Itau Unibanco (ITUB) Downgraded by Scotiabank to Underperform
Itau Unibanco (NYSE:ITUB) was downgraded by analysts at Scotiabank from a “sector perform” rating to an “underperform” rating in a research report issued on Wednesday, The Fly reports.
A number of other research analysts also recently weighed in on ITUB. Deutsche Bank raised Itau Unibanco from a “hold” rating to a “buy” rating and set a $16.00 price target on the stock in a research note on Monday, December 11th. ValuEngine raised Itau Unibanco from a “buy” rating to a “strong-buy” rating in a research note on Sunday, December 31st. Zacks Investment Research downgraded Itau Unibanco from a “hold” rating to a “sell” rating in a research note on Wednesday, February 7th. Finally, Credit Suisse Group raised Itau Unibanco from a “neutral” rating to a “buy” rating in a research note on Monday, March 5th. Two analysts have rated the stock with a sell rating, three have issued a hold rating and three have given a buy rating to the company’s stock. Itau Unibanco has an average rating of “Hold” and an average target price of $14.25.
Shares of Itau Unibanco (NYSE ITUB) traded down $0.18 during trading on Wednesday, hitting $15.86. The company had a trading volume of 1,703,460 shares, compared to its average volume of 10,694,394. Itau Unibanco has a 52 week low of $10.02 and a 52 week high of $16.98. The company has a current ratio of 1.64, a quick ratio of 1.66 and a debt-to-equity ratio of 1.54. The company has a market cap of $105,570.87, a price-to-earnings ratio of 13.83, a price-to-earnings-growth ratio of 1.15 and a beta of 1.74.
Itau Unibanco declared that its board has authorized a share repurchase program on Monday, December 18th that permits the company to buyback 28,620,000 outstanding shares. This buyback authorization permits the bank to repurchase shares of its stock through open market purchases. Shares buyback programs are generally an indication that the company’s board believes its shares are undervalued.
A number of hedge funds have recently bought and sold shares of the stock. Harding Loevner LP raised its stake in shares of Itau Unibanco by 225.1% in the third quarter. Harding Loevner LP now owns 193,057,699 shares of the bank’s stock worth $774,895,000 after purchasing an additional 133,670,409 shares during the last quarter. Fisher Asset Management LLC raised its stake in shares of Itau Unibanco by 33.8% in the fourth quarter. Fisher Asset Management LLC now owns 25,914,919 shares of the bank’s stock worth $336,894,000 after purchasing an additional 6,553,611 shares during the last quarter. OppenheimerFunds Inc. purchased a new stake in shares of Itau Unibanco in the fourth quarter worth approximately $71,415,000. Mondrian Investment Partners LTD raised its stake in shares of Itau Unibanco by 30.1% in the fourth quarter. Mondrian Investment Partners LTD now owns 22,372,140 shares of the bank’s stock worth $290,838,000 after purchasing an additional 5,177,751 shares during the last quarter. Finally, Standard Life Aberdeen plc purchased a new stake in shares of Itau Unibanco in the fourth quarter worth approximately $63,589,000. 4.99% of the stock is currently owned by institutional investors and hedge funds.
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Itau Unibanco Company Profile
Itau Unibanco Holding SA is a holding company. The Company provides a range of financial products and services to individual and corporate clients in Brazil and abroad. The Company operates through three segments: Retail Banking, Wholesale Banking, and Activities with the Market + Corporation. The Retail Banking segment offers banking products and services to a diversified client base of account holders and non-account holders, individuals and companies.
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