Itaú Unibanco (NYSE:ITUB) Shares Gap Up - Should You Buy?

Shares of Itaú Unibanco Holding S.A. (NYSE:ITUB - Get Free Report) gapped up before the market opened on Monday . The stock had previously closed at $5.94, but opened at $6.13. Itaú Unibanco shares last traded at $6.14, with a volume of 2,742,432 shares traded.

Analysts Set New Price Targets

Separately, UBS Group downgraded shares of Itaú Unibanco from a "buy" rating to a "neutral" rating in a research note on Thursday, August 22nd.

Itaú Unibanco Stock Performance

The stock has a market capitalization of $59.59 billion, a PE ratio of 7.82, a P/E/G ratio of 0.78 and a beta of 0.98. The company has a debt-to-equity ratio of 2.34, a quick ratio of 1.07 and a current ratio of 1.07. The firm's 50 day moving average is $6.46 and its two-hundred day moving average is $6.27.

Itaú Unibanco (NYSE:ITUB - Get Free Report) last announced its quarterly earnings data on Tuesday, August 6th. The bank reported $0.20 EPS for the quarter, topping analysts' consensus estimates of $0.19 by $0.01. Itaú Unibanco had a return on equity of 19.14% and a net margin of 11.39%. The business had revenue of $16.54 billion during the quarter, compared to the consensus estimate of $7.72 billion. During the same period in the previous year, the company posted $0.18 earnings per share. As a group, research analysts predict that Itaú Unibanco Holding S.A. will post 0.78 earnings per share for the current year.

Itaú Unibanco Cuts Dividend

The business also recently disclosed a dividend, which will be paid on Thursday, January 9th. Shareholders of record on Monday, December 2nd will be issued a dividend of $0.0031 per share. The ex-dividend date is Monday, December 2nd. Itaú Unibanco's payout ratio is currently 3.95%.

Institutional Investors Weigh In On Itaú Unibanco

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Crossmark Global Holdings Inc. increased its position in shares of Itaú Unibanco by 3.4% during the third quarter. Crossmark Global Holdings Inc. now owns 483,231 shares of the bank's stock worth $3,214,000 after purchasing an additional 15,790 shares in the last quarter. Baker Avenue Asset Management LP increased its position in Itaú Unibanco by 1.5% during the third quarter. Baker Avenue Asset Management LP now owns 303,181 shares of the bank's stock worth $2,016,000 after buying an additional 4,485 shares during the period. QRG Capital Management Inc. lifted its stake in Itaú Unibanco by 7.3% in the third quarter. QRG Capital Management Inc. now owns 104,566 shares of the bank's stock valued at $695,000 after buying an additional 7,071 shares during the last quarter. Van ECK Associates Corp boosted its holdings in shares of Itaú Unibanco by 68.5% in the third quarter. Van ECK Associates Corp now owns 6,071 shares of the bank's stock valued at $38,000 after acquiring an additional 2,469 shares during the period. Finally, New York State Common Retirement Fund grew its position in shares of Itaú Unibanco by 8.4% during the third quarter. New York State Common Retirement Fund now owns 4,287,191 shares of the bank's stock worth $28,510,000 after acquiring an additional 331,473 shares during the last quarter.

About Itaú Unibanco

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.