Itaú Unibanco (NYSE:ITUB) Shares Gap Up - Here's Why

Itaú Unibanco Holding S.A. (NYSE:ITUB - Get Free Report) gapped up before the market opened on Friday . The stock had previously closed at $5.02, but opened at $5.14. Itaú Unibanco shares last traded at $5.11, with a volume of 1,087,712 shares traded.

Wall Street Analysts Forecast Growth

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

Itaú Unibanco Price Performance

The stock has a market cap of $49.69 billion, a PE ratio of 6.50, a P/E/G ratio of 0.68 and a beta of 0.95. The company has a debt-to-equity ratio of 2.28, a current ratio of 1.75 and a quick ratio of 1.75. The firm's 50 day moving average price is $5.83 and its two-hundred day moving average price is $6.13.

Itaú Unibanco Cuts Dividend

The business also recently declared a dividend, which will be paid on Thursday, January 9th. Stockholders of record on Monday, December 2nd will be issued a $0.0031 dividend. The ex-dividend date is Monday, December 2nd. Itaú Unibanco's payout ratio is currently 46.15%.

Institutional Trading of Itaú Unibanco

A number of hedge funds and other institutional investors have recently made changes to their positions in ITUB. FMR LLC grew its holdings in Itaú Unibanco by 12,592.2% during the 3rd quarter. FMR LLC now owns 23,484,343 shares of the bank's stock valued at $156,171,000 after buying an additional 23,299,313 shares in the last quarter. Public Employees Retirement System of Ohio bought a new position in shares of Itaú Unibanco in the third quarter valued at approximately $40,685,000. Marshall Wace LLP grew its stake in Itaú Unibanco by 200.4% during the second quarter. Marshall Wace LLP now owns 7,679,311 shares of the bank's stock valued at $44,847,000 after acquiring an additional 5,122,752 shares in the last quarter. William Blair Investment Management LLC lifted its stake in Itaú Unibanco by 14.8% in the 2nd quarter. William Blair Investment Management LLC now owns 37,928,532 shares of the bank's stock worth $221,505,000 after purchasing an additional 4,888,099 shares in the last quarter. Finally, Driehaus Capital Management LLC lifted its stake in Itaú Unibanco by 77.5% in the 2nd quarter. Driehaus Capital Management LLC now owns 7,114,571 shares of the bank's stock worth $41,549,000 after purchasing an additional 3,106,130 shares in the last quarter.

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.