Advisors Asset Management Inc. Grows Stake in 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% during the third quarter, HoldingsChannel reports. The fund owned 69,264 shares of the bank’s stock after buying an additional 9,996 shares during the period. Advisors Asset Management Inc.’s holdings in Itaú Unibanco were worth $461,000 as of its most recent SEC filing.

A number of other institutional investors have also recently modified their holdings of the stock. Thornburg Investment Management Inc. grew its stake in shares of Itaú Unibanco by 0.9% in the second quarter. Thornburg Investment Management Inc. now owns 183,245 shares of the bank’s stock worth $1,084,000 after acquiring an additional 1,664 shares during the last quarter. Van ECK Associates Corp lifted its holdings 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 purchasing an additional 2,469 shares in the last quarter. Sumitomo Mitsui DS Asset Management Company Ltd lifted its holdings 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 purchasing an additional 2,500 shares in the last quarter. Creative Planning lifted its holdings 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 purchasing an additional 3,753 shares in the last quarter. Finally, Baker Avenue Asset Management LP lifted its holdings 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 purchasing an additional 4,485 shares in the last quarter.

Itaú Unibanco Stock Down 4.2 %

ITUB stock opened at $5.74 on Thursday. Itaú Unibanco Holding S.A. has a fifty-two week low of $5.62 and a fifty-two week high of $7.27. The business’s 50-day moving average is $6.23 and its two-hundred day moving average is $6.24. The company has a debt-to-equity ratio of 2.28, a quick ratio of 1.75 and a current ratio of 1.75. The company has a market cap of $56.26 billion, a price-to-earnings ratio of 7.36, a P/E/G ratio of 0.76 and a beta of 0.98.

Itaú Unibanco Cuts Dividend

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

Analyst Upgrades and Downgrades

ITUB has been the topic of a number of research analyst reports. UBS Group downgraded Itaú Unibanco from a “buy” rating to a “neutral” rating in a report on Thursday, August 22nd. JPMorgan Chase & Co. lowered their price target on Itaú Unibanco from $8.00 to $7.00 and set an “overweight” rating on the stock in a report on Thursday, November 7th. Two analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $7.50.

About Itaú Unibanco

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.