Itaú Unibanco sells 10 million XP shares – 06/27/2023 – Market

On Monday (26), Itaú Unibanco sold 10 million shares of XP Inc., according to information provided by the bank to the SEC (Securities and Exchange Commission), the body that regulates the capital market in the United States, and sent to the CVM (Commission of Securities) this Tuesday (27).

The Citi team pointed out that the operation took place through a block trade and represented a reduction in Itaú’s stake from around 10.5% to around 8.6%.

“We had already anticipated a possible reduction of participation last week, after the transfer of ownership of the participation in XP between companies of the Itaú economic group and with the share price approaching the price of the last purchase of Itaú shares”, they affirmed. Gabriel Gusan and team in a report sent to clients.

“Naturally, the expectation of future sales should pressure the stocks in the coming months, but we believe that the confirmation of the interest rate cuts expected for the next quarters should keep the wind ‘blowing in the sails’ of XP.”

On the eve, shares of XP, which are traded in New York, closed at US$ 23.03.