Itau Unibanco (NYSE:ITUB) to Repurchase 28,620,000 Stock

Itau Unibanco (NYSE:ITUB) declared that its Board of Directors has approved a stock repurchase plan, which permits the company to buyback 28,620,000 outstanding shares on Monday, December 18th, EventVestor reports. This buyback authorization permits the bank to purchase shares of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s management believes its stock is undervalued.

Several equities analysts recently commented on ITUB shares. BidaskClub downgraded shares of Itau Unibanco from a “strong-buy” rating to a “buy” rating in a report on Monday, October 23rd. ValuEngine downgraded shares of Itau Unibanco from a “strong-buy” rating to a “buy” rating in a research note on Friday, October 27th. Zacks Investment Research downgraded shares of Itau Unibanco from a “hold” rating to a “sell” rating in a research note on Tuesday, November 7th. Finally, Deutsche Bank upgraded shares of Itau Unibanco from a “hold” rating to a “buy” rating and set a $16.00 target price on the stock in a research note on Monday, December 11th. One analyst has rated the stock with a sell rating, four have given a hold rating, one has issued a buy rating and one has given a strong buy rating to the company. The stock currently has an average rating of “Hold” and an average price target of $14.25.

Shares of Itau Unibanco (NYSE:ITUB) traded up $0.42 on Thursday, hitting $14.14. 13,360,328 shares of the stock traded hands, compared to its average volume of 10,958,416. Itau Unibanco has a 52-week low of $10.02 and a 52-week high of $14.59. The stock has a market cap of $84,730.00, a PE ratio of 12.30, a PEG ratio of 1.56 and a beta of 1.59. The company has a debt-to-equity ratio of 1.57, a current ratio of 1.66 and a quick ratio of 1.66.

The firm also recently declared a None dividend, which will be paid on Monday, February 12th. Stockholders of record on Wednesday, January 3rd will be given a $0.004 dividend. The ex-dividend date of this dividend is Tuesday, January 2nd. This represents a dividend yield of 0.42%. Itau Unibanco’s payout ratio is presently 4.35%.

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Itau Unibanco Company Profile

Itau Unibanco Holding SA is a holding company. The Company provides a range of financial products and services to individual and corporate clients in Brazil and abroad. The Company operates through three segments: Retail Banking, Wholesale Banking, and Activities with the Market + Corporation. The Retail Banking segment offers banking products and services to a diversified client base of account holders and non-account holders, individuals and companies.

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