Huntington National Bank cut its holdings in shares of Itau Unibanco Holding SA (NYSE:ITUB) by 36.4% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 3,380 shares of the bank’s stock after selling 1,931 shares during the quarter. Huntington National Bank’s holdings in Itau Unibanco were worth $30,000 at the end of the most recent reporting period.
Other institutional investors have also made changes to their positions in the company. Toroso Investments LLC bought a new position in Itau Unibanco in the 4th quarter worth about $121,000. GQG Partners LLC boosted its stake in Itau Unibanco by 52.8% in the 4th quarter. GQG Partners LLC now owns 3,667,391 shares of the bank’s stock worth $33,527,000 after purchasing an additional 1,266,688 shares during the period. Deprince Race & Zollo Inc. boosted its stake in Itau Unibanco by 88.8% in the 4th quarter. Deprince Race & Zollo Inc. now owns 820,980 shares of the bank’s stock worth $7,504,000 after purchasing an additional 386,240 shares during the period. Schafer Cullen Capital Management Inc bought a new position in Itau Unibanco in the 4th quarter worth about $10,879,000. Finally, Amundi Pioneer Asset Management Inc. boosted its stake in Itau Unibanco by 35.2% in the 4th quarter. Amundi Pioneer Asset Management Inc. now owns 263,200 shares of the bank’s stock worth $2,406,000 after purchasing an additional 68,500 shares during the period. 4.92% of the stock is owned by hedge funds and other institutional investors.
Several research analysts have commented on ITUB shares. Zacks Investment Research upgraded Itau Unibanco from a “hold” rating to a “buy” rating and set a $11.00 target price for the company in a research note on Wednesday, January 23rd. ValuEngine upgraded Itau Unibanco from a “sell” rating to a “hold” rating in a research note on Wednesday. Bank of America downgraded Itau Unibanco from a “buy” rating to a “neutral” rating in a research report on Tuesday, February 5th. Finally, Scotiabank upgraded Itau Unibanco from an “underperform” rating to a “sector perform” rating in a research report on Tuesday, February 26th. One research analyst has rated the stock with a sell rating and six have given a hold rating to the company’s stock. Itau Unibanco presently has a consensus rating of “Hold” and a consensus price target of $12.00.
The firm also recently declared a monthly dividend, which will be paid on Thursday, July 11th. Stockholders of record on Tuesday, June 4th will be given a dividend of $0.0038 per share. The ex-dividend date of this dividend is Monday, June 3rd. This represents a $0.05 dividend on an annualized basis and a dividend yield of 0.55%. Itau Unibanco’s dividend payout ratio (DPR) is presently 7.58%.
About Itau Unibanco
Itaú Unibanco Holding SA provides a range of financial products and services to individuals and corporate clients in Brazil and internationally. The company operates in three segments: Retail Banking, Wholesale Banking, and Activities with the Market + Corporation. It accepts demand, savings, and time deposits; and offers payroll, mortgage, personal, vehicle, and corporate loans, as well as very small, small, and middle market loans.
Further Reading: Portfolio Manager
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