Itaú Unibanco (NYSE:ITUB) Upgraded at Hsbc Global Res

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

A number of other research firms have also commented on ITUB. HSBC raised Itaú Unibanco from a “hold” rating to a “buy” rating and set a $6.80 price objective on the stock in a research note on Monday. JPMorgan Chase & Co. dropped their target price on Itaú Unibanco from $8.00 to $7.00 and set an “overweight” rating for the company in a research report on Thursday, November 7th. One research analyst has rated the stock with a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Itaú Unibanco has a consensus rating of “Buy” and an average price target of $7.27.

Itaú Unibanco Price Performance

Itaú Unibanco stock opened at $5.37 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. The firm has a market cap of $52.63 billion, a P/E ratio of 6.88, a P/E/G ratio of 0.57 and a beta of 0.95. The business’s fifty day moving average is $5.44 and its two-hundred day moving average is $6.02. Itaú Unibanco has a 52 week low of $4.86 and a 52 week high of $7.27.

Institutional Investors Weigh In On Itaú Unibanco

A number of institutional investors and hedge funds have recently made changes to their positions in ITUB. Van ECK Associates Corp increased its holdings in 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 purchasing an additional 2,469 shares during the last quarter. Daymark Wealth Partners LLC bought a new stake in Itaú Unibanco in the third quarter valued at about $68,000. Quantinno Capital Management LP bought a new stake in Itaú Unibanco in the third quarter valued at about $68,000. MQS Management LLC bought a new stake in Itaú Unibanco in the third quarter valued at about $70,000. Finally, Raymond James Trust N.A. bought a new stake in Itaú Unibanco in the third quarter valued at about $81,000.

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.