Hsbc Global Res Upgrades Itaú Unibanco (NYSE:ITUB) to Strong-Buy

Itaú Unibanco (NYSE:ITUB) was upgraded by analysts at Hsbc Global Res to a “strong-buy” rating in a research note issued to investors on Monday,Zacks.com reports.

A number of other research analysts have also recently issued reports on the stock. JPMorgan Chase & Co. reduced their price objective on shares of Itaú Unibanco from $8.00 to $7.00 and set an “overweight” rating for the company in a report on Thursday, November 7th. HSBC upgraded Itaú Unibanco from a “hold” rating to a “buy” rating and set a $6.80 price target for the company in a research note on Monday. One analyst has rated the stock with a hold rating, four have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Buy” and an average target price of $7.27.

Itaú Unibanco Trading Down 0.6 %

Shares of Itaú Unibanco stock opened at $5.33 on Monday. The company has a debt-to-equity ratio of 2.28, a quick ratio of 1.75 and a current ratio of 1.75. Itaú Unibanco has a 52 week low of $4.86 and a 52 week high of $7.27. The stock has a 50 day moving average price of $5.44 and a two-hundred day moving average price of $6.02. The stock has a market capitalization of $52.24 billion, a PE ratio of 6.83, a price-to-earnings-growth ratio of 0.57 and a beta of 0.95.

Institutional Investors Weigh In On Itaú Unibanco

A number of institutional investors have recently added to or reduced their stakes in ITUB. FMR LLC lifted its position in shares of Itaú Unibanco by 12,592.2% during the 3rd quarter. FMR LLC now owns 23,484,343 shares of the bank’s stock worth $156,171,000 after buying an additional 23,299,313 shares in the last quarter. Public Employees Retirement System of Ohio bought a new stake in Itaú Unibanco during the third quarter worth $40,685,000. Marshall Wace LLP boosted its position in Itaú Unibanco by 200.4% in the second quarter. Marshall Wace LLP now owns 7,679,311 shares of the bank’s stock worth $44,847,000 after purchasing an additional 5,122,752 shares during the last quarter. Driehaus Capital Management LLC grew 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 valued at $41,549,000 after purchasing an additional 3,106,130 shares during the period. Finally, Fisher Asset Management LLC grew its stake in Itaú Unibanco by 6.1% in 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 period.

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.