Itaú Unibanco (NYSE:ITUB) Stock Rating Upgraded by Hsbc Global Res

Hsbc Global Res upgraded shares of Itaú Unibanco (NYSE:ITUB) to a strong-buy rating in a report released on Monday morning,Zacks.com reports.

A number of other analysts have also recently commented on ITUB. HSBC upgraded shares of Itaú Unibanco from a “hold” rating to a “buy” rating and set a $6.80 target price on the stock in a report on Monday. JPMorgan Chase & Co. dropped their price target on shares of Itaú Unibanco from $8.00 to $7.00 and set an “overweight” rating on the stock in a research note on Thursday, November 7th. One equities research analyst has rated the stock with a hold rating, four have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus price target of $7.27.

Itaú Unibanco Stock Performance

Shares of ITUB stock opened at $5.35 on Monday. Itaú Unibanco has a 12 month low of $4.86 and a 12 month high of $7.27. The stock has a market cap of $52.43 billion, a PE ratio of 6.86, a price-to-earnings-growth ratio of 0.57 and a beta of 0.95. The company has a current ratio of 1.75, a quick ratio of 1.75 and a debt-to-equity ratio of 2.28. The company’s fifty day moving average price is $5.44 and its 200-day moving average price is $6.02.

Itaú Unibanco Increases Dividend

The firm also recently declared a dividend, which will be paid on Thursday, March 13th. Stockholders of record on Tuesday, February 4th will be given a dividend of $0.0029 per share. The ex-dividend date is Tuesday, February 4th. This is a positive change from Itaú Unibanco’s previous dividend of $0.00. Itaú Unibanco’s dividend payout ratio is presently 3.85%.

Institutional Investors Weigh In On Itaú Unibanco

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Van ECK Associates Corp increased its holdings in Itaú Unibanco by 68.5% in the 3rd quarter. Van ECK Associates Corp now owns 6,071 shares of the bank’s stock worth $38,000 after acquiring an additional 2,469 shares in the last quarter. Quantinno Capital Management LP purchased a new stake in Itaú Unibanco in the 3rd quarter worth approximately $68,000. Daymark Wealth Partners LLC purchased a new stake in Itaú Unibanco in the 3rd quarter worth approximately $68,000. MQS Management LLC purchased a new stake in Itaú Unibanco in the 3rd quarter worth approximately $70,000. Finally, Raymond James Trust N.A. purchased a new stake in Itaú Unibanco in the 3rd quarter worth approximately $81,000.

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.