Sumitomo Mitsui Trust Group Inc. Buys 17,400 Shares of Itaú Unibanco Holding S.A. (NYSE:ITUB)

Sumitomo Mitsui Trust Group Inc. increased its stake in Itaú Unibanco Holding S.A. (NYSE:ITUB) by 65.0% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 44,150 shares of the bank’s stock after purchasing an additional 17,400 shares during the quarter. Sumitomo Mitsui Trust Group Inc.’s holdings in Itaú Unibanco were worth $294,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also bought and sold shares of ITUB. Van ECK Associates Corp grew its position in shares of Itaú Unibanco by 68.5% during the 3rd quarter. Van ECK Associates Corp now owns 6,071 shares of the bank’s stock valued at $38,000 after purchasing an additional 2,469 shares in the last quarter. Bessemer Group Inc. purchased a new position in shares of Itaú Unibanco during the 1st quarter valued at $49,000. Daymark Wealth Partners LLC purchased a new position in shares of Itaú Unibanco during the 3rd quarter valued at $68,000. Dynamic Advisor Solutions LLC purchased a new position in shares of Itaú Unibanco during the 2nd quarter valued at $65,000. Finally, Whittier Trust Co. of Nevada Inc. grew its position in shares of Itaú Unibanco by 105.7% during the 2nd quarter. Whittier Trust Co. of Nevada Inc. now owns 14,172 shares of the bank’s stock valued at $83,000 after purchasing an additional 7,284 shares in the last quarter.

Itaú Unibanco Price Performance

Shares of ITUB opened at $5.96 on Thursday. The company has a quick ratio of 1.75, a current ratio of 1.75 and a debt-to-equity ratio of 2.28. Itaú Unibanco Holding S.A. has a twelve month low of $5.62 and a twelve month high of $7.27. The company has a market capitalization of $58.41 billion, a P/E ratio of 7.64, a price-to-earnings-growth ratio of 0.77 and a beta of 0.98. The firm has a 50 day moving average of $6.31 and a 200 day moving average of $6.26.

Itaú Unibanco Cuts Dividend

The firm also recently disclosed a dividend, which will be paid on Thursday, January 9th. Stockholders of record on Monday, December 2nd will be given a dividend of $0.0031 per share. The ex-dividend date is Monday, December 2nd. Itaú Unibanco’s payout ratio is 3.85%.

Analysts Set New Price Targets

A number of research analysts have recently commented on ITUB shares. JPMorgan Chase & Co. reduced their price target on shares of Itaú Unibanco from $8.00 to $7.00 and set an “overweight” rating for the company in a research report on Thursday, November 7th. UBS Group downgraded shares of Itaú Unibanco from a “buy” rating to a “neutral” rating in a research note on Thursday, August 22nd. Two analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $7.50.

Itaú Unibanco Company Profile

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.