Itau Unibanco (NYSE:ITUB) Shares Gap Down – What’s Next?

Itau Unibanco Holding S.A. (NYSE:ITUB)’s share price gapped down before the market opened on Monday. The stock had previously closed at $9.67, but opened at $7.47. Itau Unibanco shares last traded at $7.3890, with a volume of 26,182,258 shares trading hands.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on ITUB shares. Wall Street Zen raised shares of Itau Unibanco to a “hold” rating in a research report on Saturday, October 17th. JPMorgan Chase & Co. raised their price objective on shares of Itau Unibanco from $9.00 to $10.00 and gave the stock an “overweight” rating in a report on Tuesday, July 7th. The Goldman Sachs Group reissued a “buy” rating and issued a $10.50 price objective (up from $9.30) on shares of Itau Unibanco in a report on Friday, October 9th. Weiss Ratings upgraded shares of Itau Unibanco from a “buy (b-)” rating to a “buy (b)” rating in a research report on Thursday, October 8th. Finally, HSBC cut shares of Itau Unibanco from a “buy” rating to a “hold” rating and set a $9.10 target price for the company. in a report on Thursday, October 8th. Three research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $9.87.

Itau Unibanco Price Performance

The business has a 50-day simple moving average of $8.52 and a 200 day simple moving average of $8.37. The firm has a market cap of $84.90 billion, a PE ratio of 10.03 and a beta of 0.50.

Itau Unibanco (NYSE:ITUB) last announced its quarterly earnings data on Tuesday, August 4th. The bank reported $0.21 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.22 by ($0.01). The company had revenue of $9.27 billion during the quarter, compared to the consensus estimate of $9.29 billion. On average, equities analysts forecast that Itau Unibanco Holding S.A. will post 0.88 earnings per share for the current fiscal year.

Insider Activity

In related news, insider Vanzo Orestes sold 74,643 shares of Itau Unibanco stock in a transaction on Tuesday, September 8th. The shares were sold at an average price of $8.38, for a total transaction of $625,508.34. Following the transaction, the insider owned 933,371 shares in the company, valued at approximately $7,821,648.98. The trade was a 7.40% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 0.61% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Itau Unibanco

Institutional investors have recently bought and sold shares of the business. Victory Financial Group LLC lifted its position in shares of Itau Unibanco by 42.5% in the third quarter. Victory Financial Group LLC now owns 25,492 shares of the bank’s stock valued at $217,000 after acquiring an additional 7,605 shares in the last quarter. Park Avenue Securities LLC boosted its stake in shares of Itau Unibanco by 18.3% in the third quarter. Park Avenue Securities LLC now owns 35,169 shares of the bank’s stock worth $300,000 after acquiring an additional 5,433 shares during the period. Axxcess Wealth Management LLC purchased a new stake in shares of Itau Unibanco during the third quarter worth about $93,000. Global Strategic Management Inc. purchased a new stake in shares of Itau Unibanco during the third quarter worth about $449,000. Finally, Euro Pacific Asset Management LLC grew its position in shares of Itau Unibanco by 0.4% during the third quarter. Euro Pacific Asset Management LLC now owns 426,002 shares of the bank’s stock worth $3,634,000 after purchasing an additional 1,516 shares in the last quarter.

About Itau Unibanco

Itaú Unibanco Holding SA is a financial services company headquartered in São Paulo, Brazil, and one of the largest banking groups in Latin America. The company provides banking and financial products to individuals, small and midsize businesses, large corporations and institutional clients through digital channels and a network of branches and service locations.

Its offerings include checking and savings accounts, consumer and commercial lending, mortgages, credit cards, insurance, investment products, asset management, foreign exchange and payment services.