Nordea Investment Management AB Sells 37,558 Shares of Itaú Unibanco Holding S.A. (NYSE:ITUB)

Nordea Investment Management AB decreased its stake in shares of Itaú Unibanco Holding S.A. (NYSE:ITUB) by 29.5% in the fourth quarter, HoldingsChannel reports. The institutional investor owned 89,756 shares of the bank’s stock after selling 37,558 shares during the period. Nordea Investment Management AB’s holdings in Itaú Unibanco were worth $447,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Van ECK Associates Corp increased its position in 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 during the period. Daymark Wealth Partners LLC purchased a new position in Itaú Unibanco during the 3rd quarter valued at about $68,000. Quantinno Capital Management LP purchased a new position in Itaú Unibanco during the 3rd quarter valued at about $68,000. MQS Management LLC purchased a new position in Itaú Unibanco during the 3rd quarter valued at about $70,000. Finally, Raymond James Trust N.A. purchased a new position in Itaú Unibanco during the 3rd quarter valued at about $81,000.

Analyst Upgrades and Downgrades

Separately, JPMorgan Chase & Co. cut their price objective on shares of Itaú Unibanco from $8.00 to $7.00 and set an “overweight” rating on the stock in a research report on Thursday, November 7th.

Itaú Unibanco Stock Down 1.0 %

Shares of Itaú Unibanco stock opened at $5.05 on Monday. The firm’s 50 day moving average price is $5.48 and its 200-day moving average price is $6.03. 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 52-week low of $4.86 and a 52-week high of $7.27. The company has a market cap of $49.49 billion, a P/E ratio of 6.47, a PEG ratio of 0.68 and a beta of 0.95.

Itaú Unibanco Increases Dividend

The company also recently disclosed a dividend, which will be paid on Thursday, March 13th. Stockholders of record on Tuesday, February 4th will be given a $0.0029 dividend. The ex-dividend date is Tuesday, February 4th. This is an increase from Itaú Unibanco’s previous dividend of $0.00. Itaú Unibanco’s payout ratio is presently 2.56%.

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.