Share Buyback Plan Initiated by Itau Unibanco (ITUB) Board

Itau Unibanco (NYSE:ITUB) announced that its Board of Directors has authorized a stock buyback program, which authorizes the company to buyback 28,620,000 outstanding shares on Monday, December 18th, EventVestor reports. This buyback authorization authorizes the bank to buy shares of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board of directors believes its shares are undervalued.

ITUB has been the subject of a number of research analyst reports. ValuEngine raised Itau Unibanco from a “buy” rating to a “strong-buy” rating in a research report on Friday, September 1st. BidaskClub cut Itau Unibanco from a “buy” rating to a “hold” rating in a research report on Saturday, November 4th. Deutsche Bank raised Itau Unibanco from a “hold” rating to a “buy” rating and set a $16.00 target price for the company in a research report on Monday, December 11th. Finally, Zacks Investment Research cut Itau Unibanco from a “hold” rating to a “sell” rating in a research report on Tuesday, November 7th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and two have assigned a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average target price of $14.25.

Shares of Itau Unibanco (NYSE:ITUB) opened at $12.84 on Friday. The company has a quick ratio of 1.66, a current ratio of 1.66 and a debt-to-equity ratio of 1.57. The company has a market capitalization of $84,144.09, a P/E ratio of 11.17, a PEG ratio of 1.41 and a beta of 1.58. Itau Unibanco has a 1-year low of $9.81 and a 1-year high of $14.59.

The firm also recently declared a special dividend, which will be paid on Thursday, May 10th. Stockholders of record on Monday, December 18th will be issued a $0.0447 dividend. The ex-dividend date is Friday, December 15th. This represents a dividend yield of 0.42%. Itau Unibanco’s dividend payout ratio is currently 45.22%.

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About Itau Unibanco

Itau Unibanco Holding SA is a holding company. The Company provides a range of financial products and services to individual and corporate clients in Brazil and abroad. The Company operates through three segments: Retail Banking, Wholesale Banking, and Activities with the Market + Corporation. The Retail Banking segment offers banking products and services to a diversified client base of account holders and non-account holders, individuals and companies.

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