Itau Unibanco (NYSE:ITUB) Upgraded by Zacks Research to “Strong-Buy” Rating

Zacks Research upgraded shares of Itau Unibanco (NYSE:ITUB) from a hold rating to a strong-buy rating in a research report sent to investors on Tuesday morning,Zacks.com reports.

ITUB has been the topic of a number of other reports. Weiss Ratings restated a “buy (b)” rating on shares of Itau Unibanco in a report on Monday, December 29th. JPMorgan Chase & Co. raised their price objective on Itau Unibanco from $6.80 to $7.77 and gave the stock an “overweight” rating in a report on Tuesday, November 25th. One analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and one has issued a Hold rating to the company’s stock. According to MarketBeat, Itau Unibanco currently has a consensus rating of “Buy” and a consensus target price of $7.77.

Itau Unibanco Trading Up 0.8%

NYSE:ITUB opened at $7.36 on Tuesday. The company has a quick ratio of 1.58, a current ratio of 1.58 and a debt-to-equity ratio of 2.33. The stock has a fifty day simple moving average of $7.28 and a 200-day simple moving average of $6.90. Itau Unibanco has a 52-week low of $4.61 and a 52-week high of $7.89. The company has a market capitalization of $81.47 billion, a PE ratio of 10.48, a price-to-earnings-growth ratio of 0.86 and a beta of 0.65.

Itau Unibanco Announces Dividend

The business also recently announced a monthly dividend, which will be paid on Monday, January 11th. Stockholders of record on Wednesday, December 2nd will be given a $0.0032 dividend. The ex-dividend date of this dividend is Wednesday, December 2nd. This represents a c) annualized dividend and a dividend yield of 0.5%. Itau Unibanco’s payout ratio 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 boosted its position in shares of 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 purchasing an additional 4,201 shares in the last quarter. MAI Capital Management bought a new stake in shares of Itau Unibanco during the 2nd quarter worth $41,000. EverSource Wealth Advisors LLC raised its position in shares of Itau Unibanco by 332.4% during the second quarter. EverSource Wealth Advisors LLC now owns 6,966 shares of the bank’s stock worth $47,000 after purchasing an additional 5,355 shares during the period. Community Bank N.A. purchased a new position in Itau Unibanco in the 3rd quarter worth about $57,000. Finally, First Horizon Corp acquired a new stake in Itau Unibanco during the third quarter valued at $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.