Summit Global Investments Acquires New Position in Itau Unibanco Holding S.A. $ITUB

Summit Global Investments acquired a new stake in shares of Itau Unibanco Holding S.A. (NYSE:ITUB) in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 75,735 shares of the bank’s stock, valued at approximately $635,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in ITUB. Royal Bank of Canada increased its stake in shares of Itau Unibanco by 11.7% in the 1st quarter. Royal Bank of Canada now owns 445,578 shares of the bank’s stock valued at $2,450,000 after purchasing an additional 46,608 shares during the last quarter. Goldman Sachs Group Inc. boosted its stake in Itau Unibanco by 28.5% in the first quarter. Goldman Sachs Group Inc. now owns 4,996,699 shares of the bank’s stock valued at $27,482,000 after buying an additional 1,107,607 shares in the last quarter. EverSource Wealth Advisors LLC grew its position in Itau Unibanco by 332.4% in the second 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. Guggenheim Capital LLC grew its position in Itau Unibanco by 11.7% in the second quarter. Guggenheim Capital LLC now owns 118,405 shares of the bank’s stock valued at $804,000 after acquiring an additional 12,442 shares during the last quarter. Finally, First Trust Advisors LP raised its stake in Itau Unibanco by 425.3% during the second quarter. First Trust Advisors LP now owns 356,467 shares of the bank’s stock worth $2,420,000 after acquiring an additional 288,602 shares in the last quarter.

Wall Street Analyst Weigh In

ITUB has been the subject of a number of research reports. Weiss Ratings reissued a “buy (b)” rating on shares of Itau Unibanco in a report on Wednesday, June 17th. JPMorgan Chase & Co. upped their price objective on shares of Itau Unibanco from $9.00 to $10.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 7th. Two analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $10.00.

Itau Unibanco Stock Performance

NYSE:ITUB opened at $8.49 on Thursday. The stock’s 50-day moving average is $8.01 and its 200-day moving average is $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 current ratio of 1.79, a quick ratio of 1.79 and a debt-to-equity ratio of 2.53. The stock 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.

Itau Unibanco (NYSE:ITUB) last issued its quarterly earnings data on Tuesday, May 5th. The bank reported $0.20 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.22 by ($0.02). Itau Unibanco had a net margin of 27.27% and a return on equity of 21.27%. The business had revenue of $9.01 billion during the quarter, compared to the consensus estimate of $9.41 billion. Equities research analysts anticipate that Itau Unibanco Holding S.A. will post 0.89 earnings per share for the current year.

Itau Unibanco Announces Dividend

The firm also recently declared a special dividend, which will be paid on Tuesday, September 8th. Stockholders of record on Monday, June 22nd will be paid a dividend of $0.068 per share. The ex-dividend date of this dividend is Monday, June 22nd. Itau Unibanco’s dividend payout ratio (DPR) is presently 4.11%.

Insider Activity

In other news, insider Vanzo Carlos Orestes sold 60,000 shares of Itau Unibanco stock in a transaction on Tuesday, July 7th. The shares were sold at an average price of $8.24, for a total transaction of $494,400.00. Following the transaction, the insider owned 1,008,014 shares in the company, valued at approximately $8,306,035.36. The trade was a 5.62% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.61% of the company’s stock.

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.