In the front row Unicredit with + 5.96% at 12.806 euros after quarterly accounts over expectations and the flash sale of 8.4% of Mediobanca for a total of 785 million euros. In the third quarter of the year, UniCredit's profits stood at € 1.1 billion, equal to the group's adjusted net profit, the latter up 25.7%. The consensus expectations were halted, standing at 1.034 billion. UniCredit completed the accelerated bookbuilding procedure yesterday evening for the sale to institutional investors of approximately 74.5 million ordinary shares held in Mediobanca, corresponding to around 8.4 percent of the capital, at a price of 10.53 per action.
Among the banks, there is also a leap for UBI Banca (+ 2.63%) waiting for the accounts to arrive tomorrow. 0.9% increase for Banco BPM which brings the annual maximums reached in mid-October closer. The third quarter of 2019 of the bank closed with a net profit of 93.3 million, higher than expectations that were still at 83.2 million (Bloomberg consensus). The CEO Giuseppe Castagna opened for the return of the dividend. "Management's confidence in the renewed sustainability of profitability is confirmed by the soft commitment on the payment of a cash dividend on the 2019 profit", say Equita, confirming the buy judgment with a target price of 2.80 euros. Based on the Equita calculations, with a sustainable payout (