Itau Unibanco (NYSE:ITUB) Reaches New 52-Week High – Here’s What Happened

Itau Unibanco Holding S.A. (NYSE:ITUB)’s share price hit a new 52-week high during mid-day trading on Wednesday . The company traded as high as $8.86 and last traded at $8.7850, with a volume of 35705577 shares. The stock had previously closed at $8.39.

Analyst Ratings Changes

Several equities research analysts have weighed in on the stock. Zacks Research raised shares of Itau Unibanco from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, January 13th. Weiss Ratings reissued a “buy (b)” rating on shares of Itau Unibanco in a research note on Monday, December 29th. Finally, JPMorgan Chase & Co. lifted their price target on Itau Unibanco from $6.80 to $7.77 and gave the company an “overweight” rating in a research report on Tuesday, November 25th. One analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and one has given a Hold rating to the company. According to MarketBeat.com, the company currently has an average rating of “Buy” and an average target price of $7.77.

Itau Unibanco Stock Up 4.7%

The stock’s fifty day moving average is $7.37 and its 200 day moving average is $6.99. The company has a market capitalization of $97.31 billion, a P/E ratio of 12.52, a price-to-earnings-growth ratio of 1.00 and a beta of 0.65. The company has a current ratio of 1.58, a quick ratio of 1.58 and a debt-to-equity ratio of 2.33.

Itau Unibanco Announces Dividend

The firm also recently disclosed a monthly dividend, which will be paid on Monday, January 11th. Investors of record on Wednesday, December 2nd will be issued a $0.0032 dividend. This represents a c) annualized dividend and a yield of 0.4%. The ex-dividend date is Wednesday, December 2nd. Itau Unibanco’s dividend payout ratio (DPR) is presently 4.29%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in ITUB. Farther Finance Advisors LLC raised its stake in Itau Unibanco by 3,590.6% during the 2nd quarter. Farther Finance Advisors LLC now owns 4,318 shares of the bank’s stock valued at $29,000 after buying an additional 4,201 shares during the last quarter. MAI Capital Management purchased a new position in Itau Unibanco in the second quarter worth about $41,000. EverSource Wealth Advisors LLC grew its stake in shares of Itau Unibanco by 332.4% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 6,966 shares of the bank’s stock valued at $47,000 after purchasing an additional 5,355 shares during the period. Community Bank N.A. bought a new position in shares of Itau Unibanco in the 3rd quarter worth approximately $57,000. Finally, First Horizon Corp purchased a new position in shares of Itau Unibanco in the third quarter worth approximately $60,000.

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.