Zacks Investment Research Upgrades Itaú Corpbanca (NYSE:ITCB) to “Buy”

Itaú Corpbanca (NYSE:ITCBGet Rating) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued to investors on Thursday, Zacks.com reports. The firm presently has a $3.25 target price on the bank’s stock. Zacks Investment Research‘s price target indicates a potential upside of 8.33% from the stock’s previous close.

According to Zacks, “ITAÚ CORPBANCA is a commercial bank based in Chile with operations primarily in Colombia, Panama and New York. ITAÚ CORPBANCA, formerly known as CORPBANCA, is based in SANTIAGO, CHILE. “

A number of other brokerages have also recently commented on ITCB. JPMorgan Chase & Co. started coverage on shares of Itaú Corpbanca in a research note on Thursday, February 17th. They issued an “overweight” rating and a $5.00 price objective for the company. StockNews.com started coverage on shares of Itaú Corpbanca in a research note on Friday, May 13th. They issued a “hold” rating for the company. Finally, Scotiabank raised shares of Itaú Corpbanca from a “sector perform” rating to an “outperform” rating in a research note on Wednesday, April 13th.

ITCB opened at $3.00 on Thursday. Itaú Corpbanca has a fifty-two week low of $2.64 and a fifty-two week high of $5.03. The stock has a market capitalization of $1.02 billion, a price-to-earnings ratio of 3.80 and a beta of 0.90. The company has a fifty day moving average of $3.16 and a 200 day moving average of $3.20. The company has a debt-to-equity ratio of 3.51, a quick ratio of 1.74 and a current ratio of 1.74.

Itaú Corpbanca (NYSE:ITCBGet Rating) last issued its quarterly earnings data on Monday, February 28th. The bank reported $0.15 EPS for the quarter, missing analysts’ consensus estimates of $0.19 by ($0.04). Itaú Corpbanca had a return on equity of 11.46% and a net margin of 13.62%. The business had revenue of $441.36 million during the quarter. On average, equities research analysts forecast that Itaú Corpbanca will post 0.82 earnings per share for the current year.

Hedge funds have recently added to or reduced their stakes in the stock. Yousif Capital Management LLC purchased a new position in shares of Itaú Corpbanca during the 4th quarter worth about $29,000. Comerica Bank bought a new stake in Itaú Corpbanca during the 4th quarter valued at about $34,000. Citadel Advisors LLC bought a new stake in Itaú Corpbanca during the 4th quarter valued at about $33,000. Northern Trust Corp bought a new stake in Itaú Corpbanca during the 1st quarter valued at about $40,000. Finally, Allianz Asset Management GmbH lifted its holdings in Itaú Corpbanca by 90.0% during the 4th quarter. Allianz Asset Management GmbH now owns 48,523 shares of the bank’s stock valued at $141,000 after buying an additional 22,983 shares in the last quarter. 0.20% of the stock is owned by hedge funds and other institutional investors.

Itaú Corpbanca Company Profile (Get Rating)

Itaú Corpbanca provides wholesale and retail banking services to small and medium-sized enterprises, individuals, and institutional clients in Chile and Colombia. The company offers checking and savings accounts, as well as demand and time deposits, and bankers' drafts; and provides commercial, mortgage, consumer, and contingent loans.

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