Mirae Asset Global Investments Co. Ltd. Makes New $814,000 Investment in Itau Unibanco Holding S.A. $ITUB

Mirae Asset Global Investments Co. Ltd. purchased a new position in shares of Itau Unibanco Holding S.A. (NYSE:ITUB) during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm purchased 95,462 shares of the bank’s stock, valued at approximately $814,000.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Summit Global Investments boosted its stake in Itau Unibanco by 241.0% in the third quarter. Summit Global Investments now owns 59,798 shares of the bank’s stock valued at $510,000 after acquiring an additional 42,263 shares in the last quarter. Choreo LLC acquired a new stake in shares of Itau Unibanco during the third quarter worth about $606,000. Victory Financial Group LLC increased its position in shares of Itau Unibanco by 42.5% during the third quarter. Victory Financial Group LLC now owns 25,492 shares of the bank’s stock worth $217,000 after purchasing an additional 7,605 shares in the last quarter. Park Avenue Securities LLC lifted its holdings in shares of Itau Unibanco by 18.3% in the 3rd quarter. Park Avenue Securities LLC now owns 35,169 shares of the bank’s stock valued at $300,000 after purchasing an additional 5,433 shares during the last quarter. Finally, Axxcess Wealth Management LLC purchased a new stake in shares of Itau Unibanco in the 3rd quarter valued at about $93,000.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on ITUB. HSBC cut Itau Unibanco from a “buy” rating to a “hold” rating and set a $9.10 target price for the company. in a research report on Thursday, October 8th. Wall Street Zen raised Itau Unibanco to a “hold” rating in a research report on Saturday, October 17th. Weiss Ratings lowered Itau Unibanco from a “buy (b)” rating to a “buy (b-)” rating in a research report on Friday, October 30th. Finally, The Goldman Sachs Group reiterated a “buy” rating and issued a $10.50 price objective (up from $9.30) on shares of Itau Unibanco in a research note on Friday, October 9th. Three analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $9.87.

Itau Unibanco Price Performance

Itau Unibanco stock opened at $7.38 on Monday. The company has a debt-to-equity ratio of 2.44, a current ratio of 1.08 and a quick ratio of 1.08. The business has a 50 day simple moving average of $8.48 and a 200-day simple moving average of $8.36. Itau Unibanco Holding S.A. has a 12 month low of $6.82 and a 12 month high of $10.20. The stock has a market capitalization of $81.69 billion, a PE ratio of 9.34, a price-to-earnings-growth ratio of 0.92 and a beta of 0.58.

Itau Unibanco (NYSE:ITUB) last posted its quarterly earnings data on Tuesday, November 3rd. The bank reported $0.21 earnings per share for the quarter, missing analysts’ consensus estimates of $0.22 by ($0.01). Itau Unibanco had a net margin of 26.19% and a return on equity of 22.06%. The firm had revenue of $9.49 billion during the quarter, compared to analysts’ expectations of $9.57 billion. Equities analysts predict that Itau Unibanco Holding S.A. will post 0.88 earnings per share for the current year.

Insider Buying and Selling

In other Itau Unibanco news, insider Vanzo Orestes sold 74,643 shares of the company’s stock in a transaction on Tuesday, September 8th. The shares were sold at an average price of $8.38, for a total transaction of $625,508.34. Following the completion of the transaction, the insider owned 933,371 shares in the company, valued at approximately $7,821,648.98. This represents a 7.40% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.61% of the company’s stock.

Itau Unibanco Profile

Itaú Unibanco is a Brazilian financial services company headquartered in São Paulo. It was formed in 2008 through the merger of Banco Itaú and Unibanco and serves individuals, businesses and institutional clients.

The company provides retail and commercial banking services, including deposit accounts, loans, credit cards and payment solutions. Its other activities include investment banking, asset and wealth management, insurance and related financial services.

Itaú Unibanco operates primarily in Brazil and also has a presence in other markets in Latin America and internationally.