Itaú Unibanco Holding S.A. (NYSE:ITUB) Shares Sold by Connor Clark & Lunn Investment Management Ltd.

Connor Clark & Lunn Investment Management Ltd. lessened its stake in shares of Itaú Unibanco Holding S.A. (NYSE:ITUB) by 2.3% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 649,988 shares of the bank’s stock after selling 15,306 shares during the quarter. Connor Clark & Lunn Investment Management Ltd.’s holdings in Itaú Unibanco were worth $4,322,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently modified their holdings of ITUB. Van ECK Associates Corp boosted its holdings in Itaú Unibanco by 68.5% in the 3rd quarter. Van ECK Associates Corp now owns 6,071 shares of the bank’s stock worth $38,000 after acquiring an additional 2,469 shares during the period. Bessemer Group Inc. purchased a new position in shares of Itaú Unibanco in the first quarter valued at $49,000. Daymark Wealth Partners LLC acquired a new stake in Itaú Unibanco during the 3rd quarter valued at $68,000. MQS Management LLC purchased a new stake in Itaú Unibanco during the 3rd quarter worth $70,000. Finally, Dynamic Advisor Solutions LLC acquired a new position in Itaú Unibanco in the 2nd quarter worth $65,000.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on ITUB. JPMorgan Chase & Co. dropped their target price on Itaú Unibanco from $8.00 to $7.00 and set an “overweight” rating on the stock in a research report on Thursday, November 7th. UBS Group downgraded Itaú Unibanco from a “buy” rating to a “neutral” rating in a report on Thursday, August 22nd. Two analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $7.50.

Itaú Unibanco Stock Performance

Shares of ITUB stock opened at $5.85 on Friday. The stock has a market capitalization of $57.34 billion, a price-to-earnings ratio of 7.50, a PEG ratio of 0.76 and a beta of 0.98. Itaú Unibanco Holding S.A. has a one year low of $5.62 and a one year high of $7.27. The company’s 50-day simple moving average is $6.28 and its 200-day simple moving average is $6.25. 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 Cuts Dividend

The company also recently announced a dividend, which will be paid on Thursday, January 9th. Stockholders of record on Monday, December 2nd will be given a $0.0031 dividend. 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.