Summit Global Investments Invests $635,000 in Itau Unibanco Holding S.A. $ITUB

Summit Global Investments bought a new stake in Itau Unibanco Holding S.A. (NYSE:ITUB) during the 1st quarter, Holdings Channel.com reports. The firm bought 75,735 shares of the bank’s stock, valued at approximately $635,000.

Several other hedge funds have also recently added to or reduced their stakes in ITUB. Kestra Advisory Services LLC bought a new stake in shares of Itau Unibanco in the 4th quarter valued at $31,000. EverSource Wealth Advisors LLC raised its stake in Itau Unibanco by 332.4% during 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 last quarter. Farther Finance Advisors LLC boosted its position in Itau Unibanco by 40.1% during the fourth quarter. Farther Finance Advisors LLC now owns 6,642 shares of the bank’s stock valued at $48,000 after acquiring an additional 1,901 shares during the last quarter. V Square Quantitative Management LLC bought a new stake in Itau Unibanco during the first quarter valued at $59,000. Finally, Caitong International Asset Management Co. Ltd grew its holdings in Itau Unibanco by 486.0% during the 3rd quarter. Caitong International Asset Management Co. Ltd now owns 8,966 shares of the bank’s stock worth $66,000 after acquiring an additional 7,436 shares during the period.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on ITUB shares. JPMorgan Chase & Co. lifted their price objective on Itau Unibanco from $9.00 to $10.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 7th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Itau Unibanco in a research note on Wednesday, June 17th. Two investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $10.00.

Itau Unibanco Trading Up 1.1%

ITUB opened at $8.49 on Thursday. The company has a fifty day moving average price of $8.01 and a two-hundred day moving average price of $8.32. Itau Unibanco Holding S.A. has a 1-year low of $5.93 and a 1-year high of $9.60. The company has a market cap of $94.09 billion, a P/E ratio of 11.65, a price-to-earnings-growth ratio of 0.90 and a beta of 0.58. The company has a current ratio of 1.79, a quick ratio of 1.79 and a debt-to-equity ratio of 2.53.

Itau Unibanco (NYSE:ITUB) last issued its earnings results on Tuesday, May 5th. The bank reported $0.20 EPS for the quarter, missing the consensus estimate of $0.22 by ($0.02). Itau Unibanco had a net margin of 27.27% and a return on equity of 21.27%. The firm had revenue of $9.01 billion during the quarter, compared to analyst estimates of $9.41 billion. Analysts predict that Itau Unibanco Holding S.A. will post 0.89 EPS for the current fiscal year.

Itau Unibanco Announces Dividend

The company also recently disclosed a special dividend, which will be paid on Tuesday, September 8th. Stockholders of record on Monday, June 22nd will be issued a dividend of $0.068 per share. The ex-dividend date is Monday, June 22nd. Itau Unibanco’s payout ratio is currently 4.11%.

Insider Activity at Itau Unibanco

In other news, insider Vanzo Carlos Orestes sold 60,000 shares of the business’s stock in a transaction that occurred on Tuesday, July 7th. The stock was sold at an average price of $8.24, for a total transaction of $494,400.00. Following the completion of the sale, the insider owned 1,008,014 shares in the company, valued at $8,306,035.36. The trade was a 5.62% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. 0.61% of the stock is currently owned by corporate insiders.

About Itau Unibanco

Itaú Unibanco SA (NYSE: ITUB) is a Brazilian banking and financial services conglomerate headquartered in São Paulo. The company was formed by the merger of Banco Itaú and Unibanco in 2008 and is one of the largest private-sector banks in Brazil and among the leading banks in Latin America. Itaú Unibanco is publicly listed in Brazil and maintains an international listing on the New York Stock Exchange.

The bank offers a full range of financial products and services across retail, commercial and wholesale banking.