Itaú Unibanco (NYSE:ITUB) Stock Rating Upgraded by Hsbc Global Res

Hsbc Global Res upgraded shares of Itaú Unibanco (NYSE:ITUB) to a strong-buy rating in a research report sent to investors on Monday,Zacks.com reports.

Several other brokerages have also commented on ITUB. JPMorgan Chase & Co. lowered their price objective on shares of Itaú Unibanco from $8.00 to $7.00 and set an “overweight” rating for the company in a report on Thursday, November 7th. HSBC raised shares of Itaú Unibanco from a “hold” rating to a “buy” rating and set a $6.80 target price for the company in a research note on Monday. One investment analyst has rated the stock with a hold rating, four have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Buy” and an average price target of $7.27.

Itaú Unibanco Stock Performance

Shares of ITUB opened at $5.33 on Monday. The company has a debt-to-equity ratio of 2.28, a current ratio of 1.75 and a quick ratio of 1.75. Itaú Unibanco has a one year low of $4.86 and a one year high of $7.27. The company has a 50-day simple moving average of $5.44 and a two-hundred day simple moving average of $6.02. The firm has a market capitalization of $52.24 billion, a PE ratio of 6.83, a price-to-earnings-growth ratio of 0.57 and a beta of 0.95.

Itaú Unibanco Increases Dividend

The company also recently declared a dividend, which will be paid on Thursday, March 13th. Investors of record on Tuesday, February 4th will be given a dividend of $0.0029 per share. The ex-dividend date is Tuesday, February 4th. This is an increase from Itaú Unibanco’s previous dividend of $0.00. Itaú Unibanco’s dividend payout ratio (DPR) is 3.85%.

Institutional Investors Weigh In On Itaú Unibanco

Several institutional investors and hedge funds have recently made changes to their positions in ITUB. FMR LLC increased its position in shares of Itaú Unibanco by 12,592.2% during the third quarter. FMR LLC now owns 23,484,343 shares of the bank’s stock valued at $156,171,000 after acquiring an additional 23,299,313 shares in the last quarter. Public Employees Retirement System of Ohio bought a new stake in shares of Itaú Unibanco during the third quarter valued at approximately $40,685,000. Marshall Wace LLP grew its position in Itaú Unibanco by 200.4% in the 2nd quarter. Marshall Wace LLP now owns 7,679,311 shares of the bank’s stock worth $44,847,000 after purchasing an additional 5,122,752 shares during the period. Driehaus Capital Management LLC grew its position in Itaú Unibanco by 77.5% in the 2nd quarter. Driehaus Capital Management LLC now owns 7,114,571 shares of the bank’s stock worth $41,549,000 after purchasing an additional 3,106,130 shares during the period. Finally, Fisher Asset Management LLC grew its position in Itaú Unibanco by 6.1% in the 3rd quarter. Fisher Asset Management LLC now owns 50,587,633 shares of the bank’s stock worth $336,408,000 after purchasing an additional 2,886,508 shares during the period.

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.