Itau Unibanco Banco Holding SA (ITUB) Hits New 12-Month High Following Dividend Announcement

Itau Unibanco Banco Holding SA (NYSE:ITUB)’s share price hit a new 52-week high on Friday following a dividend announcement from the company. The company traded as high as $13.93 and last traded at $13.94, with a volume of 5,657,860 shares traded. The stock had previously closed at $13.74.

The newly announced dividend which will be paid on Monday, November 13th. Stockholders of record on Tuesday, October 3rd will be paid a $0.0048 dividend. This represents a $0.06 dividend on an annualized basis and a dividend yield of 0.41%. The ex-dividend date of this dividend is Monday, October 2nd. This is an increase from Itau Unibanco Banco Holding SA’s previous monthly dividend of $0.00. Itau Unibanco Banco Holding SA’s payout ratio is currently 5.36%.

A number of equities research analysts have recently issued reports on the company. ValuEngine raised Itau Unibanco Banco Holding SA from a “buy” rating to a “strong-buy” rating in a research report on Friday, September 1st. Citigroup Inc. lowered Itau Unibanco Banco Holding SA from a “buy” rating to a “neutral” rating in a research report on Friday, August 25th. Finally, J P Morgan Chase & Co lowered Itau Unibanco Banco Holding SA from an “overweight” rating to a “neutral” rating and set a $12.50 target price on the stock. in a research report on Wednesday, July 12th. Four equities research analysts have rated the stock with a hold rating and one has given a strong buy rating to the company’s stock. Itau Unibanco Banco Holding SA presently has a consensus rating of “Hold” and a consensus target price of $13.25.

The company has a market cap of $90.79 billion, a P/E ratio of 12.15 and a beta of 1.60. The stock has a 50 day moving average price of $12.83 and a 200 day moving average price of $12.02.

Itau Unibanco Banco Holding SA declared that its board has authorized a share buyback plan on Thursday, August 31st that authorizes the company to repurchase 60,000,000 outstanding shares. This repurchase authorization authorizes the bank to reacquire shares of its stock through open market purchases. Shares repurchase plans are often an indication that the company’s leadership believes its stock is undervalued.

Several hedge funds have recently bought and sold shares of ITUB. Virtu Financial LLC acquired a new position in shares of Itau Unibanco Banco Holding SA in the 2nd quarter valued at $115,000. Comerica Securities Inc. acquired a new position in shares of Itau Unibanco Banco Holding SA in the 2nd quarter valued at $117,000. Advisor Partners LLC acquired a new position in shares of Itau Unibanco Banco Holding SA in the 2nd quarter valued at $120,000. Ronald Blue & Co. LLC raised its stake in Itau Unibanco Banco Holding SA by 3.5% during the 2nd quarter. Ronald Blue & Co. LLC now owns 12,157 shares of the bank’s stock worth $134,000 after buying an additional 410 shares during the period. Finally, Park Avenue Securities LLC acquired a new stake in Itau Unibanco Banco Holding SA during the 2nd quarter worth $137,000. 4.41% of the stock is currently owned by institutional investors.

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About Itau Unibanco Banco Holding SA

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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