Bank of New York Mellon Corp Sells 33,987 Shares of BankUnited, Inc. $BKU

Key Points

• Bank of New York Mellon reduced its BankUnited stake by 3.9% in the first quarter, selling 33,987 shares and leaving it with 830,255 shares valued at about $37.5 million.
• BankUnited recently reported earnings of $0.97 per share, missing analyst expectations by $0.03, while revenue came in at $284.57 million versus the $290.33 million consensus estimate.
• Analysts remain mixed on BKU: the stock has a consensus rating of “Hold” with an average price target of $52.00, even as several firms reiterated buy or overweight ratings and one cut its target to $42.00.

Bank of New York Mellon Corp cut its holdings in shares of BankUnited, Inc. (NYSE:BKU - Free Report) by 3.9% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 830,255 shares of the financial services provider's stock after selling 33,987 shares during the quarter. Bank of New York Mellon Corp owned 1.13% of BankUnited worth $37,494,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in BKU. Strs Ohio bought a new stake in shares of BankUnited in the first quarter valued at approximately $28,000. Eurizon Capital SGR S.p.A. bought a new position in BankUnited during the 4th quarter worth $30,000. Kestra Advisory Services LLC bought a new position in BankUnited during the 4th quarter worth $35,000. Quarry LP raised its holdings in BankUnited by 158.2% in the 3rd quarter. Quarry LP now owns 940 shares of the financial services provider's stock valued at $36,000 after acquiring an additional 576 shares in the last quarter. Finally, EverSource Wealth Advisors LLC raised its holdings in BankUnited by 141.9% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,531 shares of the financial services provider's stock valued at $54,000 after acquiring an additional 898 shares in the last quarter. 99.70% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several analysts have recently issued reports on BKU shares. Cantor Fitzgerald reissued an "overweight" rating and set a $56.00 target price on shares of BankUnited in a report on Wednesday, July 15th. Jefferies Financial Group restated a "buy" rating on shares of BankUnited in a research report on Wednesday. Raymond James Financial reaffirmed an "outperform" rating on shares of BankUnited in a research note on Wednesday, April 22nd. Hovde Group cut their price objective on shares of BankUnited from $57.00 to $53.00 and set an "outperform" rating for the company in a research report on Thursday, April 23rd. Finally, Citigroup decreased their target price on shares of BankUnited from $45.00 to $42.00 and set a "sell" rating on the stock in a report on Friday. Seven research analysts have rated the stock with a Buy rating, five have issued a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average price target of $52.00.

BankUnited Stock Performance

Shares of BKU stock opened at $46.39 on Friday. The business's 50-day moving average price is $47.67 and its 200-day moving average price is $47.04. BankUnited, Inc. has a 12 month low of $34.79 and a 12 month high of $52.11. The firm has a market capitalization of $3.37 billion, a price-to-earnings ratio of 12.71 and a beta of 1.17. The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 0.54.

BankUnited (NYSE:BKU - Get Free Report) last released its quarterly earnings results on Wednesday, July 22nd. The financial services provider reported $0.97 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.00 by ($0.03). BankUnited had a net margin of 14.76% and a return on equity of 9.13%. The business had revenue of $284.57 million for the quarter, compared to the consensus estimate of $290.33 million. During the same period in the previous year, the business posted $0.91 EPS. BankUnited's revenue was up 3.9% on a year-over-year basis. Equities research analysts forecast that BankUnited, Inc. will post 4.09 EPS for the current year.

BankUnited Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, July 31st. Investors of record on Friday, July 10th will be given a dividend of $0.33 per share. This represents a $1.32 annualized dividend and a yield of 2.8%. The ex-dividend date of this dividend is Friday, July 10th. BankUnited's dividend payout ratio (DPR) is currently 36.16%.

Insider Activity

In other news, Director John N. Digiacomo sold 1,000 shares of the stock in a transaction dated Monday, June 1st. The stock was sold at an average price of $45.97, for a total value of $45,970.00. Following the completion of the sale, the director owned 15,027 shares of the company's stock, valued at approximately $690,791.19. This represents a 6.24% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Jay D. Richards sold 4,000 shares of the firm's stock in a transaction dated Monday, June 15th. The stock was sold at an average price of $48.67, for a total value of $194,680.00. Following the transaction, the insider owned 40,502 shares of the company's stock, valued at $1,971,232.34. This trade represents a 8.99% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 1.00% of the stock is currently owned by insiders.

About BankUnited

BankUnited, Inc is a bank holding company based in Miami Lakes, Florida, operating through its subsidiary BankUnited, National Association. The company provides a broad range of commercial banking products and services, including deposit accounts, commercial lending and treasury management. It serves middle-market and small-business clients, offering tailored financing solutions across a variety of industry sectors.

The bank's lending portfolio includes commercial and industrial loans, commercial real estate loans and construction financing, as well as residential mortgage lending.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.