Itau Unibanco (NYSE:ITUB) Given New $8.00 Price Target at JPMorgan Chase & Co.

Itau Unibanco (NYSE:ITUB) had its target price raised by equities researchers at JPMorgan Chase & Co. from $7.00 to $8.00 in a research report issued on Tuesday,Benzinga reports. The brokerage presently has an “overweight” rating on the bank’s stock. JPMorgan Chase & Co.‘s price objective suggests a potential upside of 8.04% from the company’s previous close.

Several other analysts have also recently weighed in on ITUB. Weiss Ratings reiterated a “buy (b-)” rating on shares of Itau Unibanco in a research note on Wednesday, November 19th. Zacks Research cut shares of Itau Unibanco from a “strong-buy” rating to a “hold” rating in a report on Monday, November 3rd. One analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $7.09.

Itau Unibanco Stock Performance

ITUB stock traded up $0.03 during trading hours on Tuesday, hitting $7.41. 2,841,012 shares of the stock were exchanged, compared to its average volume of 27,567,508. Itau Unibanco has a 12 month low of $4.42 and a 12 month high of $7.86. The company has a current ratio of 1.59, a quick ratio of 1.59 and a debt-to-equity ratio of 2.39. The firm has a market capitalization of $79.83 billion, a P/E ratio of 10.50, a P/E/G ratio of 1.10 and a beta of 0.85. The company has a 50-day simple moving average of $7.26 and a two-hundred day simple moving average of $6.89.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of ITUB. Farther Finance Advisors LLC lifted its stake in Itau Unibanco by 3,590.6% in the 2nd quarter. Farther Finance Advisors LLC now owns 4,318 shares of the bank’s stock valued at $29,000 after purchasing an additional 4,201 shares during the last quarter. MAI Capital Management acquired a new position in shares of Itau Unibanco during the second quarter worth $41,000. EverSource Wealth Advisors LLC lifted its stake in shares of Itau Unibanco by 332.4% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 6,966 shares of the bank’s stock valued at $47,000 after acquiring an additional 5,355 shares during the last quarter. Community Bank N.A. acquired a new stake in shares of Itau Unibanco during the 3rd quarter valued at $57,000. Finally, First Horizon Corp bought a new stake in Itau Unibanco during the 3rd quarter worth $60,000.

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.