Wedbush Comments on BankUnited, Inc.’s Q2 2024 Earnings (NYSE:BKU)

BankUnited, Inc. (NYSE:BKU) – Wedbush cut their Q2 2024 earnings per share estimates for BankUnited in a report issued on Wednesday, April 17th. Wedbush analyst D. Chiaverini now anticipates that the financial services provider will earn $0.60 per share for the quarter, down from their previous forecast of $0.63. Wedbush currently has a “Neutral” rating and a $31.00 price objective on the stock. The consensus estimate for BankUnited’s current full-year earnings is $2.65 per share. Wedbush also issued estimates for BankUnited’s Q3 2024 earnings at $0.64 EPS, Q1 2025 earnings at $0.74 EPS, Q2 2025 earnings at $0.73 EPS, Q3 2025 earnings at $0.75 EPS, Q4 2025 earnings at $0.73 EPS and FY2025 earnings at $2.95 EPS.

BKU has been the subject of several other research reports. JPMorgan Chase & Co. dropped their price objective on BankUnited from $35.00 to $33.00 and set a “neutral” rating for the company in a research note on Thursday, April 4th. StockNews.com lowered BankUnited from a “hold” rating to a “sell” rating in a research note on Friday, February 16th. Keefe, Bruyette & Woods dropped their price objective on BankUnited from $33.00 to $31.00 and set a “market perform” rating for the company in a research note on Thursday. Citigroup dropped their price objective on BankUnited from $34.00 to $33.00 and set a “neutral” rating for the company in a research note on Monday, January 29th. Finally, Wells Fargo & Company lifted their price objective on BankUnited from $26.00 to $28.00 and gave the company an “equal weight” rating in a research note on Monday, January 29th. Three research analysts have rated the stock with a sell rating and eight have assigned a hold rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $30.50.

BankUnited Trading Up 3.3 %

Shares of BKU stock opened at $26.73 on Thursday. The company has a market capitalization of $2.00 billion, a PE ratio of 11.52 and a beta of 1.36. BankUnited has a 52-week low of $15.83 and a 52-week high of $34.22. The business’s fifty day moving average is $26.79 and its 200 day moving average is $26.99. The company has a debt-to-equity ratio of 1.48, a quick ratio of 0.92 and a current ratio of 0.88.

BankUnited (NYSE:BKU) last posted its earnings results on Wednesday, April 17th. The financial services provider reported $0.64 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.62 by $0.02. The firm had revenue of $508.35 million for the quarter, compared to the consensus estimate of $239.84 million. BankUnited had a return on equity of 8.06% and a net margin of 8.71%. During the same quarter in the prior year, the business posted $0.70 earnings per share.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of BKU. Norges Bank purchased a new position in shares of BankUnited during the 4th quarter worth approximately $31,064,000. State Street Corp lifted its position in BankUnited by 13.8% in the 2nd quarter. State Street Corp now owns 5,465,511 shares of the financial services provider’s stock valued at $117,782,000 after acquiring an additional 660,759 shares in the last quarter. Jennison Associates LLC lifted its position in BankUnited by 54.3% in the 4th quarter. Jennison Associates LLC now owns 1,459,268 shares of the financial services provider’s stock valued at $47,324,000 after acquiring an additional 513,342 shares in the last quarter. Hsbc Holdings PLC raised its stake in BankUnited by 175.2% during the 1st quarter. Hsbc Holdings PLC now owns 540,367 shares of the financial services provider’s stock valued at $23,814,000 after buying an additional 343,997 shares during the last quarter. Finally, Goldman Sachs Group Inc. raised its stake in BankUnited by 86.7% during the 1st quarter. Goldman Sachs Group Inc. now owns 733,437 shares of the financial services provider’s stock valued at $32,242,000 after buying an additional 340,604 shares during the last quarter. Hedge funds and other institutional investors own 99.70% of the company’s stock.

Insider Transactions at BankUnited

In other news, insider Kevin A. Malcolm sold 2,285 shares of BankUnited stock in a transaction dated Tuesday, March 5th. The stock was sold at an average price of $27.18, for a total value of $62,106.30. Following the transaction, the insider now owns 11,750 shares in the company, valued at $319,365. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Company insiders own 1.19% of the company’s stock.

BankUnited Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 30th. Stockholders of record on Friday, April 12th will be issued a $0.29 dividend. The ex-dividend date of this dividend is Thursday, April 11th. This represents a $1.16 annualized dividend and a dividend yield of 4.34%. This is an increase from BankUnited’s previous quarterly dividend of $0.27. BankUnited’s payout ratio is currently 50.00%.

About BankUnited

BankUnited, Inc operates as the bank holding company for BankUnited, a national banking association that provides a range of banking services in the United States. The company offers deposit products, such as checking, money market deposit, and savings accounts; certificates of deposit; and treasury, commercial payment, and cash management services.