Advisors Asset Management Inc. Buys 9,996 Shares of Itaú Unibanco Holding S.A. (NYSE:ITUB)

Advisors Asset Management Inc. raised its stake in Itaú Unibanco Holding S.A. (NYSE:ITUB) by 16.9% in the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 69,264 shares of the bank’s stock after purchasing an additional 9,996 shares during the quarter. Advisors Asset Management Inc.’s holdings in Itaú Unibanco were worth $461,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Thornburg Investment Management Inc. increased its stake in shares of Itaú Unibanco by 0.9% during the second quarter. Thornburg Investment Management Inc. now owns 183,245 shares of the bank’s stock valued at $1,084,000 after buying an additional 1,664 shares during the period. Van ECK Associates Corp increased its stake in shares of Itaú Unibanco by 68.5% during the third quarter. Van ECK Associates Corp now owns 6,071 shares of the bank’s stock valued at $38,000 after buying an additional 2,469 shares during the period. Sumitomo Mitsui DS Asset Management Company Ltd increased its stake in shares of Itaú Unibanco by 4.5% during the third quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 57,500 shares of the bank’s stock valued at $382,000 after buying an additional 2,500 shares during the period. Creative Planning increased its stake in shares of Itaú Unibanco by 33.5% during the third quarter. Creative Planning now owns 14,941 shares of the bank’s stock valued at $99,000 after buying an additional 3,753 shares during the period. Finally, Baker Avenue Asset Management LP increased its stake in shares of Itaú Unibanco by 1.5% during the third quarter. Baker Avenue Asset Management LP now owns 303,181 shares of the bank’s stock valued at $2,016,000 after buying an additional 4,485 shares during the period.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on ITUB. JPMorgan Chase & Co. reduced their target price on Itaú Unibanco from $8.00 to $7.00 and set an “overweight” rating on the stock in a research note on Thursday, November 7th. UBS Group cut Itaú Unibanco from a “buy” rating to a “neutral” rating in a research note on Thursday, August 22nd. Two research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $7.50.

Itaú Unibanco Price Performance

Shares of ITUB stock opened at $5.74 on Thursday. The stock has a market cap of $56.26 billion, a price-to-earnings ratio of 7.36, a PEG ratio of 0.76 and a beta of 0.98. The business’s fifty day moving average is $6.23 and its 200 day moving average is $6.24. Itaú Unibanco Holding S.A. has a twelve month low of $5.62 and a twelve month high of $7.27. The company has a quick ratio of 1.75, a current ratio of 1.75 and a debt-to-equity ratio of 2.28.

Itaú Unibanco Cuts Dividend

The company also recently declared a dividend, which will be paid on Thursday, January 9th. Investors of record on Monday, December 2nd will be paid a $0.0031 dividend. The ex-dividend date is Monday, December 2nd. Itaú Unibanco’s payout ratio is 3.85%.

Itaú Unibanco 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.