Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in Itau Unibanco Holding SA (NYSE:ITUB) by 773.9% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 60,200 shares of the bank’s stock after buying an additional 53,311 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Itau Unibanco were worth $783,000 at the end of the most recent reporting period.
Other large investors have also modified their holdings of the company. Quantitative Systematic Strategies LLC acquired a new position in Itau Unibanco in the 3rd quarter worth approximately $142,000. 1st Global Advisors Inc. acquired a new position in Itau Unibanco in the 2nd quarter worth approximately $155,000. Sterling Capital Management LLC increased its holdings in Itau Unibanco by 5.7% in the 2nd quarter. Sterling Capital Management LLC now owns 14,706 shares of the bank’s stock worth $163,000 after buying an additional 792 shares during the period. Advisor Partners LLC increased its holdings in Itau Unibanco by 61.0% in the 4th quarter. Advisor Partners LLC now owns 16,500 shares of the bank’s stock worth $244,000 after buying an additional 6,253 shares during the period. Finally, KCS Wealth Advisory acquired a new position in Itau Unibanco in the 4th quarter worth approximately $257,000. Institutional investors own 4.81% of the company’s stock.
ITUB has been the topic of several research reports. ValuEngine upgraded shares of Itau Unibanco from a “buy” rating to a “strong-buy” rating in a report on Friday, February 2nd. Zacks Investment Research downgraded shares of Itau Unibanco from a “hold” rating to a “sell” rating in a report on Tuesday, November 7th. BidaskClub cut shares of Itau Unibanco from a “strong-buy” rating to a “buy” rating in a research note on Monday, October 23rd. Finally, Deutsche Bank raised shares of Itau Unibanco from a “hold” rating to a “buy” rating and set a $16.00 price objective on the stock in a research note on Monday, December 11th. One analyst has rated the stock with a sell rating, four have given a hold rating, one has given a buy rating and one has issued a strong buy rating to the company. Itau Unibanco presently has an average rating of “Hold” and an average price target of $14.25.
The company also recently disclosed a monthly dividend, which will be paid on Thursday, April 12th. Stockholders of record on Friday, March 2nd will be paid a dividend of $0.0046 per share. The ex-dividend date of this dividend is Thursday, March 1st. This represents a $0.05 dividend on an annualized basis and a dividend yield of 0.34%. Itau Unibanco’s payout ratio is 5.22%.
Itau Unibanco announced that its Board of Directors has approved a share repurchase program on Monday, December 18th that permits the company to buyback 28,620,000 outstanding shares. This buyback authorization permits the bank to reacquire shares of its stock through open market purchases. Shares buyback programs are generally a sign that the company’s board of directors believes its shares are undervalued.
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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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