1.59 and a current ratio of 1.59.

Itau Unibanco (NYSE:ITUB - Get Free Report) last announced its quarterly earnings data 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 net margin of 14.05% and a return on equity of 19.48%. The company had revenue of $7.14 billion during the quarter, compared to analyst estimates of $44.75 billion. Equities analysts forecast that Itau Unibanco Holding S.A. will post 0.8 EPS for the current year.

Itau Unibanco Increases Dividend

The business also recently disclosed a monthly dividend, which was paid on Monday, September 8th. Investors of record on Wednesday, August 20th were issued a dividend of $0.0454 per share. This represents a c) dividend on an annualized basis and a yield of 7.6%. The ex-dividend date was Wednesday, August 20th. This is a positive change from Itau Unibanco's previous monthly dividend of $0.00. Itau Unibanco's dividend payout ratio (DPR) is 4.23%.

Institutional Investors Weigh In On Itau Unibanco

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Allspring Global Investments Holdings LLC lifted its holdings in Itau Unibanco by 29.0% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 25,562 shares of the bank's stock valued at $141,000 after buying an additional 5,743 shares in the last quarter. TT International Asset Management LTD bought a new stake in Itau Unibanco during the 1st quarter valued at about $17,826,000. INCA Investments LLC raised its holdings in shares of Itau Unibanco by 10.0% in the 1st quarter. INCA Investments LLC now owns 1,247,501 shares of the bank's stock valued at $6,861,000 after purchasing an additional 113,409 shares in the last quarter. Banco Santander S.A. raised its holdings in shares of Itau Unibanco by 222.8% in the 1st quarter. Banco Santander S.A. now owns 155,795 shares of the bank's stock valued at $857,000 after purchasing an additional 107,527 shares in the last quarter. Finally, Vanguard Group Inc. raised its holdings in shares of Itau Unibanco by 6.7% in the 1st quarter. Vanguard Group Inc. now owns 24,592,740 shares of the bank's stock valued at $135,260,000 after purchasing an additional 1,549,003 shares in the last quarter.

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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