Verition Fund Management LLC Invests $868,000 in Itaú Unibanco Holding S.A. (NYSE:ITUB)

Verition Fund Management LLC acquired a new position in shares of Itaú Unibanco Holding S.A. (NYSE:ITUB) in the third quarter, Holdings Channel.com reports. The fund acquired 130,528 shares of the bank’s stock, valued at approximately $868,000.

Other hedge funds also recently made changes to their positions in the company. Driehaus Capital Management LLC boosted its stake in Itaú Unibanco by 77.5% in the second quarter. Driehaus Capital Management LLC now owns 7,114,571 shares of the bank’s stock worth $41,549,000 after buying an additional 3,106,130 shares in the last quarter. Perpetual Ltd lifted its holdings in shares of Itaú Unibanco by 9.0% in the 3rd quarter. Perpetual Ltd now owns 13,629,806 shares of the bank’s stock worth $90,638,000 after acquiring an additional 1,126,695 shares during the last quarter. Itau Unibanco Holding S.A. boosted its stake in shares of Itaú Unibanco by 2.3% in the 2nd quarter. Itau Unibanco Holding S.A. now owns 23,818,027 shares of the bank’s stock valued at $134,606,000 after purchasing an additional 529,600 shares in the last quarter. Fisher Asset Management LLC grew its holdings in shares of Itaú Unibanco by 6.1% during the 3rd quarter. Fisher Asset Management LLC now owns 50,587,633 shares of the bank’s stock valued at $336,408,000 after purchasing an additional 2,886,508 shares during the last quarter. Finally, DRW Securities LLC purchased a new position in Itaú Unibanco in the 3rd quarter worth $925,000.

Analyst Upgrades and Downgrades

ITUB has been the topic of a number of recent research reports. JPMorgan Chase & Co. reduced their price objective on Itaú Unibanco from $8.00 to $7.00 and set an “overweight” rating on the stock in a research note on Thursday, November 7th. UBS Group lowered Itaú Unibanco from a “buy” rating to a “neutral” rating in a research report on Thursday, August 22nd. Two research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $7.50.

Itaú Unibanco Price Performance

ITUB stock opened at $5.38 on Tuesday. The stock has a market capitalization of $52.68 billion, a price-to-earnings ratio of 6.89, a PEG ratio of 0.70 and a beta of 0.95. The firm’s 50-day moving average price is $6.04 and its two-hundred day moving average price is $6.18. The company has a current ratio of 1.75, a quick ratio of 1.75 and a debt-to-equity ratio of 2.28. Itaú Unibanco Holding S.A. has a 12-month low of $5.25 and a 12-month high of $7.27.

Itaú Unibanco Cuts Dividend

The firm also recently declared a dividend, which will be paid on Thursday, January 9th. Shareholders 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%.

Itaú Unibanco 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.