Wells Fargo & Company MN decreased its holdings in Itau Unibanco Holding SA (NYSE:ITUB) by 51.7% in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 265,906 shares of the bank’s stock after selling 284,475 shares during the quarter. Wells Fargo & Company MN’s holdings in Itau Unibanco were worth $3,643,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds have also modified their holdings of ITUB. Capital Research Global Investors bought a new position in Itau Unibanco in the 2nd quarter valued at $222,425,000. Mondrian Investment Partners LTD bought a new stake in shares of Itau Unibanco during the third quarter worth $235,563,000. Fisher Asset Management LLC raised its position in shares of Itau Unibanco by 62.9% during the third quarter. Fisher Asset Management LLC now owns 19,361,308 shares of the bank’s stock worth $265,250,000 after acquiring an additional 7,472,507 shares during the last quarter. Baillie Gifford & Co. raised its position in shares of Itau Unibanco by 21.3% during the third quarter. Baillie Gifford & Co. now owns 28,091,190 shares of the bank’s stock worth $384,849,000 after acquiring an additional 4,924,628 shares during the last quarter. Finally, Capital Growth Management LP raised its position in shares of Itau Unibanco by 508.4% during the second quarter. Capital Growth Management LP now owns 5,050,000 shares of the bank’s stock worth $55,802,000 after acquiring an additional 4,220,000 shares during the last quarter. Hedge funds and other institutional investors own 4.68% of the company’s stock.
A number of research firms have recently weighed in on ITUB. ValuEngine upgraded Itau Unibanco from a “buy” rating to a “strong-buy” rating in a research report on Sunday, December 31st. BidaskClub downgraded Itau Unibanco from a “strong-buy” rating to a “buy” rating in a research report on Monday, October 23rd. Zacks Investment Research downgraded Itau Unibanco from a “hold” rating to a “sell” rating in a research report on Tuesday, November 7th. Finally, Deutsche Bank upgraded 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. One research analyst has rated the stock with a sell rating, four have given a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average target price of $14.25.
The company also recently announced a None dividend, which will be paid on Monday, February 12th. Stockholders of record on Wednesday, January 3rd will be given a dividend of $0.004 per share. The ex-dividend date of this dividend is Tuesday, January 2nd. This represents a dividend yield of 0.42%. Itau Unibanco’s payout ratio is currently 4.35%.
Itau Unibanco announced that its board has authorized a share repurchase program on Monday, December 18th that permits the company to buyback 28,620,000 shares. This buyback authorization permits the bank to reacquire shares of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s leadership believes its stock is undervalued.
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.
Want to see what other hedge funds are holding ITUB? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Itau Unibanco Holding SA (NYSE:ITUB).
Receive News & Ratings for Itau Unibanco Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Itau Unibanco and related companies with MarketBeat.com's FREE daily email newsletter.