Franklin Resources Inc. Buys 346,390 Shares of Itaú Unibanco Holding S.A. (NYSE:ITUB)

Franklin Resources Inc. grew its stake in Itaú Unibanco Holding S.A. (NYSE:ITUB) by 1.3% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 27,899,587 shares of the bank’s stock after purchasing an additional 346,390 shares during the period. Franklin Resources Inc.’s holdings in Itaú Unibanco were worth $174,930,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Van ECK Associates Corp grew its holdings in Itaú Unibanco by 68.5% during the 3rd quarter. Van ECK Associates Corp now owns 6,071 shares of the bank’s stock valued at $38,000 after purchasing an additional 2,469 shares during the last quarter. Quantinno Capital Management LP bought a new position in shares of Itaú Unibanco during the third quarter valued at approximately $68,000. Daymark Wealth Partners LLC purchased a new stake in shares of Itaú Unibanco in the third quarter worth approximately $68,000. MQS Management LLC bought a new stake in shares of Itaú Unibanco during the 3rd quarter worth approximately $70,000. Finally, Raymond James Trust N.A. purchased a new position in Itaú Unibanco during the 3rd quarter valued at $81,000.

Itaú Unibanco Trading Down 2.0 %

ITUB opened at $5.27 on Friday. Itaú Unibanco Holding S.A. has a 52 week low of $5.25 and a 52 week high of $7.27. The company has a market capitalization of $51.65 billion, a P/E ratio of 6.76, a PEG ratio of 0.68 and a beta of 0.95. The stock’s fifty day moving average is $5.95 and its two-hundred day moving average is $6.16. The company has a quick ratio of 1.75, a current ratio of 1.75 and a debt-to-equity ratio of 2.28.

Itaú Unibanco Cuts Dividend

The firm also recently disclosed a dividend, which will be paid on Thursday, January 9th. Investors of record on Monday, December 2nd will be paid a $0.0031 dividend. The ex-dividend date is Monday, December 2nd. Itaú Unibanco’s dividend payout ratio (DPR) is presently 46.15%.

Analysts Set New Price Targets

A number of analysts have weighed in on ITUB shares. JPMorgan Chase & Co. reduced their target price on Itaú Unibanco from $8.00 to $7.00 and set an “overweight” rating on the stock in a research note on Thursday, November 7th. UBS Group lowered shares of Itaú Unibanco from a “buy” rating to a “neutral” rating in a report on Thursday, August 22nd. Two research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $7.50.

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.