Itau Unibanco Holding S.A. Buys 327,874 Shares of Tim S.A. (NYSE:TIMB)

Itau Unibanco Holding S.A. lifted its stake in shares of Tim S.A. (NYSE:TIMB) by 90.8% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 688,950 shares of the company’s stock after acquiring an additional 327,874 shares during the quarter. Itau Unibanco Holding S.A. owned approximately 0.14% of TIM worth $9,847,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in TIMB. Crossmark Global Holdings Inc. purchased a new stake in TIM in the 2nd quarter worth $8,818,000. Summit Global Investments boosted its stake in shares of TIM by 147.6% in the second quarter. Summit Global Investments now owns 325,462 shares of the company’s stock worth $4,661,000 after acquiring an additional 193,996 shares during the period. Renaissance Technologies LLC grew its position in shares of TIM by 11.7% during the second quarter. Renaissance Technologies LLC now owns 1,364,048 shares of the company’s stock worth $19,533,000 after purchasing an additional 142,862 shares in the last quarter. Acadian Asset Management LLC bought a new stake in TIM during the 1st quarter valued at approximately $2,000,000. Finally, UBS Group AG lifted its holdings in TIM by 19.3% in the 4th quarter. UBS Group AG now owns 453,388 shares of the company’s stock worth $8,374,000 after purchasing an additional 73,388 shares in the last quarter.

TIM Price Performance

Shares of TIMB stock opened at $16.95 on Friday. The company has a quick ratio of 0.85, a current ratio of 0.88 and a debt-to-equity ratio of 0.52. Tim S.A. has a 12-month low of $13.84 and a 12-month high of $19.14. The stock’s 50-day moving average price is $15.92 and its 200-day moving average price is $16.30.

TIM (NYSE:TIMB) last released its quarterly earnings results on Tuesday, July 30th. The company reported $0.31 earnings per share for the quarter. The business had revenue of $1.21 billion during the quarter. TIM had a return on equity of 11.47% and a net margin of 12.53%. Analysts expect that Tim S.A. will post 1.24 earnings per share for the current year.

TIM Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, October 30th. Investors of record on Monday, September 30th will be given a $0.088 dividend. This represents a $0.35 annualized dividend and a yield of 2.08%. The ex-dividend date of this dividend is Monday, September 30th. TIM’s dividend payout ratio is presently 27.64%.

Analyst Ratings Changes

A number of equities research analysts have issued reports on TIMB shares. Barclays cut their price objective on shares of TIM from $19.00 to $18.00 and set an “equal weight” rating for the company in a report on Friday, August 2nd. Scotiabank raised shares of TIM from a “sector perform” rating to a “sector outperform” rating and raised their target price for the company from $17.50 to $24.80 in a research note on Friday.

TIM Profile

TIM SA, a telecommunications company, provides mobile voice, data, and broadband services in Brazil. The company offers in mobile, landline, long-distance, and data transmission services. It also offers fixed ultra-broadband, fixed ultraband broadband, and digital content services. The company serves individuals and corporates, as well as small, medium, and large companies.