Itau Unibanco Holding S.A. [NYSE: ITUB] stock went on a downward path that fall over -4.20% on Friday, amounting to a one-week price decrease of less than -0.87%. The company report on March 2, 2023 that ITAÚ UNIBANCO HOLDING S.A.
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MATERIAL FACT.
Itaú Unibanco Holding S.A. (“Itaú Unibanco”), as the controlling stockholder, directly or indirectly through its affiliates, of Itaú Corpbanca (a financial entity headquartered in Santiago, Chile), in which it currently holds 65.62% of Itaú Corpbanca’s total and voting capital, hereby informs its stockholders and the market in general that at the meeting of Itaú Unibanco’s Board of Directors held on this date, Itaú Unibanco approved the engagement of advisors to initiate the work related to the intention of making a voluntary tender offer for the acquisition by Itaú Unibanco or its affiliates, of up to all of the outstanding shares issued by Itaú Corpbanca (“Shares”), including those in the form of American Depositary Shares, each of which represents 1,500 Shares (“ADSs”), i.e., Shares (including in the form of ADSs) corresponding up to approximately 34.38% of Itaú Corpbanca’s total and voting capital. The purchase price is going to be CLP 2.00 (two Chilean pesos) per Share which reflects, on this date, a premium of approximately 10% over the average trading price per Share on the Santiago Stock Exchange over the past 60 trade sessions. The purchase price will be adjusted to reflect the declaration and/or payment of dividends by Itaú Corpbanca prior to the settlement of the offer. Due to the reverse stock split approved by Itaú Corpbanca at its extraordinary stockholders’ meeting held on January 19, 2023, which is under review by the Comisión para el Mercado Financiero de Chile (“CMF”), the purchase price per Share and/or ADS and the number of Shares/ADSs object of the offer may be adjusted to account for the reverse stock split.
Over the last 12 months, ITUB stock dropped by -4.16%. The one-year Itau Unibanco Holding S.A. stock forecast points to a potential upside of 28.3. The average equity rating for ITUB stock is currently 2.10, trading closer to a bullish pattern in the stock market.
The market cap for the stock reached $43.61 billion, with 9.80 billion shares outstanding and 5.30 billion shares in the current float. Compared to the average trading volume of 32.17M shares, ITUB stock reached a trading volume of 32393984 in the most recent trading day, which is why market watchdogs consider the stock to be active.
Guru’s Opinion on Itau Unibanco Holding S.A. [ITUB]:
Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for ITUB shares is $6.36 per share. Analysis on target price and performance of stocks is usually carefully studied by market experts, and the current Wall Street consensus on ITUB stock is a recommendation set at 2.10. This rating represents a strong Buy recommendation, on the scale from 1 to 5, where 5 would mean strong sell, 4 represents Sell, 3 is Hold, and 2 indicates Buy.
Barclays have made an estimate for Itau Unibanco Holding S.A. shares, keeping their opinion on the stock as Overweight, with their previous recommendation back on November 15, 2022. While these analysts kept the previous recommendation, Goldman raised their target price from $5.40 to $7. The new note on the price target was released on September 29, 2022, representing the official price target for Itau Unibanco Holding S.A. stock. Previously, the target price had yet another raise to $5, while JP Morgan analysts kept a Overweight rating on ITUB stock.
The Average True Range (ATR) for Itau Unibanco Holding S.A. is set at 0.17, with the Price to Sales ratio for ITUB stock in the period of the last 12 months amounting to 1.18. The Price to Book ratio for the last quarter was 1.37, with the Price to Cash per share for the same quarter was set at 21.38. Price to Free Cash Flow for ITUB in the course of the last twelve months was 1.87.
ITUB Stock Performance Analysis:
Itau Unibanco Holding S.A. [ITUB] fell into the red zone at the end of the last week, falling into a negative trend and dropping by -0.87. With this latest performance, ITUB shares dropped by -10.35% in over the last four-week period, additionally sinking by -7.55% over the last 6 months – not to mention a drop of -4.16% in the past year of trading.
Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for ITUB stock in for the last two-week period is set at 40.10, with the RSI for the last a single of trading hit 36.10, and the three-weeks RSI is set at 42.57 for Itau Unibanco Holding S.A. [ITUB]. The present Moving Average for the last 50 days of trading for this stock 4.88, while it was recorded at 4.74 for the last single week of trading, and 4.95 for the last 200 days.
Insight into Itau Unibanco Holding S.A. Fundamentals:
Operating Margin for any stock indicates how profitable investing would be, and Itau Unibanco Holding S.A. [ITUB] shares currently have an operating margin of +15.60. Itau Unibanco Holding S.A.’s Net Margin is presently recorded at +11.36.
Return on Equity for this stock inclined to 18.52, with Return on Assets sitting at 1.35.
ITUB Stock EPS
The progress of the company may be observed through the prism of EPS growth rate, while Wall Street analysts are focusing on predicting the 5-year EPS growth rate for ITUB. When it comes to the mentioned value, analysts are expecting to see the 5-year EPS growth rate for Itau Unibanco Holding S.A. go to 12.40%.
Itau Unibanco Holding S.A. [ITUB] Insider Position Details
There are presently around $3,820 million, or 18.10% of ITUB stock, in the hands of institutional investors. The top three institutional holders of ITUB stocks are: SCHRODER INVESTMENT MANAGEMENT GROUP with ownership of 92,257,862, which is approximately -9.915% of the company’s market cap and around 52.10% of the total institutional ownership; WESTWOOD GLOBAL INVESTMENTS, LLC, holding 62,873,797 shares of the stock with an approximate value of $286.7 million in ITUB stocks shares; and PENDAL GROUP LTD, currently with $235.63 million in ITUB stock with ownership of nearly 13.998% of the company’s market capitalization.
Positions in Itau Unibanco Holding S.A. stocks held by institutional investors increased at the end of Tuesday and at the time of the Tuesday reporting period, where 144 institutional holders increased their position in Itau Unibanco Holding S.A. [NYSE:ITUB] by around 178,561,619 shares. Additionally, 134 investors decreased positions by around 140,859,739 shares, while 36 investors held positions by with 518,222,191 shares. The mentioned changes placed institutional holdings at 837,643,549 shares, according to the latest SEC report filing. ITUB stock had 51 new institutional investments in for a total of 46,932,996 shares, while 27 institutional investors sold positions of 10,802,857 shares during the same period.