Itau Unibanco Holding SA (NYSE:ITUB) announced a special dividend on Friday, October 5th, Wall Street Journal reports. Investors of record on Friday, November 2nd will be given a dividend of 0.0039 per share by the bank on Thursday, December 13th. This represents a yield of 0.36%. The ex-dividend date of this dividend is Thursday, November 1st.
Itau Unibanco has decreased its dividend by an average of 9.7% annually over the last three years. Itau Unibanco has a payout ratio of 4.7% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Itau Unibanco to earn $1.17 per share next year, which means the company should continue to be able to cover its $0.05 annual dividend with an expected future payout ratio of 4.3%.
Shares of NYSE:ITUB opened at $13.42 on Wednesday. The stock has a market capitalization of $86.29 billion, a price-to-earnings ratio of 11.77, a PEG ratio of 1.20 and a beta of 1.66. The company has a debt-to-equity ratio of 1.67, a quick ratio of 1.35 and a current ratio of 1.35. Itau Unibanco has a 52-week low of $9.85 and a 52-week high of $16.98.
Several research analysts have issued reports on the company. Citigroup cut Itau Unibanco from a “buy” rating to a “neutral” rating in a research report on Thursday, October 25th. Zacks Investment Research cut Itau Unibanco from a “hold” rating to a “sell” rating in a research report on Friday, October 19th. Finally, ValuEngine raised Itau Unibanco from a “sell” rating to a “hold” rating in a research report on Wednesday, October 3rd. Two investment analysts have rated the stock with a sell rating, three have given a hold rating and two have assigned a buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average price target of $16.50.
A hedge fund recently raised its stake in Itau Unibanco stock. Bank of New York Mellon Corp grew its stake in shares of Itau Unibanco Holding SA (NYSE:ITUB) by 5.1% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 110,567 shares of the bank’s stock after buying an additional 5,358 shares during the period. Bank of New York Mellon Corp’s holdings in Itau Unibanco were worth $1,147,000 at the end of the most recent reporting period. 5.43% of the stock is currently owned by institutional investors.
About Itau Unibanco
Itaú Unibanco Holding SA provides a range of financial products and services to individuals and corporate clients in Brazil and internationally. The company operates in three segments: Retail Banking, Wholesale Banking, and Activities with the Market + Corporation. It accepts demand, savings, and time deposits; and offers payroll, mortgage, personal, vehicle, and corporate loans, as well as very small, small, and middle market loans.
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